Global Encapsulants Market by Chemistry (Epoxy, Silicone, and Urethane), Curing Types (Room Temperature, Heat Temperature, and UV), End Users (Consumer Electronics, Transportation, Medical, and Energy & Power), and Regions (Asia-Pacific, North America
The Global Encapsulants market was valued at USD 1.41 billion in 2019, now it is expected to reach USD 2.05 by 2026, growing at a CAGR of 5.5%, during the forecast period, 2020–2026. The increasing complexity & functionality of electronics devices and the trend of miniaturization are the key drivers of the overall market growth. Encapsulants conventionally offer two crucial functions: optical ray management and mechanical and environmental protection. Epoxy resin has been commonly been used. As the rise of blue and UV LEDs, the discoloring degradation caused by the UV absorption by the aromatic compounds has become a troubling issue. High-power applications increase heat generation, which promotes the degradation of epoxy resin. In addition, cracking often happens due to the thermal expansion of LED chips. One of the examples of its function is an encapsulant is utilized to offer adhesion between the solar cells, the top surface and the rear surface of the PV module. The encapsulant should be stable at elevated temperatures and high UV exposure. It should also be optically transparent and should have a low thermal resistance. EVA (ethyl vinyl acetate) is the most commonly utilized encapsulant material. EVA comes in thin sheets which are fitted between the solar cells and the top surface and the rear surface. This sandwich is then heated to 150 °C to polymerize the EVA and bond the module together.
Market Trends, Drivers, Restraints, and Opportunities:
- Encapsulants play a crucial role in maintaining the accuracy of the arrangement by creating a layer on the structure of the device and making sure that all components are in their designated place. This factor is expected to drive the market growth, during the forecast period.
- Encapsulants provide resistance to moisture in electronic circuits, which is of vital importance. The advancement in electronic field is projected to further drive the market in coming years.
- Volatility in raw material prices could possibly restrain the global encapsulants market. Raw materials needed for the manufacturing of encapsulants are extracted from petroleum-based resins. Therefore, fluctuation in crude oil prices is expected to be a major restraint for the market growth.
- No-flow under fill encapsulants are one type of encapsulant that is projected to become increasingly intriguing due to process simplification that saves time and assembly cost.
Scope of the Report
The report on the Global Encapsulants includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report. AttributesDetailsBase Year2019Historic Data2015–2018Forecast Period2020–2026Regional ScopeAsia-Pacific, North America, Europe, Middle East & Africa, and Latin AmericaReport CoverageCompany Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Global Encapsulants Market Segment Insights:
Based on chemistry, the Global Encapsulants market is segmented into, Epoxy, Silicone, and Urethane. The silicone segment of the encapsulants market is anticipated to grow at a substantial CAGR during the forecast period. The growth of this segment can be attributed to the surging demand for electric vehicles and consumer electronic devices. In terms of curing types, the market is divided into, Room Temperature, Heat Temperature, and UV. Since, room temperature curing systems provide easy processing and high reliability; this segment is estimated to grow with an impressive CAGR, during the forecast period. Based on end-users, the global encapsulants market is fragmented into Consumer Electronics, Transportation, Medical, and Energy & Power. The growing complexity & functionality of electronics devices and the trend of miniaturization in devices are among the crucial reasons for the increasing importance of encapsulants in the semiconductor & electronics industry. Owing to this factor consumer electronics segment is projected to grow with a substantial CAGR in the coming years. On the basis of regions, the market is classified into Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America. Asia-Pacific is projected to dominate the global encapsulants market in terms of revenue. This growth can be attributed to the quickly growing end-use industries, such as consumer electronics and transportation. The availability of skilled labor at lower wages in this region also attracts manufacturers.
Competitive Landscape:
Key players include Lord Corporation, DOW Corning Corporation, H.B.Fuller, Shin-Etsu Chemical Co. Ltd., Sumitomo Bakelite Co. Ltd., Henkel Kyocera Corporation, Hitachi Chemical Co. Ltd., Panasonic Corporation, and Epic Resins. Companies working in the encapsulants market have adopted strategies such as new product launches, expansions, and mergers & acquisitions to improve their market shares and expand their distribution networks across the globe. These companies engage in R&D activities to innovate and develop products that can open avenues for new end-use industries.
The Global Encapsulants Market has been segmented on the basis of:
Chemistry
- Epoxy
- Silicone
- Urethane
Curing Types
- Room Temperature
- Heat Temperature
- UV
End-Users
- Consumer Electronics
- Transportation
- Medical
- Energy & Power
Regions
- Asia-Pacific
- North America
- Europe
- Latin America
- Middle East & Africa