Press release
Encapsulation Resins Market Size to Reach $5.55 Billion by 2029 | Growth at 5% CAGR Forecast
Encapsulation Resins
What is the Projected Market Size of the Encapsulation Resins Industry?
The market for encapsulation resins has seen a consistent increase in size over the past few years. The market value is projected to elevate from $4.44 billion in 2024 to $4.57 billion in 2025, with a compound annual growth rate (CAGR) of 2.8%. Factors contributing to this growth during the historical period include advancement in the electronics industry, amplified usage in automotive electronics, an increase in applications for renewable energy, and escalating demand in the aerospace and defense sectors.
What Will Be the Size of the Encapsulation Resins Market by 2029?
The market size of encapsulation resins is projected to experience significant growth in the coming years, expected to increase to $5.55 billion by 2029 with a compound annual growth rate (CAGR) of 5.0%. The anticipated expansion over the forecast period can be credited to factors such as the rise in electric vehicles (EVs), the growing application of 5g technology, the advent of the Internet of Things (IoT), advancements in medical electronics, and a focus on sustainable and eco-friendly recipes. The forecast period is also expected to see key trends like product innovation, an emphasis on green resins, the adoption of UV-curable resins, the demand for resins with high thermal conductivity, and customization for specific uses.
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What Are the Key Drivers Accelerating Growth in the Encapsulation Resins Market?
The escalating adoption of electric automobiles is anticipated to fuel the expansion of the encapsulation resins market in the future. Electric vehicles are defined as cars equipped with an electric engine that can extract energy from batteries and supports external charging. Encapsulation resins within these vehicles surround electric motors, offering electrical insulation, thermal dissipation, and, manage the NVH (Noise, Vibration, and Harshness) level. For example, as stated by the World Economic Forum, a non-profit organization based in Switzerland, the total EV sales in 2022 amounted to 10.5 million, exhibiting a surge of 55% compared to the 6.7 million in 2021. Moreover, the overall EV market share advanced from 8.3% in 2021 to 13% in 2022. Consequently, the rising deployment of electric vehicles is steering the advancement of the encapsulation resins market.
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How Is the Encapsulation Resins Market Segmented by Type, Application, and Region?
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
What Are the Key Trends Driving Growth in the Encapsulation Resins Market?
A key trend emerging in the encapsulation resins market is product innovation. Many leading companies in this market are focusing on developing technological solutions to maintain their market stance. For instance, Induron Protective Coatings, a company based in the US, introduced a new novalac epoxy in November 2023. Known as Novasafe, this ceramic-filled, furfuryl-modified, thick film novolac epoxy is capable of withstanding the harshest environments found in treatment plants. Notably, Novasafe is highly resistant to sulfuric acid across all concentration ranges for prolonged durations. Additionally, it provides a lower film thickness compared to polyurethane/polyurea, achieved through its distinctive filler and resin package.
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Who Are the Leading Companies Driving Growth 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
Which Is the Leading Region in the Global 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
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