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 are also expected to propel the demand for encapsulation resins 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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Segment Analysis:
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.
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