Epoxy Molding Compound Market Size, Status and Industry Outlook During to 2023-2030
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The epoxy molding compound (EMC) market, valued at approximately US$2.2 billion in 2022, is expected to exhibit substantial growth, reaching a revenue of US$3.4 billion by the end of 2030, according to a comprehensive market forecast. The forecast predicts a steady compound annual growth rate (CAGR) of around 7% between 2023 and 2030, driven by key factors and trends shaping the industry.
Key Growth Determinants:
- Increased Manufacturing of Consumer Electronics: The demand for consumer electronics components is on the rise, particularly with the proliferation of 5G communication technologies and advanced features in mobile phones. Epoxy molding compounds play a crucial role in manufacturing these components, ensuring their reliability and longevity.
- Increasing Demand from the Construction Industry: Epoxy molding compounds find applications in various building materials and components, including plastics, flooring, paints, and more. Their resistance to environmental factors makes them valuable in construction, marine, automotive, and wastewater treatment industries.
- Rising Adoption by the Semiconductor Industry: Epoxy molding compounds are essential for protecting fragile integrated circuits in semiconductors from external conditions. Their mechanical qualities, low coefficient of thermal expansion, and excellent thermal conductivity contribute to efficient heat dissipation and enhanced performance.
Major Growth Barriers:
- High Costs: The complexity and initial costs associated with epoxy molding compounds can pose challenges for manufacturing industries. Additionally, concerns related to recycling and disposal of these compounds can limit their growth.
- Potential Health Consequences: Exposure to epoxy molding compounds in industrial settings can lead to health issues such as eye irritation, coughing, throat infections, and skin irritation, which can hinder market expansion.
Key Trends and Opportunities:
- Better Substitute for Traditional Resin Molding Compounds: Epoxy molding compounds are surpassing traditional resin molds due to their superior properties, including heat resistance, corrosion resistance, UV protection, and more.
- Growing Urbanization and Advanced Transportation Infrastructure: With increasing urbanization and expanding transportation systems, the demand for epoxy molding compounds is expected to rise. Their durability and advantages over traditional materials make them a preferred choice.
- Growth in Demand for Eco-friendly EMC: Green epoxy molds, constructed from plant-based materials, are gaining popularity for their eco-friendliness and reduced skin irritation potential, compared to conventional chemical-driven compounds.
Regional Frontrunners:
- Asia Pacific: This region holds the largest share of the epoxy molding compound market, driven by increasing demand in steel manufacturing and infrastructure building, particularly in countries like China and Japan.
- North America: The North American market is experiencing rapid growth, fueled by the expanding use of epoxy molding compounds in the automotive and energy industries, as well as investments in electric vehicle (EV) manufacturing.
Leaders in Global Epoxy Molding Compound Space:
The competitive landscape of the global epoxy molding compound market includes key players such as Sumitomo Bakelite Ltd., Hitachi Chemical, Chang Chun Petrochemical, Hysol Huawei Electronics Ltd., Panasonic, Kyocera, KCC Corporation, Samsung SDI, Eternal Materials, Jiangsu NOVORAY New Material Co., Ltd., Shin-Etsu Chemical, Hexion, Nepes, Tianjin Kaihua Insulating Material, and Nitto Denko Corporation.
Global Epoxy Molding Compound Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 - (By Type Coverage, By Application Coverage, By End-use Industry Coverage, By Geographic Coverage and By Company):
https://www.fairfieldmarketresearch.com/report/epoxy-molding-compound-market
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Epoxy Molding Compound Market:
https://www.linkedin.com/pulse/epoxy-molding-compound-market-future-trends-demands-forecast-rajawat-7yhuf
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