Global Potting Compound Market is valued approximately at USD 3.1 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 4% over the forecast period 2020-2027. Potting is a method of filling solid compounds in comprehensive electronic assembly for vibration and shock resistance and ensured safety from corrosive agnates and moisture. Due to this reason, potting compounds are used as chemical substance or material during the potting process of electronic boards, circuits, and other components. As the primary function of the potting compound is to keep the components together and protect them from damages caused by shock while sustaining the quality. These compounds are extensively used in a range of applications, such as memory devices & microprocessors, beam bonded components, surface-mount packages, transformers, capacitors, cable joints, and so on.
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Robust growth of consumer electronic and transportation sectors in the developed and developing economies, along with a rise in trend for miniaturization of electronic devices are the few factors responsible for the CAGR of the market during the forecast period. According to the Ministry of Industry and Information Technology (MIIT), China is the largest, producer and exporter of consumer electronics considering the global scenario. China is also the biggest manufacturer of computers, laptops, mobile phones, and televisions combinedly producing around 80% of these devices in the year 2018 on the globe. As per the MIIT, China produced around 1.8 billion units of mobile phones, 300 million units of computers & laptops, and around 200 million units of televisions in 2018. This, in turn, is likely to strengthen the demand for Potting Compound, globally. However, the improper selection of potting resin and lack of compatibility of these compounds are the few factors impeding the market growth over the forecast period of 2020-2027.
The regional analysis of the global Potting Compound market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. Asia-Pacific is the leading/significant region across the world in terms of market share owing to the significant development in the electronics sector, along with the wide presence of market players in the region. Whereas Asia-Pacific is also anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027. Factors such as the rapidly growing demand for militarization of electronic devices and increasing rate of urbanization are the few factors creating a lucrative opportunity for the growth of the cancer vaccine market in the Asia-Pacific region.
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