The PTC thermistor market is broadly segmented into five major regions-North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, APAC held the largest share of the global PTC thermistor market. Many East Asian economies, notably China, South Korea, Taiwan, Japan, Malaysia, the Philippines, Thailand, and rely heavily on the electronics manufacturing industry as a source of manufactured exports. As the Asian economy has established its position as one of a leading regions for electronic & semiconductor manufacturing across the world, the demand for different type of electronics such as resistors, motors, and drivers endures to rise. This factor helps in contributing toward the market growth.
The PTC thermistor market is expected to reach US$ 475.21 million by 2028 from US$ 372.06 million in 2021; it is estimated to grow at a CAGR of 3.6% from 2021 to 2028. In North America, with formulation of manufacturing initiative like Materials Genome Initiative aims to develop, manufacture, and execute advanced materials with greater speed is expected to create demand for more industrial electronics & components used in the machineries which is projected to generate more demand for resistors. With factors mentioned above related to presence of manufacturers, sensing applications in automotive, and demand for industrial electronics in the US are expected to fuel the market in the region.
Since the manufacturing of automobiles fell drastically, the demand for respective PTC thermistors was affected drastically. However, as the economies re-opened and industries began their operations, the demand for PTC thermistors from various end-user industries started to grow gradually. G Bourns, Inc; Littelfuse, Inc.; Murata Manufacturing Co., Ltd; Polytronics Technology Corporation; and TE Connectivity are among the key players operating in the global PTC thermistor market.