Liquid Encapsulation Materials Sales

Liquid Encapsulation Materials Sales Market Outlook

As of 2023, the global liquid encapsulation materials market is valued at approximately USD 2.1 billion and is projected to grow at a compound annual growth rate (CAGR) of around 6.5% from 2025 to 2035. This growth is largely driven by the rising demand for advanced packaging solutions in the electronics sector, coupled with the increasing need for protective materials in automotive and aerospace applications. The market is also benefitting from the trend of miniaturization in electronic devices, which necessitates the use of effective encapsulation materials for enhanced durability and performance. Additionally, the growing focus on renewable energy sources is further propelling the demand for these materials, as they are essential in protecting components in energy-efficient technologies.

Growth Factor of the Market

The liquid encapsulation materials market is experiencing robust growth due to multiple factors that resonate across various industries. One primary driver is the technological advancements leading to the development of innovative encapsulation materials that offer superior thermal and chemical resistance. As devices become more compact and complex, the need for materials that can withstand harsh environmental conditions has become critical. Furthermore, the automotive and aerospace industries are increasingly adopting encapsulation for safety and performance improvements, which is contributing significantly to market expansion. Another influencing factor is the rise in electric vehicle production, where encapsulation materials are essential for battery protection. Additionally, the heightened emphasis on energy efficiency in manufacturing processes has led to increased adoption of encapsulation materials, which help in reducing waste and enhancing product longevity.

Key Highlights of the Market

• The liquid encapsulation materials market is projected to reach USD 3.7 billion by 2035.
• Asia Pacific is anticipated to witness the highest growth rate, driven by rapid industrialization and technological advancements.
• The electronics segment holds the largest market share due to the increasing adoption of compact devices.
• Epoxy resins are the most widely used product type owing to their excellent adhesion and durability.
• Direct sales channels are becoming increasingly popular, enabling manufacturers to engage directly with end-users.

By Product Type

Epoxy Resins:

Epoxy resins stand out as a preferred choice in the liquid encapsulation materials market due to their superior mechanical and thermal properties. They provide excellent adhesion to substrates, which is essential for the reliability of electronic components. These resins are known for their capability to cure at room temperature and for their versatility, making them suitable for a wide range of applications, including electronics, automotive, and aerospace. Their resistance to moisture and chemicals enhances the longevity and performance of the encapsulated components. As technological innovations continue to evolve, the demand for epoxy resins is expected to remain strong, particularly in high-performance applications that require exceptional durability and reliability.

Silicone Resins:

Silicone resins are increasingly favored in the market due to their outstanding resistance to extreme temperatures and environmental factors. These materials are particularly beneficial in applications where flexibility and thermal stability are paramount, such as in automotive and aerospace sectors. Silicone's excellent electrical insulating properties also make it a key player in the electronics industry, where it protects sensitive components from moisture and contamination. The market for silicone resins is expanding as manufacturers innovate with formulations that enhance performance characteristics, thereby broadening their application scope across various end-use industries. Additionally, the growing trend towards sophisticated electronic devices encourages the use of silicone for effective encapsulation.

Urethane Resins:

Urethane resins are gaining traction in the liquid encapsulation materials market due to their unique combination of flexibility, durability, and resistance to impact. These resins are particularly advantageous in applications that experience mechanical stress and strain, such as in automotive and industrial settings. Urethane's capability to withstand chemical exposure makes it a suitable option for encapsulating components used in harsh environments. As industries are increasingly leaning towards sustainable materials, the development of bio-based urethane resins is also gaining attention, offering an eco-friendly alternative without compromising performance. This trend is likely to amplify demand, as manufacturers strive to align with sustainability goals.

Polyolefin Resins:

Polyolefin resins are recognized for their excellent moisture barrier properties and good chemical resistance. They are widely used in applications that require reliable protection against environmental factors. The lightweight nature of polyolefin resins makes them suitable for automotive applications where weight reduction is critical for performance and fuel efficiency. Furthermore, these materials are often utilized in the packaging industry for their protective qualities. As manufacturers continue to innovate with polyolefin formulations to meet specific application requirements, the segment is expected to expand, driven by the increasing demand for lightweight and durable encapsulation solutions.

