Market Size of Encapsulant Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 1.51 Billion |
| Market Size (2029) | USD 1.90 Billion |
| CAGR (2024 - 2029) | > 4.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Encapsulants Market Analysis
The Encapsulant Market size is estimated at USD 1.51 billion in 2024, and is expected to reach USD 1.9 billion by 2029, growing at a CAGR of greater than 4% during the forecast period (2024-2029).
The market was negatively impacted by the COVID-19 pandemic as there was a slowdown in production and mobility, as industries such as electronics and electrical, automotive, etc., were forced to delay their production due to containment measures and economic disruptions. Currently, the market has recovered from the pandemic and is expected to grow steadily in the future.
- The increasing demand for electronics and electrical appliances across the globe is expected to fuel market growth.
- However, volatility in the price of raw materials required for the manufacturing of encapsulant is anticipated to hamper market expansion.
- Furthermore, a rising focus on the development of low-cost encapsulant materials is predicted to generate a market opportunity in the future.
- The Asia-Pacific region dominated the market around the world, with countries like China, India, and Japan being the biggest consumers.
