Encapsulation Resins Market Research Report - Forecast till 2027

Encapsulation Resins Market: Information by Product Type (Epoxy Resins, Silicone Resins, Polyurethane Resins and others), Application (Transformers, Sensors, Switchgears, Insulators, Capacitors, Relays & Coils, Adhesives & Sealants and others), End-Use Industry (Building & Construction, Automotive, Transportation, Electrical & Electronics, Marine and others) and Region (North America, Asia-Pacific, Latin America, Europe and the Middle East & Africa) - Forecast till 2027

ID: MRFR/CnM/6426-HCR | February 2021 | Region: Global | 140 pages

Encapsulation Resins Market Overview


The Encapsulation Resins Market stood at over USD 3.67 billion in 2018 and is expected to register a CAGR of over 3.4% by the end of 2024.


Encapsulation is a process in which electronic devices are encapsulated with resin which helps to protect electronic devices from shock, vibration, corrosion, and moisture. Resin encapsulation helps to insulate and protect printed circuit boards (PCBs) and other electronic components when exposed to challenging environmental conditions and harsh conditions, while forming a barrier with the encapsulating resin products. The resin encapsulation process uses various resins such as epoxy, silicone, polyurethane, and others. The encapsulated materials can perform under high stress and heat as they provide characteristics such as resistance to chemicals, excellent thermal conduction, and shock absorbent.


The global demand for encapsulating resin products is attributed to the growing demand for consumer electronics and electrical devices in other industrial sectors such as aerospace, automotive, marine, and others. Owing to it thermal conductivity and better resistance towards heat and stress, the electronic materials used on the outer parts of the marine vehicles help to perform better than other materials. In the healthcare industry, due to low-pressure molding property, encapsulation of sensor and other insulators by resins used in medical devices is further expected to augment the growth of the Encapsulation Resins Market. The increasing advancement in the development of miniature size electronic devices, such as Intel's credit card-sized computer, a card-sized pistol by Trailblazer Firearms, LLC, fingertip speaker weighing 482 grams, and others are expected to the drive the demand for encapsulation resins during the forecast period. The increasing demand for automotive electronics systems is also expected to boost the global market growth during the forecast period. The automotive electronics systems market is expected to exhibit a CAGR of over 6.56% during the forecast period.


Encapsulation resin has major application in the marine environments while providing resistance to immersion of electronic materials or devices to salt water. The marine electronics market is expected to be over USD 4.4 billion by 2024. In the marine environment, hardware such as radar, sonar, and other components are subjected to harsh conditions, and thus encapsulation helps to protect the LED lighting on the ship deck, safeguard numerous sensor devices, and under-water cable joints. In marine conditions, colored or clear resins are required which provides low dielectric constant and high adhesion to the operating devices. Polyurethane resins are mostly recommended for marine operating devices.


Product trends such as high adoption of automated dispensing equipment in the healthcare industry, miniaturization of electronic products, and demand for high-end packaging solutions along with other is expected to boost the growth of the Encapsulation Resins Market. For instance, the automated dispensing equipment which is a decentralized distribution system for medications to patients helps to store, dispense, and track medications. This automated dispensing systems are computer controlled and have a high-end application of encapsulation resins throughout the system. The automated dispensing equipment market is estimated to be over USD 5.1 billion by 2024, which is expected to augment the growth of Encapsulation Resins Market during the forecast period.


However, extra expenses incurred due to the screening process of encapsulation resins is expected to be a major barrier in the growth of the encapsulation resins market during the forecast period.


Key Players


Aremco (US), Dow (US), Hitachi Chemical Co., Ltd. (Japan), Henkel AG & Co. KGaA (Germany), BASF SE (Germany), H.B. Fuller Company (US), Huntsman International LLC (US), Master Bond Inc. (US), ELANTAS GmbH (Germany), Shin-Etsu Chemical Co., Ltd (Japan), MG Chemicals (US), Dymax Corporation (US), Robnor ResinLab Ltd (UK), LORD Corporation (US), and RBC Industries, Inc (US) are some of the key players operating in the global market.