Acrylic Resins:

Acrylic resins are known for their clarity, adhesion, and weatherability, making them a popular choice for encapsulation in various applications, particularly in consumer electronics and outdoor products. Their ability to provide a transparent view of electronic components while offering protection from UV exposure is a significant advantage. The growing consumer electronics market, characterized by the increasing use of compact and lightweight devices, is driving the demand for acrylic resins. Additionally, advancements in acrylic resin formulations that enhance their durability and performance characteristics are likely to further propel their adoption across different sectors, particularly in outdoor applications.

By Application

Electronics:

The electronics sector is the largest application area for liquid encapsulation materials, accounting for a significant portion of market share. The rise in smart devices, wearables, and miniaturized electronics has intensified the need for effective encapsulation solutions to protect sensitive components from moisture, dust, and mechanical stress. Liquid encapsulation materials enhance the reliability and performance of electronic products, making them a critical aspect of manufacturing. Furthermore, as technological advancements continue, the demand for high-performance materials that can meet the stringent requirements of emerging electronic applications is expected to grow, providing ample opportunities for market participants.

Automotive:

The automotive industry has emerged as a key player in the liquid encapsulation materials market, with increasing adoption driven by the demand for enhanced safety and performance features. Encapsulation materials are critical in protecting electronic components, such as sensors and control units, from extreme conditions and vibrations that are typical in automotive environments. As the industry shifts towards electric vehicles (EVs) and automated driving technologies, the need for reliable encapsulation solutions is set to escalate. Encapsulation not only protects vital components but also contributes to the overall efficiency and longevity of automotive systems, making it an integral part of modern vehicle design.

Aerospace:

The aerospace sector presents a unique application for liquid encapsulation materials, where performance and safety are of utmost importance. With components exposed to extreme temperatures, pressures, and environmental conditions, encapsulation materials play a critical role in ensuring the reliability and durability of electronic systems onboard aircraft. The increasing demand for advanced avionics and communication systems in modern aerospace applications is driving the need for specialized encapsulation solutions that can withstand rigorous operational requirements. As the aerospace industry continues to innovate, the demand for high-performance encapsulation materials is anticipated to grow, creating new opportunities in this specialized market segment.

Energy & Power:

The energy and power sector is increasingly leveraging liquid encapsulation materials to protect critical components used in renewable energy technologies, including solar panels and wind turbines. These materials safeguard against environmental exposure and mechanical stress, ensuring the longevity and efficiency of energy systems. As global initiatives focus on transitioning to sustainable energy sources, the demand for reliable encapsulation solutions is expected to rise, particularly in applications that require high-performance materials to withstand harsh environmental conditions. This trend will likely attract investments and innovations in encapsulation technologies, further bolstering market growth in the energy and power segment.

Others:

The "Others" application segment encompasses a variety of industries, including medical devices, consumer products, and industrial applications. As encapsulation materials become more versatile and adaptable, their applications are expanding beyond traditional sectors. In medical devices, for instance, encapsulation plays a crucial role in protecting sensitive electronic components from bodily fluids and contaminants, ensuring patient safety. The increasing demand for smart consumer products that require reliable protection against environmental factors is also driving the growth of this segment. Overall, the expansion of liquid encapsulation materials in diverse applications presents significant growth opportunities for manufacturers looking to innovate and meet the evolving needs of various industries.

By Distribution Channel

Direct Sales:

Direct sales channels have become increasingly prevalent in the liquid encapsulation materials market, facilitating a closer engagement between manufacturers and end-users. This approach allows companies to offer tailored solutions that meet specific customer requirements, enhancing customer satisfaction and loyalty. By eliminating intermediaries, manufacturers can also provide competitive pricing and faster delivery times, which are critical factors in industries where time-to-market is essential. Furthermore, direct sales enable manufacturers to gather valuable feedback from customers, fostering continuous improvement and innovation in product development. This trend is likely to continue, as more companies recognize the benefits of establishing direct relationships with their client base.

