Impregnating Resins Market is expected to surpass the market value of over USD 1.9 billion by the year 2030 while registering a CAGR of 6.5% during the forecast period (2022-2030). This strong growth is the result of various factors, which includes the increasing demand in electrical and electronics industry. Impregnating resins are also known as secondary insulation materials and are widely used in electric devices in order to provide electrical insulation and structural integrity for operation. Impregnating resins offer high mechanical stability, improved heat dissipation for copper windings and coils as well as protection from climate influences.
Drivers and Challenges
The global impregnating resins market is primarily fueled by growing demand in electrical and electronics industry, particularly electric motors and generators. Flourishing automotive industry backed by increasing production of electric vehicles has led to an increased demand for electric motors and subsequently for impregnating resins. Also, growing number of environmental regulations against carbon emissions owing to hazardous environmental impact is augmenting the production of electric vehicles, a factor that could benefit the market growth in a big way during the review period.
Moreover, product consumption in HVAC industry has proven to be an essential factor working in favor of the global impregnating resins market. In addition, the expanding infrastructure sector with growing commercial and residential construction is leading to the elevated demand for HVAC systems in departmental stores, warehouses and malls, among others. In turn, the demand for electric motors and impregnating resins has increased to a large extent. But the volatility in prices of raw materials is deemed to be the restraining factor that could have a negative impact on the global impregnating resins market in the coming years.
Having said that, a number of key players that operate in the global impregnating resins market are focusing on new product development and business expansion, which ensures that the future of the market is bright and holds lot of promise with several growth opportunities.
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The global market for impregnating resins is segmented on the basis of type and application.
Type-dependent segments in the global market are solvent-based, solvent less and others. The solvent less segment was calculated to be the fastest growing segment in the year 2017 and is presumed to expand at a tremendous CAGR during the review period. The said growth is the result of the growing demand in electrical and electronics industry owing to its superior benefits like excellent stability, high reactivity, room temperature impregnation, low viscosity, advanced technical properties and high resin film builds and slot fill among others. Moreover, it helps reduce VOC emissions. Furthermore, the industry vendors have developed new generation water based impregnating resins for reducing VOC emissions.
Application-based segments in the market include motors & generators, transformers, appliances, automotive components, and others. Among these, the motors and generators segment acquired the largest share of the global impregnating resins in the year 2017 and is set to surge at a healthy rate during the assessment period due to the elevated demand in industries as well as the residential sector. Also, the automobile components segment will be the fastest growing segment on account of the increased production of electric vehicles for reducing carbon emissions at a global level.
Regionally, the global Resin impregnation market has been segmented into the prominent regions of Europe, Latin America, North America, Asia Pacific, and the Middle East & Africa.
Asia Pacific held the largest share of the global market owing to the increasing number of end-use industries in the region, particularly the chemicals, agriculture, and automotive industries among others. The expanding population base along with rising disposable income of consumers has also been the key reason behind the luxurious growth of the market in the region.
Furthermore, North America is a key market in the global market for impregnating resins backed by the reviving automotive industry and subsequently rising demand for electric vehicles.
The market in Europe is slated to expand at a considerable rate during the conjectured period, with the flourishing automotive and electrical and electronics industries in the eastern Europe countries.
Finally, the markets in Latin America as well as the Middle East & Africa are deemed to clock in a moderate CAGR during the review period, due to the growing industrial base in these regions.
Vuki a.s. (Slovakia), Kyocera Corporation (Japan), Axalta Coating Systems (US), Von Roll Holding AG (Switzerland), Hitachi Chemical Co., Ltd. (Japan), 3M (US), AET (Poland), Wacker Chemie AG (Germany), ALTANA (Germany), Bodo Möller Chemie GmbH (Germany) are some of the leading players in the global impregnating resins market.
January 2019 – Porshe has launched 718 Cayman GT4 Clubsport whose doors and wings is made up of natural fiber, in order to improve the sustainability. The doors of the new GT4 are made by using a resin transfer molding process, whereas the wing is made with a pre-impregnated process.
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