According to a new report published by Allied Market Research titled, "Potting Compounds Market by Resin Type, Curing Technique, Application, and End-user: Global Opportunity Analysis and Industry Forecast, 2014-2022", the potting compounds market was valued at $2,680 million in 2015 and is projected to reach $3,460 million by 2022, growing at a CAGR of 3.8% from 2016 to 2022. The silicone resin type held nearly one-fourth of the total market in 2015.
Potting compounds are used as a covering of the electronics and electrical devices to protect it from surrounding environment. They offer protection from moisture and also provide heat dissipation, flame retardancy, and resistance from shock. Potting compounds are also used for concealing the components from fire. The market for potting compounds has increased tremendously in the recent past due to the growth in electronics and electrical sector across the globe.
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Factors that drive the growth of the global potting compounds market are growth in consumer electronics industry and aerospace & industrial sector. In addition, growth in energy and power sector is also expected to fuel the demand for potting compounds in the near future. To select a potting compound that addresses all the needs of a specific application without harming the electronics can be quite complicated and challenging for the end users.
Silicone and epoxy segments are expected to maintain its dominance in the global potting compounds market during the forecast period. This is mainly attributed to their remarkable properties such as flexible protection against vibration, environmental contamination and thermal stress, excellent dielectric properties, and effective insulation against high voltages.
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Electronics and aerospace applications dominated the global potting compounds market with more than two-thirds share in terms of volume, in 2015. Increase in demand for miniaturization of electronic devices across various end-use industries such as transportation and consumer electronics is anticipated to drive the potting compounds market over the analysis period.
According to Eswara Prasad, Team Lead, Chemicals & Materials at Allied Market Research, "The demand for potting compounds in end-use industries, such as transportation and electronics, is relatively high. A shift of manufacturing base from developed regions to Asia-Pacific region is expected in the near future."
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Key findings and scope:
- In terms of value, silicone segment is expected to expand at a CAGR of 4.4% during the forecast period.
- Asia-Pacific is projected to maintain its lead position throughout 2022 and will grow at a CAGR of 4.7%, in terms of value.
- Electronics application is projected grow at the fastest CAGR during analysis period.
- China occupied half of the total Asia-Pacific potting compounds market in 2015.
- India is expected to grow at the fastest rate and is expected to grow at a CAGR of 3.8% in terms of volume from 2016 to 2022
In 2015, Asia-Pacific and North America collectively accounted for two-thirds of the total potting compounds market and are expected to continue this trend due to increase in development in the electronics sector, specifically in China, India, and other developing economies. Rise in transportation sector is the main reason for the growth of potting compounds market in the Asia-Pacific region.
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The major companies profiled in the report include Henkel AG & Co. KGaA, The 3M Company, MG Chemicals, ELANTAS GmbH, ALPAS srl, Dymax Corporation, Master Bond, Inc., Lord Corporation, Aremco Products, Inc., RBC Industries, Inc., and Shanghai Sepna Chemical Technology Co. Ltd.
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