Indirect Sales:

Indirect sales channels remain a vital aspect of the liquid encapsulation materials market, as they provide manufacturers access to a broader audience through distributors, resellers, and agents. These intermediaries often have established networks and expertise in specific industries, which can facilitate market penetration for manufacturers looking to expand their reach. Indirect sales channels are particularly beneficial for companies that may not have the resources to invest in extensive direct sales teams. However, the reliance on intermediaries can sometimes lead to increased costs and longer lead times, which may affect customer satisfaction. Therefore, while indirect sales channels remain relevant, manufacturers must also focus on strengthening their direct sales strategies to enhance overall market presence.

By Ingredient Type

Encapsulants:

Encapsulants form the core of liquid encapsulation materials, providing crucial protective layers around sensitive components. These materials are designed to shield electronics from moisture, dust, and mechanical stress, ensuring their reliability and longevity. The performance characteristics of encapsulants, such as thermal stability, adhesion, and flexibility, play a significant role in determining their suitability for various applications. As the electronics industry continues to evolve, the demand for high-performance encapsulants that can meet the stringent requirements of modern devices is expected to grow, driving innovation and market expansion. Additionally, advancements in material science are enabling the development of new encapsulant formulations that enhance protection while minimizing impact on device performance.

Catalysts:

Catalysts are essential components in the curing process of liquid encapsulation materials, influencing the speed and efficiency of polymerization. The choice of catalyst can significantly affect the final properties of the encapsulated material, such as hardness, flexibility, and thermal resistance. As the market for liquid encapsulation materials continues to grow, the demand for high-performance catalysts that can optimize the curing process is increasing. Manufacturers are continuously exploring new catalyst formulations and technologies that enhance the performance characteristics of encapsulation materials, thereby ensuring that the final products meet the evolving demands of various applications. The ongoing advancements in catalyst technology are expected to play a crucial role in shaping the future of the encapsulation materials market.

Fillers:

Fillers are widely used in liquid encapsulation materials to modify the physical properties of the final product, such as viscosity, density, and thermal conductivity. The addition of fillers can enhance the performance characteristics of encapsulants, making them more suitable for specific applications. For instance, fillers can improve the mechanical strength and thermal stability of encapsulation materials, which is especially important in high-performance environments like automotive and aerospace applications. The growing trend towards sustainable development is also driving the demand for eco-friendly fillers that do not compromise performance. As manufacturers continue to innovate with filler technologies, the liquid encapsulation materials market is expected to witness significant growth driven by the need for enhanced functionality and performance.

Solvents:

Solvents play a crucial role in the formulation of liquid encapsulation materials, aiding in the processing and application of encapsulants. They help achieve the desired viscosity and workability of the encapsulation materials, making them easier to apply in various manufacturing processes. The demand for solvents in the liquid encapsulation market is influenced by the growing emphasis on environmental sustainability, leading to a shift towards the use of eco-friendly and low-VOC (volatile organic compound) solvents. As manufacturers seek to meet regulatory requirements and sustainability goals, the development of innovative solvent systems is expected to drive growth in this segment. Additionally, advancements in solvent technology that enhance performance while minimizing environmental impact will further contribute to the evolution of liquid encapsulation materials.

Others:

The "Others" ingredient type category encompasses a variety of substances used in liquid encapsulation materials, including stabilizers, pigments, and additives that enhance specific characteristics. These ingredients play significant roles in modifying the properties of encapsulation materials to meet the unique requirements of diverse applications. For example, stabilizers can improve the shelf life and performance of encapsulants, while pigments can provide color and opacity to the materials. As the market for liquid encapsulation materials continues to grow, the need for specialized ingredients that enhance functionality and performance is likely to increase. This trend will encourage innovation and the development of new formulations that cater to the evolving demands of various industries.

By Region

The North American region holds a significant share of the liquid encapsulation materials market, driven by the presence of established electronic manufacturing companies and a robust automotive industry. As of 2023, the market in North America is valued at approximately USD 800 million and is expected to grow at a CAGR of 5.8% through 2035. The increasing investments in advanced technology and electric vehicle production further bolster the demand for high-performance encapsulation materials. Moreover, the region's strong focus on research and development, coupled with stringent industry regulations, enhances the potential for innovation in liquid encapsulation technologies.

