The encapsulant market is set to achieve a valuation of USD 4.1 billion by 2024 and is expected to grow to USD 9.5 billion by 2034, demonstrating a significant CAGR of 8.7%. This market plays a crucial role across multiple sectors, including electronics, automotive, and renewable energy. Encapsulants are essential materials used to protect and enhance the reliability of electronic components, solar photovoltaic (PV) modules, and other devices by providing insulation, moisture resistance, and mechanical support.
In the electronics industry, encapsulants play a critical role in safeguarding sensitive electronic components from environmental factors such as moisture, dust, and mechanical stress. They are utilized in diverse applications ranging from semiconductors and printed circuit boards to automotive electronics and consumer devices. Encapsulants ensure the long-term reliability and performance of electronic products, making them indispensable in modern technology.
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Within the renewable energy sector, encapsulants are primarily employed in solar PV modules to encapsulate and shield solar cells from moisture, UV radiation, and mechanical damage. They contribute to extending the lifespan of solar panels and maintaining their efficiency over time. As the adoption of solar energy continues to rise as a sustainable power source, the demand for encapsulants is experiencing steady growth.
The automotive industry also relies on encapsulants for various applications, including automotive electronics, sensors, and control units. Encapsulants protect components from harsh operating conditions, vibrations, and thermal cycling, ensuring their reliability and longevity.
Driving factors behind the encapsulant market include technological advancements, increasing demand for electronic devices and renewable energy solutions, and stringent regulatory requirements for product safety and environmental compliance. Manufacturers are focusing on developing innovative encapsulant materials with enhanced properties such as improved thermal conductivity, flame retardancy, and environmental sustainability to meet the evolving needs of diverse industries.
“The increasing demand for solar photovoltaic (PV) panels is one significant driver for the encapsulant market,” – says FMI analyst.
Key Takeaways from the Market Study
- Under curing type, the room temperature registered to expand at 8.6% CAGR by 2034.
- The United Kingdom is estimated to register at a CAGR of 9.7% by 2034.
- China experiences significant growth, projected at a CAGR of 9.4% by 2034.
- Based on the chemistry, the epoxy segment is anticipated to expand at 8.4% CAGR by 2034.
Competitive Landscape
The encapsulant market companies compete on product quality, innovation, pricing, and global presence. There are numerous smaller players and regional manufacturers contributing to market diversity.
Strategic alliances, mergers, acquisitions, and investments in research and development are common strategies employed to gain a competitive edge in this dynamic market.
Key Companies Profiled
- Encapsys LLC
- Lycored
- TasteTech
- Givaudan
- Balchem Inc.
- FrieslandCampina
- BASF SE
- DSM
- Microtek Laboratories, Inc.
- Legris Industries Group
Some of the key developments are:
- On February 2023, H.B. Fuller participated in INDEX™23, a prominent nonwoven exhibition, unveiling its “Grow in the Now” vision for hygiene manufacturers. The company emphasized collaboration, innovation, and sustainability in its presentation, aiming to advance solutions for the hygiene and nonwoven industry.
- On January 2023, H.B. Fuller launched Swift®melt 1515-I, its inaugural bio-compatible product compliant in IMEA (India, Middle East, and Africa). Tailored for microporous medical tape applications, it addresses unique climatic challenges in the Indian sub-continent, such as high temperatures and humidity.
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More Valuable Insights Available
Future Market Insights offers an unbiased global encapsulant market analysis, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034
To understand market opportunities, the encapsulant market is segmented based on Curing Type (Room Temperature, UV, Heat Temperature), Chemistry (Epoxy, Urethane, Silicone), End-Use Industry (Consumer Electronics, Medical, Energy & Power, Transportation), and Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and the Middle East and Africa).
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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