The growth of encapsulation resins market is poised to be slow yet steady in the forthcoming years. Key factors fuelling growth in encapsulation resins market include expansion in consumer electronics, aerospace, and industrial sectors. With ceaseless use of electronic devices, need for mechanical protection of insulated printed circuit boards continues to rise. This entails use of encapsulation resins for consumer electronics. Function-wise, encapsulation resins envelope the entire device, serving to be a complete barrier for the device from external environment.
Besides this, innovations in electronic products such as electronics for marine environments boosts demand of protection solutions. Manufacturers of electronics for marine environments prefer using epoxy resins for protection of the same. Marine electronics such as LED lights on ship decks, under-water cables, and sensor devices use encapsulation resins for protection purpose. Epoxy resins, for example, find wide use for encapsulation of marine electronics.
Transparency Market Research, in one of its recent market publications estimates the global encapsulation resins market to expand at a slow 3.2% CAGR from 2017 to 2026. Expanding at this pace, the global encapsulation resins market is predicted to attain a valuation of US$3,757.6 mn by 2026.
Featuring Notable Material Properties, Potting Encapsulation Products Underscore Expanded Applications
The encapsulation resins market witness varying adoption trends. For electronics, type of encapsulation resin used is subjective. For example, to protect sensitive electronic components, manufacturers are focused on using potting resins. Potting resins display dielectric properties, mechanical strength, thermal conductivity, shock resistance, chemical resistance, and hardness accounting for continued preference of potting compounds for electronic components.
Apart from this, expansion of energy and power sector is predicted to fuel demand for encapsulation resins. Encapsulation resins display properties of thermal conductivity too. This makes encapsulation resins suitable for energy and power applications.
Research and development for enhancing material properties of encapsulation resins also favors growth of encapsulation resins market.
The healthcare sector is serving to display continual demand for encapsulation resins. Rising uptake of sensitive electronics for medical diagnosis and therapeutics necessitates adequate protection of these devices. This amounts to use of encapsulation resins to prevent damage of sensitive electronic devices for healthcare.
Besides Protection, Encapsulation Resins aid Product Capability too
Among newer electronics, for multiple use, development of smart passive sensors is far-fetched. Thrust upon product manufacturers of electronic products to develop products for prolonged use have led to innovations such as smart passive sensors. This necessitates such products to be enveloped with protection solutions such as encapsulation resins.
Besides protection, for electronic sensors, encapsulation resins aid with transmission capabilities of these sensors. For example, encapsulation resins aid environmental and physical characteristics of sensor devices for uninterrupted transmission of electrical signals. Serving such applications, demand for encapsulation resins is expected to remain high.
In industrial environments, need to protect electronic components from corrosion is a key factor for the demand of protection solutions. Serving such applications for industrial use, epoxy resins product type is expected to garner significant revenue in the forthcoming years. Epoxy resins product segment is predicted to garner revenue above US$1,000 mn by 2026, finds Transparency Market Research. Growth of epoxy resins product segment is also attributed to its capability to withstand extreme temperatures, short circuits, dust, and moisture.
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Among key regions in the encapsulation resins market, Asia Pacific is likely to remain at the fore over the forecast period between 2017 and 2026. Factors such as miniaturization of electronic components and presence of some leading electronics manufacturers impels growth of Asia Pacific encapsulation resins market.