In Europe, the liquid encapsulation materials market is also witnessing substantial growth, particularly in the aerospace and automotive sectors. Valued at around USD 600 million in 2023, the market is projected to experience a CAGR of 6.2% over the next decade. The region’s commitment to sustainability and the transition towards renewable energy sources are contributing factors driving the demand for encapsulation materials that protect crucial components in energy systems. Additionally, the presence of leading manufacturers and a well-established supply chain in Europe positions the region favorably for continued market expansion.

Opportunities

The liquid encapsulation materials market is poised for significant opportunities due to the accelerating demand for advanced materials in emerging technologies. With the rise of the Internet of Things (IoT), artificial intelligence (AI), and smart devices, there is an increasing need for reliable encapsulation solutions that can protect sensitive electronic components. As these technologies continue to evolve, manufacturers will be required to innovate and develop high-performance encapsulation materials that meet the stringent requirements of various applications. This presents a unique opportunity for companies to invest in research and development, leading to the creation of next-generation encapsulation materials that offer enhanced durability, thermal stability, and chemical resistance.

Furthermore, the global shift towards sustainability presents immense opportunities for the liquid encapsulation materials market. As industries prioritize eco-friendly practices, the development of sustainable and bio-based encapsulation materials is becoming increasingly important. Manufacturers that can align their product offerings with sustainability goals will not only gain a competitive edge but will also contribute to reducing environmental impact. The focus on circular economy principles, where materials are reused and recycled, is prompting the innovation of encapsulation materials designed for easier disposal or repurposing. This trend will likely drive demand and open new markets for manufacturers willing to invest in sustainable solutions.

Threats

The liquid encapsulation materials market faces several threats that could impede growth in the coming years. One of the primary challenges is the volatility of raw material prices, which can significantly affect production costs and profit margins for manufacturers. Fluctuations in the prices of key ingredients, such as resins and solvents, may lead to uncertainty in pricing strategies and impact competitiveness. Additionally, the increasing regulatory pressures concerning environmental compliance and safety standards pose a challenge for manufacturers, requiring continuous investment in compliance measures and potentially leading to increased operational costs. This necessitates that companies remain agile and adaptive to changing market conditions while ensuring they meet compliance standards without compromising on quality or performance.

Another significant threat is the intense competition in the liquid encapsulation materials market, driven by the presence of numerous established players and new entrants. This competitive landscape can lead to price wars, which might erode profit margins and force companies to make tough decisions regarding pricing and product offerings. Additionally, rapid technological advancements in encapsulation materials may lead to shorter product life cycles, requiring companies to continuously innovate and invest in R&D to stay relevant. The threat of substitute products and alternative encapsulation methods could further challenge traditional manufacturers, necessitating a proactive approach to maintain market share.

Competitor Outlook

• BASF SE
• Dow Chemical Company
• 3M Company
• Huntsman Corporation
• Henkel AG & Co. KGaA
• Momentive Performance Materials Inc.
• Shin-Etsu Chemical Co., Ltd.
• ALPHA Assembly Solutions
• Lord Corporation
• Wacker Chemie AG
• Evonik Industries AG
• Gurit Holding AG
• Sumitomo Bakelite Co., Ltd.
• Panasonic Corporation
• Parker Hannifin Corporation

The competitive landscape of the liquid encapsulation materials market is characterized by a mix of established players and innovative startups, all vying for market share through technological advancements and strategic initiatives. Major companies are investing heavily in research and development to enhance their product offerings, focusing on creating high-performance encapsulation materials that meet the stringent demands of various applications. Collaborations, partnerships, and mergers and acquisitions are also common strategies employed by these companies to strengthen their market presence and expand their product portfolios. Additionally, many players are increasingly prioritizing sustainability, aiming to develop eco-friendly encapsulation solutions that align with global environmental goals.

