Impregnating Resins Market by Type (Solventless, Solvent-based), Application (Motors and Generators, Home Appliances, Transformers, and Automotive Components), and Region (North America, Europe, APAC, and RoW) - Global Forecast to 2023
“The impregnating resins market is projected to grow at a CAGR of 6.4%, in terms of value, from 2018 to 2023.”
The impregnating resins market is projected to grow from USD 1.5 billion in 2018 to USD 2.0 billion by 2023, at a CAGR of 6.4% from 2018 to 2023. The growth of this market can be attributed to the technological advancements in the automotive industry. Another factor driving the impregnating resins market is the augmentation and modernization of the transmission & distribution network. However, factors such as the volatility of raw material prices and less efficiency of solvent-based resin system are restraining the growth of the market. Most of the raw materials used in the production of impregnating resins are petroleum products. The prices of these raw materials have been highly volatile in recent times, touching a five-year low, which affected the growth of the market.
“Solventless impregnating resins to be the fastest-growing type, in terms of volume and value in the market during the forecast period.”
Solventless is projected to be the fastest-growing type segment during the forecast period. The resin system offers various advantages such as stability at room temperature, high reactivity, adaptability on any type of machine and process, high resin film build, and excellent technical properties oven other resin systems. The high growth of this market can be attributed to the increasing demand from electrical & electronics industry in emerging economies such as China and India.
“Motors and generators application to be the largest application of impregnating resins in terms of volume and value.”
The large consumption of the motors and generators in various sectors such as industrial, agriculture, residential, commercial, and transportation is driving the market in motors and generators application. The growing urbanization and industrialization are responsible for the high demand for motors and generators application in the emerging economies, which, in turn, is expected to increase the demand for impregnating resins.
“North America projected to be the largest impregnating resins market, in terms of volume, during the forecast period.”
Strong automotive and electrical & electronics manufacturing base is responsible for the large market share of the North American region. The US is the largest market in North America owing to its well-established industrial base. The slow growth rate in the North American and European markets is expected to affect the demand for impregnating resins in these regions during the forecast period.
The market sizes estimated in this study have been validated through primary interviews conducted with various industry experts, globally.
These primary sources have been divided into three categories:
By Company Type: Tier I - 25%, Tier II - 50%, and Tier III - 25%
By Designation: C Level - 20%, Director Level - 30%, and Others - 50%
By Region: North America - 22%, Europe - 33%, APAC - 28%, and RoW - 17%
The report profiles several leading players of the impregnating resins market that include Elantas GmbH (Germany), Axalta Coating Systems (US), Von Roll Holdings AG (Switzerland), Hitachi Chemicals Company Ltd. (Japan), and Kyocera Corporation (Japan). The report also includes detailed information about various growth strategies adopted by these key players to strengthen their position in the impregnating resins market.
The objective of this study is to define, describe, and forecast the impregnating resins market based on various segmentations and strategically analyze these market segments with respect to individual growth trends, growth prospects, and contribution to the overall impregnating resins market. In this report, the impregnating resins market has been segmented based on type, application, and region.
KEY BENEFITS OF BUYING THE REPORT
The report is expected to help market leaders/new entrants in the impregnating resins market in the following ways:
1. This report comprehensively segments the impregnating resins market and provides the closest approximations for the sizes of different segments and subsegments of the market across different verticals and regions.
2. This report is expected to help stakeholders in obtaining an improved understanding of their competitors and gain insights about their businesses. The competitive landscape section includes detailed information about acquisitions, new product launches, and investments & expansions that have been undertaken by various key players to enhance their position in the impregnating resins market.
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