Portland, OR, Sept. 09, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global potting compound industry generated $3.1 billion in 2019, and is expected to garner $4.1 billion by 2027, registering a CAGR of 3.9% from 2020 to 2027. The report provides a detailed analysis of changing market trends, key investment pockets, top winning strategies, top segments, and competitive scenarios.
Rise of the consumer electronic industry, trend for miniaturization, and suitability for electronic applications drive the growth of the global potting compound market. However, inappropriate selection of potting resins hinders the market growth. On the other hand, adoption of two-component polyurethane potting compounds presents new opportunities in the coming years.
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Covid-19 Scenario:
- Lockdown imposed in many countries has stopped manufacturing activities of electronics parts. Moreover, there has been a shortage of raw materials due to delays in supply.
- There has been a significant increase in demand from the healthcare sector for the electronics components to cope up with the Covid-19 pandemic. However, disruptions in supply and stoppage of manufacturing activity would make it difficult for healthcare facilities to procure.
- Supply chain disruption has caused a scarcity of electronic components for the construction sector. This has put a halt on activities in the construction sector as well.
The report offers detailed segmentation of the global potting compound market based on resin type, curing technology, application, end user, and region.
Based on resin type, the silicone segment contributed to the largest market share in 2019, accounting for nearly one-third of the total share, and is estimated to maintain its leadership status throughout the forecast period. However, the polyester segment is estimated to grow at the highest CAGR of 4.4% from 2020 to 2027.
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Based on application, the electrical segment accounted for the highest market share, contributing to more than half of the total share in 2019, and is estimated to continue its dominance by 2027. However, the electronic segment is estimated to grow at the largest CAGR of 4.5% during the forecast period.
Based on region, Asia-Pacific accounted for the largest share of the global potting compound market, contributing to nearly half of the total share in 2019, and will maintain its lead throughout the forecast period. Moreover, this region is estimated to grow at the fastest CAGR of 4.8% from 2020 to 2027. The report also discusses regions such as North America, Europe, and LAMEA.
Leading players operating 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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