Global Encapsulation Resins Market Report, published by Variant Market Research, forecast that the global market is expected to reach $3,598.9 Million by 2025 from $2,791.3 Million in 2017, growing at a CAGR of 3.2% from 2017 to 2025. By Geography, Asia-Pacific and RoW are expected to grow at a CAGR of 3.6% and 3.3%, respectively, throughout the forecast period.
“Encapsulation Resins Market (By Product: Epoxy Resins, Silicone Resins, Polyurethane Resins and Other Resins; By End Use Industry: Electronics & Electricals Components, Telecommunication Components, Automotive Components and Other End Use Industry.; By Geography: North America, Europe, Asia-Pacific and Row) Global Scenario, Market Size, Outlook, Trend and Forecast, 2016 – 2025”
The global Encapsulation Resins Market is mainly driven by rising demand for consumer electronic products
Increasing research and development activities, rising demand for consumer electronics products, and growing necessity for protecting the printed circuit boards are the factors propelling the growth of the encapsulation resins market. In addition, development of miniaturization of electronic products are also supporting the market growth. Though, fluctuating raw material cost and high prices may hamper the growth of the market. Moreover, growing number of potential requirements in the LED electronic products would unfold attractive business opportunities during the forecast period.
Product type, end use industry, and geography are the bifurcations of the global encapsulation resins market. Product segment is classified into epoxy resins, silicone resins, polyurethane resins and other resins. By end use industry, the segment in categorized into electronics & electricals components, telecommunication components, automotive components and other end use industry.
The country wise analysis has been also covered under the scope of the report. North America covers the U.S., Canada, and Mexico. Germany, France, UK, Russia, and Rest of Europe are analyzed under the European market. India, China, Japan, and Rest of Asia-Pacific are included under the Asia-Pacific market. While RoW is bifurcated into South America, Middle East, and Africa.
Epoxy resins, by product type segment led the market with major share in 2017
Epoxy resins contributed for the majority of the share in 2017, in the product type segment, and is expected to continue its trend during the forecast period. In terms of growth. The reason being, epoxy resins offers good electrical properties that is significant for electronics sector. Also, the epoxy encapsulation resins give an abundant protection against maximum temperatures, short circuit, moisture, and dust.
On the basis of end use industry, electronics & electricals components dominated the largest market share in 2017
Electronics & electricals components occupied the largest market share in the end use industry segments and is likely to continue its dominance throughout the forecast period. Similarly, other resins product type segment is also expected attain the fastest CAGR during the forecast period 2017 – 2025.
Asia-Pacific accounted for the maximum share in the global encapsulation resins market
In 2017, Asia-Pacific was the highest revenue generating region accounting for 32.4% of the global encapsulation resins market share. Also, Asia-Pacific is likely to achieve the fastest CAGR during the forecast period, owing to increasing demand for miniaturization of electronic products, customer electronic products, and the occurrence of well-established competitors in electronic industry.
Prominent players operating in the market include Henkel AG & Co., Merck KGaA, Hitachi Chemical Co., Ltd, Huntsman International LLC, H.B. Fuller Company, ACC Silicones Ltd, BASF SE, The Dow Chemical Company, Fuji Chemical Industries Co., Ltd., and Shin-Etsu Chemical Co., Ltd, among others.