Encapsulation Resins Market, Analysis by Industry Share, Types, Region and Overview 2027
Market Summary
The 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.
Segment Analysis
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 isocyanate-free 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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Based on end-use industry, the global market has been segmented
into building & construction, automotive, transportation, electrical &
electronics, marine, and others. The electrical & electronics segment
accounted for the largest market share in 2017 and is expected to maintain its
dominance throughout the forecast period. The growing adoption of
electronic devices and smart household appliances, decrease in the price of
entry-level electronic goods, and increasing adoption of e-commerce platforms
are expected to boost the growth of the global encapsulation resins market
during the forecast period.
Competitive Analysis
The key players operating in the global encapsulation resins
market include 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), Huntsman International LLC (US), Robnor ResinLab Ltd (UK),
Dymax Corporation (US), LORD Corporation (US), and RBC Industries, Inc (US).
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