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Encapsulation Resins Market Growth, Share Analysis And Industry Report 2024
Encapsulation Resins Market
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According to The Business Research Company's, The encapsulation resins market size has grown steadily in recent years. It will grow from $4.26 billion in 2023 to $4.47 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. The growth in the historic period can be attributed to electronics industry growth, increasing use in automotive electronics, rise in renewable energy applications, growing demand in aerospace and defense.
The encapsulation resins market size is expected to see steady growth in the next few years. It will grow to $5.3 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%. The growth in the forecast period can be attributed to expansion of electric vehicles (evs), increasing use in 5g technology, emergence of internet of things (iot), growth in medical electronics, focus on sustainable and eco-friendly formulations. Major trends in the forecast period include product innovations, focus on environmentally friendly resins, adoption of uv-curable resins, demand for high thermal conductivity resins, customization for specific applications.
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Market Drivers and Trends:
The increasing use of electric vehicles is expected to propel the growth of the encapsulation resins market going forward. An electric vehicle refers to an automobile that has an electric motor capable of drawing power from a battery and having the ability to receive external charging. In electric vehicles, encapsulation resins encapsulate electric motors by providing electrical insulation, thermal dissipation, and handling the NVH (Noise, Vibration, and Harshness) level. For instance, in September 2022, according to the International Energy Agency, a France-based autonomous intergovernmental organization, electric vehicle sales climbed by 4% in 2021. Sales nearly double to 6.6 million compared to 2020, increasing the total number of electric vehicles on the road to 16.5 million. Therefore, the increasing use of electric vehicles is driving the growth of the encapsulation resins market.
Product innovations are a key trend gaining popularity in the encapsulation resins market. Major companies operating in the encapsulation resins market are developing technological solutions to sustain their position in the market. For instance, in October 2021, Huntsman Corporation, a US-based company manufacturing and selling chemical products, introduced new epoxy encapsulation and impregnation materials for the reliable insulation of electric drives. Optimized for 800-volt architectures, Huntsman Corporation's newly launched epoxy encapsulation and impregnation materials cater to the specific demands of electric drives, enhancing efficiency and durability in motors operating at higher voltages. With outstanding flow and impregnation capabilities, the Araldite epoxy resins ensure proper insulation in electric drives, providing resilience against aggressive chemicals and high temperatures, thus expanding their applicability across diverse industries. The product's fast flow, short cure times, and collaboration with customers underscore its significance by addressing the growing demand for encapsulation resins, offering improved performance and reliability in applications spanning electronics, automotive, aerospace, and construction.
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Major Key Players of the Market:
Hitachi Chemical Co. Ltd., Dow (The Dow Chemical Company), 3M Company, Henkel AG & Co. KGaA, BASF SE, Shin-Etsu Chemical Co. Ltd., Arkema Group, Huntsman International LLC, Givaudan SA, H.B. Fuller Company, ELANTAS GmbH, LORD Corporation, Momentive Performance Materials Inc., Dymax Corporation, Optics Balzers AG, Electrolube Ltd., Epoxy Technology Inc., NAGASE ChemteX Corporation, Panacol-Elosol GmbH, RBC Industries Inc., Robnor ResinLab Ltd., MG Chemicals Ltd., Coatema Coating Machinery GmbH, Master Bond Inc., Mereco Technologies Group Inc., ACCRAbond Corporation.
Encapsulation Resins Market 2024 Key Insights:
• The encapsulation resins market size is expected to see steady growth in the next few years. It will grow to $5.3 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%.
• Electric Vehicles And Market Growth
• Product Innovations Driving Encapsulation Resins Market
• North America was the largest region in the encapsulation resins market in 2023
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