What Are The 5 Top Insights From The Encapsulation Resins Market Forecast 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
As per The Business Research Company’s Encapsulation Resins Global Market Report 2023, the encapsulation resins market is expected to show significant growth in the forecast period.
The global encapsulation resins market is in the fast lane, set to accelerate from $4.05 billion in 2022 to $4.26 billion in 2023 at a commendable Compound Annual Growth Rate (CAGR) of 5.4%. Looking ahead, the market is projected to reach $5.04 billion by 2027, showcasing a sustained CAGR of 4.3%. Let’s delve into a key driver fueling this growth – the increasing adoption of electric vehicles.
E-Mobility Surge: Powering the Encapsulation Resins Market
Electric Vehicles Unplugged
The surge in electric vehicle (EV) adoption emerges as a pivotal force propelling the growth of the encapsulation resins market. As the automotive landscape undergoes a profound shift towards sustainable solutions, electric vehicles are taking center stage. Encapsulation resins play a crucial role in this transition by providing electrical insulation, thermal dissipation, and managing the NVH (Noise, Vibration, and Harshness) levels within electric motors. The International Energy Agency reported a 4% increase in electric vehicle sales in 2021, nearly doubling to 6.6 million compared to 2020. This surge in sales resulted in a total of 16.5 million electric vehicles on the road by the end of 2021.
- Electric vehicle sales increased by 4% in 2021, reaching 6.6 million units.
- The total number of electric vehicles on the road reached 16.5 million by the end of 2021.
Market Leaders: Guiding the Electric Drive
Stalwarts in the Industry
In navigating the growth trajectory of the encapsulation resins market, key players have emerged as guiding forces. Industry leaders such as Hitachi Chemical Co. Ltd., Dow, 3M Company, and BASF SE are making substantial contributions, showcasing a collective commitment to driving advancements in the market.
Innovation in Action: A Key Trend
Reshaping the Future
Innovation stands tall as a key trend reshaping the encapsulation resins market. Major companies are actively involved in developing technological solutions to meet the dynamic needs of the market. A prime example is Electrolube Limited, a UK-based producer of encapsulation resins. In August 2020, Electrolube introduced essential thermal management and encapsulating resin solutions tailored for battery protection in electric vehicles. These solutions, including the thermal gap filler GF400, non-silicone heat transfer compound HTCPX, thermally conductive epoxy potting compound ER2221, and soft polyurethane resin UR5044, cater to the evolving demands of the electric vehicle sector. The innovations encompass exceptional thermal performance, high thermal conductivity, and user-friendly features, addressing the unique challenges posed by electric vehicle technologies.
- Electrolube’s innovations include thermal gap fillers, non-silicone heat transfer compounds, and thermally conductive epoxy potting compounds.
- These solutions address thermal management challenges in electric vehicle batteries.
Segmentation: Tailoring Solutions for Diverse Applications
Customizing for Varied Needs
The encapsulation resins market is strategically segmented to cater to diverse applications, including resin types, applications, and end-use industries.
- By Resin Type:
- Epoxy Resins
- Polyurethane Resins
- Silicone Resins
- Other Resins
- By Application:
- Relays and Coils
- Adhesives and Sealants
- Other Applications
- By End-Use Industry:
- Building and Construction
- Electrical and Electronics
- Other End-Users
Global Dynamics: North America Takes the Lead
In 2022, North America emerged as the largest region in the encapsulation resins market, reflecting the region’s robust contribution to industry dynamics. As the market progresses, North America is expected to retain its leadership position.
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The Encapsulation Resins Global Market Report 2023 provides an in-depth analysis on the encapsulation resins market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the encapsulation resins market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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