The market for Impregnating Resinsis expected to grow at a CAGR of over 7% globally during the forecast period. The growing demand for impregnating resins in automotive components is driving the market globally. On the flip-side, less efficiency of solvent-based resin systems is a major concern that is expected to hinder the growth of market.
- Adoption of smart grid technology is expected to offer various opportunities for the growth of market.
- Asia-Pacific region dominated the market for impregnating resins with India, China, Japan as major countries in consumption.
Key Market Trends
Increasing Application in Electrical Components
- Impregnating resins are liquid resins used with reactive thinners; properties such as electrical insulation and mechanical stability are the reason for its widespread use. Impregnating resins are widely used in generators, electric motors, transformers, and other fields such as automotive components.
- The total available market size for electronic components has been increasing continuously over the years. Electronics components market size was about USD 300 billion in 2014 and is expected to reach a market worth USD 400 billion by 2022.
- Global electronic transformer sales, too, grew year on year from 2010 to 2018. In 2010 it was around USD 28 billion; by 2014, it grew to about USD 40 billion, and it was estimated to be about USD 57 billion in 2018.
- Based on the electrical components' usage, this segment is expected to be the largest in the impregnating resins market.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market for impregnating resins during the forecast period. In countries like China, India, and Japan because of growing electrical and automobile manufacturing facilities, the demand and utilization of impregnating resins have been increasing the scope of this market during the forecast period.
- Asia-Pacific region dominated the global diesel generator market with a 28.6% share in 2017 and is expected to account for a share of about 26.81% by 2021.
- India’s industry revenue for the manufacture of electric motors & generators in 2018 was USD 13.5 billion. The market is forecasted to reach about USD 14.26 billion by 2023.
- Thus, based on the growing demand from various applications, the Asia-Pacific region is expected to be the largest region for impregnating resins over the forecast period.
The global impregnating resins market is a fragmented market with adequate competition within the market by the presence of a number of players. The major companies are Axalta Coating Systems, Elantas GmbH, Hitachi Chemical Co., Ltd., Kyocera Corporation, and Von Roll Holdings AG, among others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support