North America Potting Compound Market Expected to Reach $ 931 Million by 2025
According to a new report published by Research Dive, titled,“Potting Compound Market : North America Opportunity Analysis and Industry Forecast, 2018–2025” The North America potting compound market was valued at $ 728 million in 2017 and is projected to reach $ 931 million by 2025, growing at a CAGR of 3.2% from 2018 to 2025.
The North America potting compound market is anticipated to be heading toward expansion phase during the forecast period. This is owing to shift in trends in the electrical and electronics industry and consistent rise in the electronic production. It offers protective and safety to electronics, and automotive product. In addition, it serves as a readily available concrete material that works well in many applications. It is in high demand in U.S. countries with strong economies, where it is often used for the electronics gazettes.
The ongoing trend of potting compound in North American countries such as U.S. and Mexico increase the market growth. In addition, potting compound-based products such as silicon and polyester coupled with growth of electronic industry have effectively helped to sealing product erroring the circuit, which further fuel the growth of the market. Some of the potting resins are application specific, hence, unfitting selection of resin can damage the overall electric assembly and component as well. This factor is expected to hamper the potting compound market growth over the forecast period.
Since the overall application scope of potting compounds is covered in electronics and electrical applications. It shifts its trends and technological impact on the electronics and electrical industry are expected to provide lucrative growth opportunities for the North America potting compound market over the coming years.
This market is segmented based on resin type, curing technique, application, end use, and region. Based on resin type, it is classified into epoxy, polyurethane, silicone, polyester, polyamide, polyolefin and acrylics. On the basis of curing technique, it is divided into UV, thermal and room temperature. Based on application, it is classified into surface mount packages, beam bonded components, memory devices & microprocessors, capacitors, transformers, cable joints, industrial magnets, solenoids, and others. On the basis of end use, it is classified into electronics, aerospace, automotive, industrial, and others.
By region, it is analyzed across North American countries U.S., Mexico, and Canada. U.S. pose lucrative opportunities for investment owing to its growing economy, electronics sector, and increasing purchasing power of developing economies. The popularity of the polyester material, fueled by its diverse and specialized applications, and the rise in consumer purchasing power in developing economies poses lucrative opportunities for the market.
The major companies profiled in the report include Henkel AG & Co. KGaA, H.B. Fuller Company, ELANTAS GmbH, MG Chemicals, Dymax Corporation, LORD Corporation, Robnor ResinLab Ltd, Huntsman International LLC., Wacker Chemie AG, and Solvay.
KEY FINDINGS OF THE STUDY:
Key Findings of Potting Compound Market:
- The North America potting compound market is projected to grow at a CAGR during the forecast period
- The electronic segment is expected to grow with the highest CAGR in the North America potting compound market size in terms of revenue, over the projected period.
- The composite potting compound held large share in 2017 and is projected to grow due to current trends and inclination towards them by 2025.
- The polyester potting compound is projected to grow at higher CAGR due to increased demand and current trends in market.
- The qualitative data in potting compound report aims on the market dynamics, trends, and developments in the potting compound industry while the quantitative data provides information of the size in terms of revenue.