BASF SE is a key player in the liquid encapsulation materials market, leveraging its extensive research and development capabilities to create innovative products that cater to diverse applications. The company's comprehensive portfolio includes a range of epoxy and silicone resins, designed to meet the unique requirements of sectors such as electronics, automotive, and aerospace. Dow Chemical Company, another major player, focuses on delivering high-quality encapsulation materials that provide superior protection and performance. The company's commitment to sustainability is reflected in its efforts to develop bio-based and recyclable encapsulation solutions, positioning itself favorably in a market increasingly driven by eco-conscious practices.

3M Company stands out for its diversified product offerings and strong brand reputation in the liquid encapsulation materials market. The company's advanced adhesive technologies and encapsulation solutions are widely used across various industries, including electronics and automotive. 3M's focus on innovation and customer-centric solutions enables it to maintain a competitive edge in a rapidly evolving market. Lastly, Momentive Performance Materials Inc. is recognized for its expertise in silicone-based encapsulation products, catering to high-performance applications in the automotive and aerospace sectors. The company's commitment to quality and performance ensures that its products meet the rigorous demands of today's advanced technologies.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 BASF SE
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 3M Company
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 Gurit Holding AG
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 Lord Corporation
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 Wacker Chemie AG
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 Dow Chemical Company
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 Evonik Industries AG
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 Henkel AG & Co. KGaA
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 Huntsman Corporation
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 Panasonic Corporation
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 ALPHA Assembly Solutions
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 Parker Hannifin Corporation
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 Sumitomo Bakelite Co., Ltd.
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 Shin-Etsu Chemical Co., Ltd.
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 Momentive Performance Materials Inc.
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Liquid Encapsulation Materials Sales Market, By Application
    • 6.1.1 Electronics
    • 6.1.2 Automotive
    • 6.1.3 Aerospace
    • 6.1.4 Energy & Power
    • 6.1.5 Others
  • 6.2 Liquid Encapsulation Materials Sales Market, By Product Type
    • 6.2.1 Epoxy Resins
    • 6.2.2 Silicone Resins
    • 6.2.3 Urethane Resins
    • 6.2.4 Polyolefin Resins
    • 6.2.5 Acrylic Resins
  • 6.3 Liquid Encapsulation Materials Sales Market, By Ingredient Type
    • 6.3.1 Encapsulants
    • 6.3.2 Catalysts
    • 6.3.3 Fillers
    • 6.3.4 Solvents
    • 6.3.5 Others
  • 6.4 Liquid Encapsulation Materials Sales Market, By Distribution Channel
    • 6.4.1 Direct Sales
    • 6.4.2 Indirect Sales

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Asia Pacific - Market Analysis
    • 10.2.1 By Country
      • 10.2.1.1 India
      • 10.2.1.2 China
      • 10.2.1.3 Japan
      • 10.2.1.4 South Korea
  • 10.3 Latin America - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 Brazil
      • 10.3.1.2 Argentina
      • 10.3.1.3 Mexico
  • 10.4 North America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 USA
      • 10.4.1.2 Canada
  • 10.5 Middle East & Africa - Market Analysis
    • 10.5.1 By Country
      • 10.5.1.1 Middle East
      • 10.5.1.2 Africa
  • 10.6 Liquid Encapsulation Materials Sales Market by Region

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Liquid Encapsulation Materials Sales market is categorized based on

By Product Type

• Epoxy Resins
• Silicone Resins
• Urethane Resins
• Polyolefin Resins
• Acrylic Resins

By Application

• Electronics
• Automotive
• Aerospace
• Energy & Power
• Others

By Distribution Channel

• Direct Sales
• Indirect Sales

By Ingredient Type

• Encapsulants
• Catalysts
• Fillers
• Solvents
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Players

• BASF SE
• Dow Chemical Company
• 3M Company
• Huntsman Corporation
• Henkel AG & Co. KGaA
• Momentive Performance Materials Inc.
• Shin-Etsu Chemical Co., Ltd.
• ALPHA Assembly Solutions
• Lord Corporation
• Wacker Chemie AG
• Evonik Industries AG
• Gurit Holding AG
• Sumitomo Bakelite Co., Ltd.
• Panasonic Corporation
• Parker Hannifin Corporation