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Potting Compound Market Size, Share and COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032

  • Report ID: GMI4462

Potting Compound Market size will see noticeable growth over 2023-2032, on account of the rise of e-mobility worldwide. Vehicle component performance criteria are constantly changing to keep up with technological development and the evolving e-mobility sector. These factors are likely to boost the popularity of encapsulation resins and other value-added materials for electric vehicle potting applications.
 

Based on data from the U.S. Department of Energy, in 2021, the sales of all-electric vehicles and other light-duty plug-in electric vehicles almost doubled to reach 608,000. Such factors will escalate the use of potting compounds and adhesives with high thermal conductivity for EV applications.
 

The skyrocketing sales of consumer electronic products amid the work-and-educate-from-home trends will influence global potting compound market dynamics. Samsung was predicted to capture 10% of the market share in the laptop and notebook category and witness sales of nearly 12.1 million in 2022. These factors, along with the increasing trend of electronic device miniaturization, will augment the use of PCB potting compounds to ensure vibration and mechanical shock resistance and protect against short circuits.
 

Based on the resin, the silicone segment will account for a considerable market share by 2032, owing to the escalating investment in EV manufacturing plants. As per the Book of Deals report, in 2021, automakers pledged USD 36 billion in investments to build factories to manufacture EVs and batteries. This rising spending on EV plant development will spur silicone potting compound usage as it is a thermally conductive, low-viscosity resin suited for e-motor coil potting within EVs. Silicone-based resin also possesses an exclusive blend of high and low-temperature resistance and flexibility, further contributing to its consumption in EV manufacturing.
 

Solar is poised to emerge as a lucrative application segment for the potting compound market, considering the increasing awareness of the role of renewables in clean energy transitions. According to data from the IEA, in 2021, the supply of solar and other renewable sources rose by up to 7%. With the introduction of decarbonization targets, the reliance on solar energy sources will further increase, bolstering the use of potting compounds to ensure the reliability and durability of solar panels.
 

Europe potting compound market size is anticipated to witness a commendable growth trajectory through 2032, as a result of the expansion of aircraft fleets. For instance, in November 2022, Italy’s ITA Airways announced plans to add 39 new widebody and narrowbody passenger jets to expand its fleet to 96 aircraft by 2023. These initiatives will proliferate the usage of electrical potting compounds in the aerospace sector where electronic assemblies are prevalent. Likewise, the shifting preference toward EVs as part of low-carbon emission targets will further influence regional industry trends.
 

MG Chemicals, Altana, Electrolube (Alpha Assembly Solutions, Inc.), RS Components, Lord Corporation (Parker Hannifin), Dymax Corporation, ACC Silicones, Engineered Materials Systems, Inc. (NAGASE & CO., LTD., Nagase ChemteX Corporation), Solvay, Henkel Corporation, DuPont, and 3M are among the prominent players in the potting compound market. These companies are focusing on new product launches, business expansions, and other strategies to enhance their presence in the global market.
 

The rising inflation worldwide is disrupting pricing models across the auto industry, placing high pressure on suppliers. Growing interest rates are also weighing on vehicle demand, while increased costs of logistics and raw materials are forecast to hit profits. For example, CarMax shares declined by 22% to USD 66.63 indicating a two-year low. These challenges may limit the use of potting compounds for electronics applications in the automobile industry.
 

What Information does this report contain?

Historical data coverage: 2018 to 2022; Growth Projections: 2023 to 2032.
Expert analysis: industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.
6-7 year performance forecasts: major segments covering applications, top products and geographies.
Competitive landscape reporting: market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.

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