Encapsulation Resins Market Share, by End-Use Industry, 2018 (%)  Encapsulation Resins Market_Image


Source: MRFR Analysis


Regional Analysis


Asia-Pacific is expected to the largest market for encapsulation resins by 2024 due to increase in demand for consumer electronics and miniature electronic equipments, as well as presence of prominent players of the electronic industry in the region such as Samsung Group, Hon Hai Precision Industry Co.Ltd., Hitachi Ltd., Sony Corporation, and Honeywell International Inc.


North America is also expected to be the fastest growing market for encapsulation resins, owing to the growth of construction and marine industries across the region coupled with the growth in the electronic equipment market.


The European market is expected to witness moderate growth during the forecast period owing to the moderate growth of the automotive industry in the region.


The Middle East & Africa market is expected to grow significantly due to the growing construction and automotive industries. GCC countries has proposed an investment of USD 2,700 billion by 2030 in the construction industry, which is expected to boost the regional market growth during the forecast period.


Segmentation


The Encapsulation Resins Market has been segmented based on Product Type, Application, End-Use Industry, and Region.


By Product Type, the global market has been classified into epoxy resins, silicone resins, polyurethane resins, and others.


Based on Application, the global market has been divided into transformers, sensors, switchgear, insulators, capacitors, relays & coils, adhesives & sealants, and others.


On the basis of End-Use Industry, the global market has been segregated into building & construction, automotive, transportation, electrical & electronics, marine, and others.


The global market, by Region, has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.


Intended Audience



  • Encapsulation resins producers

  • Resins producers

  • Traders and distributors of encapsulation resins

  • Potential investors

  • Raw material suppliers



Report Scope:
Report Attribute/Metric Details
  Market Size

  • 2018: USD 3.67 Billion
  • 2027: Significant value
  •   CAGR   3.4%(2018–2024)
      Base Year   2019
      Forecast Period   2020-2027
      Historical Data   2018
      Forecast Units   Value (USD Billion)
      Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
      Segments Covered   By Product Type, Application, End-Use Industry and Region
      Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
      Key Vendors   Aremco (US), Dow (US), Hitachi Chemical Co., Ltd. (Japan), Henkel AG & Co. KGaA (Germany), BASF SE (Germany), H.B. Fuller Company (US), Huntsman International LLC (US), Master Bond Inc. (US), ELANTAS GmbH (Germany), Shin-Etsu Chemical Co., Ltd (Japan), MG Chemicals (US), Dymax Corporation (US), Robnor ResinLab Ltd (UK), LORD Corporation (US), and RBC Industries, Inc (US)
      Key Market Opportunities   The increasing advancement in the development of miniature size electronic devices, such as Intel's credit card-sized computer, a card-sized pistol by Trailblazer Firearms, LLC,
      Key Market Drivers   The growing demand for consumer electronics and electrical devices in other industrial sectors such as aerospace, automotive, marine, and others.


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    Frequently Asked Questions (FAQ) :


    Valuation of the global encapsulation resins market had reached USD 3.67 BN in 2018.

    Encapsulation Resins Market is projected to expand at over 3.4% CAGR during the assessment period (2019-2024).

    Electrical & electronics is the largest end-use industry segment in The Global Encapsulation Resins Market.

    Asia Pacific holds the largest share in The Global Encapsulation Resins Market, followed by North America and Europe, respectively.

    Hitachi Chemical Co., Ltd (Japan), Aremco (US), Dow (US), ELANTAS GmbH (Germany), BASF SE (Germany), H.B. Fuller Company (US), Henkel AG & Co. KGaA (Germany), Master Bond Inc. (US), Shin-Etsu Chemical Co., Ltd (Japan), Huntsman International LLC (US), MG Chemicals (US), Robnor ResinLab Ltd (UK), LORD Corporation (US), Dymax Corporation (US), and RBC Industries, Inc. (US), are some of the major players operating in the Encapsulation Resins Market.