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Encapsulation Resins Market Size | Global Industry Share Analysis And Demand With Forecast Overview
Encapsulation is a process where electronics are covered with resins for protecting it from vibration, shock, corrosion, and moisture. Increasing production of electronics is likely to generate more demand for these resins over the next few years. The report circulated by Market Research Future (MRFR) unfolds that the global encapsulation resins market is expected to register a CAGR of 3.4% across the projection period 2019 to 2024. In terms of revenue, the market is estimated to touch a valuation of USD 3.67 Bn by 2024.
The product is also used excessively in the marine industry. The growth of the marine industry, especially in North America and Europe, is expected to catapult the encapsulation resins market on upward trajectory. Also, the demand from the construction industry is anticipated to act as a growth catalyst for the market participant over the forecast period.
Aremco (US), Hitachi Chemical Co., Ltd. (Japan), Dow (US), Henkel AG & Co. KGaA (Germany), H.B. Fuller Company (US), BASF SE (Germany), Huntsman International LLC (US), Master Bond Inc. (US), Shin-Etsu ...
... Chemical Co., Ltd (Japan), LORD Corporation (US), ELANTAS GmbH (Germany), MG Chemicals (US), Robnor ResinLab Ltd (UK), Dymax Corporation (US), and RBC Industries, Inc (US)
The product types identified in this MRFR report on the Encapsulation Resins Market are epoxy resins, polyurethane resins, silicone resins, and others.
On the basis of application, the segments of the encapsulation resins market are transformers, switchgear, insulators, sensors, capacitors, adhesives & sealants, relays & coils, and others.
End-user industries anticipated to play a key role in the development of the encapsulation resins market have been assessed in details. These end-users include marine, building & construction, transportation, automotive, electrical & electronics, and others.
The geographical evaluation of the Global Encapsulation Resins Market has been segmented into five major regional segments – Latin America, Europe, Asia Pacific (APAC), North America, and the Middle East & Africa (MEA). Asia Pacific is likely to maintain a significant share of the market and lead its growth over the next couple of years. The region has been witnessing rapid developments in the end-user industries, which are anticipated to boost the revenue generation of the regional encapsulation resins market in the upcoming years. The growth of the consumer electronics industry is set to play a major role in the expansion of the market over the evaluation period.
Increasing disposable income and strong economic development are the key drivers of the market. In addition, the region houses some of the major leaders of the consumer electronics industry. It is poised to impact the growth pattern of the encapsulation resins market positively in the nearby future. Also, the region is likely to attract investments for facility expansion owing to lower labor cost and lenient laws. This, in turn, is projected to accelerate revenue growth for the market players across the review period.
North America is anticipated to register the highest growth rate over the assessment period. It can be ascribed to the boom witnessed in the marine industry in the region over the next few years. O the other hand, Europe is poised to exhibit moderate growth in the forthcoming years.
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