ENCAPSULATION RESINS
Market Size, Share, Growth Factors by Top Brands, Leading Regions, Emerging Tren and Forecast to 2023
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Encapsulation Resins Market Encapsulation Resins Market Production Value, Gross Margin Analysis, Sales, Demand, and Global Research Report 2023 Global Encapsulation Resins Market Information by Product Types (Epoxy Resins, Silicone Resins, Polyurethane Resins and others), Application (Transformers, Sensors, Switchgears, Insulators, Capacitors, Relays & Coils, Adhesives & Sealants and others), End-Use Industry (Building & Construction, Automotive, Transportation, Electrical & Electronics, Marine and others) and Region (North America, Asia-Pacific, Latin America, Europe and the Middle East & Africa) - Forecast till 2024
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Encapsulation Resins Market Overview:
Global demand for Encapsulation Resins Stood at USD 3.67 billion in 2018, and the market is poised to exhibit a CAGR of over 3.4% during the forecast period. Furthermore, the growth is expected from the electrical and electronics industry due to increasing demand for consumer electronics and energy-efficient electrical and electronics manufacturing services (EMS). Additionally, the growing demand for automation in major end-use industries such as automotive, marine, construction, aerospace, and others is also expected to propel the demand for encapsulation resins during the forecast period.
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Encapsulation Resins Market Competitive Analysis: • Aremco (US) • Hitachi Chemical Co., Ltd (Japan) • Dow (US) • BASF SE (Germany) • ELANTAS GmbH (Germany) • H.B. Fuller Company (US) • Master Bond Inc (US) • Henkel AG & Co. KGaA (Germany) • Shin-Etsu Chemical Co., Ltd (Japan) • MG Chemicals (US)
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Encapsulation Resins Market
Regional Outlook: Geographically, the global construction lubricants market has been segmented into North America, Europe, AsiaPacific, Latin America, and the Middle East & Africa.
The Asia-Pacific encapsulation resins market is expected to witness a healthy growth at over 3.9% CAGR owing to increasing demand for smart electronics goods and production of consumer electronics. Various trends across the region are expected to boost the growth of the encapsulating resin market in Asia-Pacific, such as declining prices of entry-level goods, introduction of 5G across the region, and growing emphasis of the manufacturers of electronic devices on logistics for on-time delivery. Furthermore, increasing investments in the construction industry, especially in countries such as India, China, and Southeast Asian countries, is also expected to augment the growth of the market. North America is expected to register the highest CAGR during the forecast period. The high demand in the region is attributed to the growth of the marine and construction industries coupled with the growth in the electronic equipment market. For instance, according to the National Marine Manufacturers Association of US, in 2018, the annual growth of marine construction for ships, boats, and others have increased by 6% from 2017, which is expected to boost the demand for electronic equipment, thereby driving the growth for the encapsulation resins market in the region during the forecast period.
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Encapsulation Resins Market
Segments: The global encapsulation resins market has been segmented by product type, application, and end-use industry. The global market by product type has been classified into encapsulated epoxy resins, polyurethane resins, silicone resins, and others. The encapsulated epoxy resins and polyurethane resins together are expected to hold a share of over 60% of the global market during the forecast period. Encapsulated epoxy resins exhibit excellent chemical and thermal resistance; they are extensively used in the automotive, transportation, and construction industries. In 2018, epoxy resins accounted for USD 6.67 billion with increasing application in the automotive and construction industries. The others segment includes isocyanatefree resins, thermally conductive resins, and UV encapsulation resins, which together hold less than 20% of the share of the global market. Encapsulation resin offers insulation and protection for printed circuit boards (PCBs) and other electronic components, which help in proper functioning of the elements in various components such as transformers, sensors, coils, and others. The PCB segment is expected to register a CAGR of 4.2% by 2024. The PCB transformers segment is expected to exhibit a CAGR of over 6.88%, owing to both renewable and non-renewable energy sources coupled with power distribution ability in the energy industry. The increase in demand for medical devices is expected to fuel the demand for different types of sensors used in medical devices such as optical sensors, biosensors, touch sensors, image sensors, pressure sensors, and temperature sensors. The sensors segment is expected to register the highest CAGR during the forecast period.
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