The encapsulated materials industry is set to explode: it is expected to reach $9.5 billion by 2034, with a compound annual growth rate (CAGR) of 8.7%

The encapsulants market is expected to be worth $4.1 billion by 2024. The market is estimated to be worth $9.5 billion by 2034, with a projected CAGR of 8.7%. encapsulating agents market is essential for a variety of industries, including electronics, automotive, and renewable energy. Encapsulants are materials used to protect and increase the reliability of electronic components, photovoltaic (PV) modules, and other devices by providing insulation, moisture resistance, and mechanical support.

In the electronics industry, encapsulants protect sensitive electronic components from environmental factors such as moisture, dust, and mechanical stress. They are used in applications ranging from semiconductors and printed circuit boards to automotive electronics and consumer devices. Encapsulants provide long-term reliability and performance to electronic products, making them essential to modern technology.

In the renewable energy sector, encapsulants are mainly used in photovoltaic modules to encapsulate and protect solar cells from moisture, UV radiation and mechanical damage. Encapsulants help extend the life of solar panels and maintain their performance over time. As solar energy becomes more popular as a clean and sustainable energy source, the demand for encapsulants is growing.

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The automotive industry also relies on encapsulants for various applications, including automotive electronics, sensors and control units. Encapsulants protect against harsh operating conditions, vibrations and thermal cycling, ensuring the reliability and durability of automotive components.

The encapsulants market is driven by technological advancements, growing demand for electronic devices and renewable energy solutions, and stringent regulatory requirements for product safety and environmental compliance. Manufacturers are focusing on developing innovative encapsulant materials with improved properties such as increased thermal conductivity, fire resistance, and environmental friendliness to meet the changing needs of various industries.

Key findings from the market research

• For the curing type, it has been recorded that room temperature will increase by 8.6% CAGR by 2034.
• The UK is expected to achieve a CAGR of 9.7% by 2034.
• China will experience significant economic growth, forecast at 9.4% per year until 2034.
• Based on chemical data, the epoxy segment is projected to grow at 8.4% CAGR through 2034.

“The growing demand for photovoltaic (PV) panels is one of the significant factors driving the encapsulation materials market,” comments the Future Market Insights analyst.

Competitive environment

Companies in the encapsulants market compete with each other in terms of product quality, innovation, pricing, and global presence. There are many smaller players and regional manufacturers contributing to the diversity of the market.

Strategic alliances, mergers, acquisitions and R&D investments are common strategies used to gain competitive advantage in this dynamic market.

Here are some of the most important achievements:

• In February 2023, HB Fuller participated in INDEX™23, the prestigious nonwovens exhibition, presenting its vision of “Grow in the Now” for hygiene manufacturers. The company’s presentation emphasized collaboration, innovation and sustainability, with the aim of promoting solutions for the hygiene and nonwovens industry.
• In January 2023, HB Fuller launched Swift®melt 1515-I, its first biocompatible product to meet IMEA (India, Middle East and Africa) standards. Tailored for microporous medical tape applications, it addresses the unique climatic challenges of the Indian subcontinent, such as high temperatures and humidity.

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More valuable insights available

Future Market Insights offers an unbiased analysis of the global encapsulants market, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034

To understand the market opportunity, the encapsulation materials market has been segmented based on cure type (room temperature, UV, thermal), chemical composition (epoxy, urethane, silicone), end-use industry (consumer electronics, medical, energy, transportation), and region (North America, Latin America, Western Europe, Eastern Europe, South Asia Pacific, East Asia, and Middle East & Africa).

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, Stevie Award winner and member of the Greater New York Chamber of Commerce) offers in-depth insights into the factors driving market demand. FMI is a leading global provider of market intelligence, advisory services, consulting and events for the packaging, food and beverage, consumer technology, healthcare, industrial and chemical markets. With a large team of ~400 analysts worldwide, FMI provides global, regional and local expertise on various industry domains and trends in over 110 countries.

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