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Electric Vehicles And Market Growth: A Key Factor Shaping the Future of the Encapsulation Resins Market in 2025
Encapsulation Resins Market
The surge in the adoption of electric vehicles is slated to fuel the expansion of the encapsulation resins market. Electric vehicles are automobiles equipped with an electric motor that pulls power from a battery and can be charged externally. Electric motors in these vehicles are encapsulated by encapsulation resins, offering electrical insulation, thermal dissipation, and managing the Noise, Vibration, and Harshness (NVH) level. For example, by May 2023, reports from the World Economic Forum, a non-government organization based in Switzerland, revealed that the total sales of EVs in 2022 amounted to 10.5 million marking a 55% increase compared to 6.7 million in 2021. Additionally, the total EV market share soared from 8.3% in 2021 to 13% in 2022. Hence, the rising adoption of electric vehicles is propelling the growth of the encapsulation resins market.
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What growth opportunities are expected to drive the encapsulation resins market's CAGR through 2034?
In the past few years, the market size for encapsulation resins has been consistently on an upward trend. It is projected to escalate from a value of $4.44 billion in 2024 to approximately $4.63 billion in 2025, reflecting a compound annual growth rate (CAGR) of 4.2%. This steady expansion in the historic period is brought about by various factors such as the flourishing electronics industry, amplified utilization in automotive electronics, increased applications in the renewable energy sector, and soaring demand in aerospace and defense.
The market size for encapsulation resins is predicted to witness considerable expansion in the upcoming years. The market is projected to reach $5.69 billion by 2029, with a compound annual growth rate (CAGR) of 5.3%. The boost in growth during the forecast period can be ascribed to the rise of electric vehicles (EVs), the escalated use of 5g technology, the advent of the Internet of Things (IoT), advancement in medical electronics, and emphasis on sustainable and environment-friendly formulations. Predominant trends in the forecast period encompass product innovation, concentration on green resins, the uptake of UV-curable resins, the need for high thermal conductivity resins, and specialization for particular applications.
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How are the latest trends influencing the growth of the encapsulation resins market?
Product innovation is an emerging trend that is gaining traction in the encapsulation resins market. Major players in this market are devising technological strategies to maintain their market stronghold. As an illustration, Induron Protective Coatings, a US-based coating enterprise, in November 2023, rolled out a new novalac epoxy named Novasafe. This novel product is ceramic-filled, furfuryl-modified thick film novolac epoxy which can resist harsh conditions typically found in treatment plants. Novasafe possesses the ability to endure exposure to sulfuric acid at varying concentrations for prolonged time frames. It has a thinner film than polyurethane/polyurea and achieves this through its distinct resin and filler package.
Which growth-oriented segments of the encapsulation resins market are leading the industry's development?
The encapsulation resins market covered in this report is segmented -
1) By Resin Type: Epoxy Resins, Polyurethane Resins, Silicone Resins, Other Resins
2) By Application: Transformers, Sensors, Switchgears, Insulators, Capacitors, Relays And Coils, Adhesives And Sealants, Other Applications
3) By End-Use Industry: Building And Construction, Automotive, Transportation, Electrical And Electronics, Marine, Other End-Users
Subsegments:
1) By Epoxy Resins: Liquid Epoxy Resins, Solid Epoxy Resins, Modified Epoxy Resins
2) By Polyurethane Resins: Flexible Polyurethane Resins, Rigid Polyurethane Resins, Hybrid Polyurethane Resins
3) By Silicone Resins: Alkoxy Silicone Resins, Hydride Silicone Resins, Modified Silicone Resins
4) By Other Resins: Polyester Resins, Phenolic Resins, Acrylic Resins
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What regions are leading the charge in the encapsulation resins market?
North America was the largest region in the encapsulation resins market in 2024. The regions covered in the encapsulation resins market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What companies are at the forefront of innovation in the encapsulation resins market?
Major companies operating in the encapsulation resins market include 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
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What Is Covered In The Encapsulation Resins Global Market Report?
• Market Size Forecast: Examine the encapsulation resins market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the encapsulation resins market for a structured understanding.
• Key Players Overview: Analyze major players in the encapsulation resins market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the encapsulation resins market.
• Segment Contributions: Evaluate how different segments drive overall growth in the encapsulation resins market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the encapsulation resins market.
• Industry Challenges: Identify potential risks and obstacles affecting the encapsulation resins market.
• Competitive Landscape: Review strategic developments in the encapsulation resins market, including expansions, agreements, and new product launches.
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