Global Encapsulation Resins Market
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Global Encapsulation Resins Market was valued at USD xx Mn in 2019 and is expected to reach at USD xx Mn by 2027 at a CAGR of 3.8% over the forecast period 2020-2027.
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The report covers an in-depth analysis of COVID 19 pandemic impact on Global Encapsulation Resins Market by region and on the key players revenue affected till July 2020 and expected short term and long-term impact on the market.
Global Encapsulation Resins Market Dynamics:
Encapsulation Resin are designed to protect and insulate various automotive, buildings & construction and electrical & electronic components and equipment from the threats of harsh and challenging environmental conditions such as moisture, vibration, thermal or physical shock and general contamination. Various factors such as growing usage of encapsulation resin in functional and fortified foods, rapidly expanding electrical and electronics industry across the globe, increasing use of encapsulation resins in various industrial sectors such as building and construction, aerospace, automotive, marine, and others are driving the global encapsulation market growth over the forecast period. Nowadays, many pharmaceutical and medical devices manufacturing companies are using encapsulation resin to control the drug delivery owing to its capacity to bind with peptides, proteins, and DNA/RNA molecules, which is expected to crate lucrative opportunities for market growth over the forecast period.
However, factors such as availability of substitute products, high costs associated with production of encapsulation resins, fluctuations in raw material prices, lack of universal enforcement directives pertaining to applications of encapsulation resins and less adoption in many underdeveloped countries are restraining the market growth over the forecast period.
Global Encapsulation Resins Market is segmented by type, by End-User and by Region. By type, epoxy resin held the highest market share in 2019 and is expected to keep its dominance over the forecast period owing to increasing adoption of this encapsulation resins by various End-User industries as they offer favourable properties such as high thermal stability, mechanical strength, moisture resistivity, adhesion, electrical, mechanical, and heat resistance. Growing research and development coupled with technology advancement in the field of epoxy resin is increasing the adoption of epoxy resin in various End-User industries.
By End-User, marine End-User segment held the highest market share in 2019 and is expected to keep its dominance over the forecast period owing to increasing use of encapsulation resins to provide resistance to immersion of electronic materials or devices in salt water. Marine industry is followed by Automotive and building & construction End-User segment. Automotive End-User segment is expected to grow at 4.3% of CAGR over the forecast period. Many automotive manufactures are using encapsulation resin-based coatings as primers in automotive paints and for corrosion resistance is expected to drive the market growth of this segment over the forecast period.
By geography, global encapsulation resins market is segmented into North America, APAC, Europe, MEA& Africa and South America. Among all these, APAC held the highest market share of 38.98% in 2019 and is expected to keep its dominance over the forecast period owing to growing demand from rapidly expanding electrical and electronics industry in this region. Factors such as growing disposable income and changing lifestyle, rapidly expanding building and construction industry, flourishing automotive industry and presence of major players of the electronic industry in the region such as Samsung Group, Hitachi Ltd., Sony Corporation, and Honeywell International Inc. are driving the market growth in this region. APAC is followed by North America and Europe.
North America is expected to hold the second largest market share over the forecast period owing to increasing demand from construction industry as remodelling and reconstruction of old buildings is increased in United States and Canada. Europe is expected to hold the third largest market share in global encapsulation market over the forecast period owing to the presence of major automotive players in this region.
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