Global Encapsulant Market is set to expand at 8.7% CAGR by 2034, accumulating a valuation of US$ 9.5 Billion | Future Market Insights, Inc.
In the United States, the market is primarily driven by its extensive use in the solar energy sector. With a growing emphasis on renewable energy sources, particularly solar power, encapsulants are widely utilized in producing solar photovoltaic (PV) modules. These encapsulants protect the delicate solar cells from environmental factors such as moisture, dust, and mechanical stress, ensuring the long-term durability and performance of solar panels.
NEWARK, Del, March 14, 2024 (GLOBE NEWSWIRE) -- The encapsulant market is anticipated to be valued at US$ 4.1 billion by 2024. The market valuation is estimated to be US$ 9.5 billion by 2034, projected at a CAGR of 8.7%. The encapsulant market is crucial for various industries, including electronics, automotive, and renewable energy. Encapsulants are 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 protect sensitive electronic components from environmental factors such as moisture, dust, and mechanical stress. They are used in applications ranging from semiconductors and printed circuit boards to automotive electronics and consumer devices. Encapsulants ensure electronic products' long-term reliability and performance, making them indispensable in modern technology.
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In the renewable energy sector, encapsulants are primarily used in solar PV modules to encapsulate and protect solar cells from moisture, UV radiation, and mechanical damage. Encapsulants help prolong solar panels lifespan and maintain their efficiency over time. With the increasing adoption of solar energy as a clean and sustainable power source, the demand for encapsulants is rising.
The automotive industry also relies on encapsulants for various applications, including automotive electronics, sensors, and control units. Encapsulants protect against harsh operating conditions, vibration, and thermal cycling, ensuring the reliability and durability of automotive components.
The encapsulant market is driven by 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 improved properties such as enhanced thermal conductivity, flame retardancy, and eco-friendliness to meet the evolving needs of different industries.
“The increasing demand for solar photovoltaic (PV) panels is one significant driver for the encapsulant market,” comments Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
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.
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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.
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).
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Encapsulant Market - Key Segments
By Curing Type:
Room Temperature
UV
Heat Temperature
By Chemistry:
Epoxy
Urethane
Silicone
By End Use Industry:
Consumer Electronics
Medical
Energy & Power
Transportation
By Region:
North America
Latin America
Western Europe
Eastern Europe
South Asia and Pacific
East Asia
Middle East and Africa
About the Chemicals and Materials Team at Future Market Insights
The chemicals and materials team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With over 100+ reports and one million+ data points, the team has analyzed the industry lucidly in 50+ countries for over a decade. The team briefly analyzes key trends, including competitive landscape, profit margin, and research development efforts.
Author by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
Explore FMI's Extensive Coverage in the Chemical and Materials Domain:
The epoxy paints market is likely to estimate a CAGR of 5% through 2032. The market is likely to be estimated at US$ 36.38 Billion by 2032, up from its current valuation of US$ 59.26 Billion in 2022.
Newly-released PV Module Encapsulant Film analysis report by Future Market Insights reveals that global sales of market in 2022 were held at US$ 2.5 Billion, with a 4.7% projected CAGR from 2023 to 2033.
The polyurethane coating market size is projected to increase from US$ 20.9 billion in 2024 to US$ 36.0 billion by 2034. The market value is expected to develop at a CAGR of 5.6% during the projected period.
The epoxy paints market is likely to estimate a CAGR of 5% through 2032. The market is likely to be estimated at US$ 36.38 Billion by 2032, up from its current valuation of US$ 59.26 Billion in 2022.
The global epoxy curing agent market sales totaled US$ 3,522.8 million in 2022. The market observed a 3.7% year-on-year growth in 2022 and is estimated to reach US$ 3,658.7 million in 2023. From 2023 to 2033, global demand is projected to rise at 4.6% CAGR.
The global epoxy resin market size is projected to be worth US$ 24 billion by 2034. According to the estimates, the market is anticipated to clock a 5.7% CAGR until 2034.
The global epoxy paint thinner market is expected to register a CAGR of 6.5% garnering a market value of US$ 39.42 million by 2033. As of 2023, sales of epoxy paint thinners will most likely reach US$ 21 million in valuation.
The global silicone fluids demand is anticipated to be valued at US$ 5.4 Billion in 2022, forecast to grow at a CAGR of 6.03% to be valued at US$ 9.7 Billion from 2022 to 2032.
According to Future Market Insights research the global Silicone market is estimated to be valued at US$ 18.5 Billion in the year 2022 and is projected to grow at a CAGR of 6.7% from 2022 to 2032.
As per the recently released global silicone adhesives and sealants market report released by FMI, the net worth of the market in the current year 2022 is found to be around US$ 6.5 Billion, and over the forecast years, the market is projected to register a CAGR of 6.5%.
The global silicone surfactant market is currently valued at US$ 2.08 Billion in 2023 and is anticipated to expand at a CAGR of 4.66%. Owing to the increasing cosmetic care industry the market is likely to propel to US$ 3.28 billion by 2033.
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