Potting Compound Market Growth Opportunities, Key Players, and Threads Analysis
Potting Compound Market Growth
The surge in the consumer electronics sector, coupled with the trend toward miniaturization and the suitability of potting compounds for electronic applications
WILMINGTON, DELAWARE, UNITED STATES, April 30, 2024 /EINPresswire.com/ -- The global potting compound industry saw revenues of $3.1 billion in 2019 and is anticipated to reach $4.1 billion by 2027, showing a Compound Annual Growth Rate (CAGR) of 3.9% from 2020 to 2027, as stated in a report by Allied Market Research. The report delves into shifting market dynamics, key investment areas, successful strategies, prominent segments, and competitive landscapes.
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The surge in the consumer electronics sector, coupled with the trend toward miniaturization and the suitability of potting compounds for electronic applications, propels the market growth. However, challenges such as the improper selection of potting resins hinder market expansion. On a positive note, the adoption of two-component polyurethane potting compounds presents fresh opportunities in the forthcoming years.
Amid the Covid-19 pandemic, lockdowns in various countries halted electronics manufacturing activities, leading to raw material shortages due to supply delays. Despite this, there's been a notable uptick in demand from the healthcare sector for electronics components, though disruptions in supply chains may impede procurement for healthcare facilities. Moreover, supply chain disruptions have led to a scarcity of electronic components for the construction sector, halting construction activities.
The report offers a comprehensive segmentation of the global potting compound market based on resin type, curing technology, application, end user, and region.
Regarding resin type, the silicone segment held the largest market share in 2019, comprising nearly one-third of the total share, and is projected to maintain its dominance throughout the forecast period. Conversely, the polyester segment is expected to exhibit the highest CAGR of 4.4% from 2020 to 2027.
In terms of application, the electrical segment dominated the market in 2019, contributing to over half of the total share, and is poised to sustain its lead by 2027. However, the electronic segment is forecasted to witness the highest CAGR of 4.5% during the forecast period.
Geographically, Asia-Pacific commanded the largest market share in 2019, making up almost half of the total share, and is set to maintain its position with the fastest CAGR of 4.8% from 2020 to 2027. The report also examines regions such as North America, Europe, and LAMEA.
Key players in the global potting compound market include Altana AG, Dow, Inc., Aremco Products, Inc., Henkel AG & Co. KGaA, Dymax Corporation, Huntsman International LLC, Hitachi Chemical Co., Ltd., Master Bond, Inc., Lord Corporation, RBC Industries, Inc., MG Chemicals, Wacker Chemie AG, Shanghai SEPNA Chemical Technology Co., Ltd., Wevo-Chemie GmbH, and 3M.
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