Introduction
The process of potting involves introduction of solid, semi-solid or liquid compounds as binding agents in electronic circuits to absorb shocks, reduce vibrations, and protect against moisture and other corrosive agents. Most potting compounds hence exhibit properties like flexible, low viscosity and semi-rigidity. They find application in microprocessors, capacitors, memory devices, cable joints, transformers, surface mount packages, beam bonded components, etc.
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Potting Compounds Market: Drivers
Pan-sectoral growth in the use of electronics has been a leading driver for the potting compounds market and the market has thus followed the growing trajectory of the automobile, aviation, consumer electronics, power electronics, and other such markets.
Impact of Covid-19
The interdependency between the potting compounds market and affiliated electronics goods market is set to cause a negative impact on the market. Electronics good had found high demand as a result of growth in global disposable incomes and easy access to new technologies.
However, the economic crisis unfolding due to the Covid-19 pandemic will result in reduced disposable incomes and is likely to cause people to reduce their spending towards economic goods. The only segment in the electronics goods market that is expected to benefit from the crisis is the medical electronic goods segment. Manufacturers may hence change their production priorities in the years to come, besides also focussing on providing cost-effective and durable products that can reduce the overall cost of electronic products.
Segmentation
| By Resin Type |
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| By Function |
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| By Curing Techniques |
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| By Application |
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| By End-Users |
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Regional Wise Analysis
The East Asian regional segment has dominated the potting compounds market due to rapid growth in the electronics market in China and the Tiger economies. South Asia, led by India and the South East Asian nations, has seen a similar growth trajectory.
North America and Europe, the two other large regional segments, has seen rapid growth in segments such as automobile and aviation electronics. Latin America, Middle East and Africa, and Oceania are the other key regional segments.
Competition Landscape
The potting compounds market is a highly fragmented market. A leading cause of this because manufacturers and consumers are spread across various parts of the globe, especially East Asia, Europe, North America and South Asia, and several national governments have practiced protectionist policies to safeguard their domestic markets. As a result of this fragmentation, companies have adopted various strategies to enhance their market share. Primary among these strategies have been mergers and acquisitions, which has proved beneficial in not only helping companies expand their share in existing regional markets, but in entering new markets. Some recent examples of acquisitions include Chemence’s 2018 acquisition of Supreme Resources and Meridian Adhesives Group’s 2019 acquisition of Epoxies Adhesives.
Product launches has also been a key marketing strategy for companies. Some recent launches include Electrolube’s launch of five locally-manufactured encapsulating resins in South Asia in the SC and ER series, Master Bond’s launch of its Master Bond Supreme 112 (whose USP is a two-port bonding and sealing epoxy), and INTERTRONICS launch of its WACKER SilGel 612 product, which is silica gel-based and believed to provide superior shock and vibration absorption capabilities. R&D into new materials and technologies has also been a dominant tend in the market as manufacturers have sought to showcase products that give them the competitive edge. A recent shift in this regard includes R&D into plastic-based materials like acrylic, polyurethane, polyolefin, polyester and polyamide (silicon and epoxy are the traditionally used resins). Similarly, ultraviolet (UV) curing has also become more popular in recent years to thermal and room temperature curing as UV technology has rapidly developed. Some of the key players in the market include ELANTAS Beck, Altana, Henkel, RS Components, Master Bond, Cytec Solvay Group, Dymax Corporation, Engineered Materials Systems, Electrolube, Hitach Chemical, CHT Group, ACC Silicones, EFI Polymers, Robnor Resins, Epic Resins, Huntsman Advanced Materials, INTERTRONICS, NAGASE, MG Chemicals, DowDuPont, H.B. Fuller Company, Techsil, Elite Chemical Industries, THREEBOND INTERNATIONAL, Miracon, Aremco Products, The 3M Company, LORD Corporation, Hitachi Chemical, Chemence, Innovative Polymers, Hubei Huitian New Materials Stock, EMS Adhesives, Wacker Chemie, GS Polymers, RBC Industries, Meridian Adhesives Group and Shanghai SEPNA Chemical Technology.
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