ID: MRFR/CnM/5555-HCR | February 2021 | Region: Global | 140 pages
Impregnating Resins Market- Overview
Impregnating Resins Market is expected to surpass the market value of over USD 1.9 billion by the year 2025 while registering a CAGR of 6.5% during the forecast period.
The impregnating resins are used along with the metal enamels in the manufacturing industry and they are used for manufacturing generators, motors, and transformers. The different components in the electrical industry include wire windings, laminated cores, and insulating materials that require impregnating resins. The increasing number of manufacturing facilities and the growing demand for wire windings, iron cores, and other automotive components across the globe are presenting a lucrative opportunity for the overall growth of impregnating resins industry.
The increasing advancement across the automotive industry and the flexibility of the insulation materials are highly appreciated. Also, the insulation materials are expected to offer excellent insulation and mechanical stability and complete protection against harsh climatic conditions. The key market players are providing advancements in the impregnating resins and thereby driving the market growth in recent years.
COVID 19 Analysis:
COVID 19 has significantly affected the overall growth of impregnating resins as the demand for the end-user industries such as the automotive industry, and significant others were declined during the pandemic. The automotive industry has declined about 19% in the year 2020 and the overall production of vehicles was only 8.82 million in the year 2020 and it was over 10.89 million in the year 2019. Therefore a significant reduction in the production rates has created distress in the impregnating resins market growth. The other manufacturing industries have also reduced their production rates.
However, after the quick recovery from the pandemic, the key manufacturers have increased their production rates. Especially China had increased their electronic production rates including smartphones, TV, Wires, Cables, Portable computing, and so on. Such factors have presented lucrative opportunities for impregnating resins market growth during the forecast period.
Impregnating resins are called secondary insulation materials in the industrial language, and it is used where the demand for flexible insulation is required. They are highly employed in electric motors, transformers, and other electrical devices where insulation and structural integrity are required. Therefore mechanical stability, protection from harsh conditions is also offered by the impregnating resins. Such factors are considered as the major drivers of impregnating resins market growth.
The potential characteristics of the impregnating resins that include excellent moisture resistance, withstanding harsh climatic conditions, increasing the life of the equipment on which they are used, biological decay defense mechanism, eco-friendly properties are considered as the major drivers of impregnating resins market growth.
The developed countries are bringing in advancements into the automotive industry, and incorporating modernization. Also, the increasing demand for electrical devices and maintaining them for long period are impacting the overall growth of impregnating resins industry. Additionally, the potential market players are bringing in new technological advancements into the industry and such factors are expected to boost the overall growth of impregnating resins industry during the forecast period.
The potential market players are carrying out several inorganic strategies to promote the growth of the impregnating resins industry and bring in several product launches, getting approvals for them and thereby paving way for the impregnating resins market growth during the forecast period. Moreover, the end-user industries carry out the trickle impregnation method to reduce the wastage of the resin and they also help in getting quicker production cycles. Such factors are expected to boost the overall growth of impregnating resins industry during the forecast period.
The issues associated with the solvent-based resins and their poor efficiency over other types are expected to hinder the overall growth of impregnating resins industry.
The volatility of the prices of the raw materials used for the production of impregnating resins is considered as the major restraint of the market growth.
The increasing manufacturing costs due to the costs involved with the raw materials and the demand for the curing agents are considered as the major challenge for impregnating resins market growth.
The polymerization and the requirement of keeping them in the right processing temperatures are considered as the major challenge for impregnating resins market growth. The polymerization of the entire process has to occur at room temperature. Such factors are considered as the major challenge for impregnating resins market growth.
Cumulative growth analysis:
The impregnating resins market value was at USD 1.4 billion in the year 2020 and it is expected to surpass the market value of over USD 1.9 billion by the year 2025 while registering a CAGR of 6.5% during the forecast period. The market value of the impregnating resins is influenced by the growing electrical and electronic industry across the globe with the increasing demand for them. Also, the developed countries are increasing in demand for both commercial and domestic electrical equipment. The exports of the China of electrical and electronics are increasing year over year. Hence these factors are considered as the major drivers of impregnating resins market growth. Similarly, the increasing inclination of the potential consumers towards electronics such as TVs, smartphones, and other handheld devices are also impacting the overall growth of impregnating resins industry. A recent report from the National Bureau of Statistics revealed that developed countries like China had sold household appliances for over 100 billion yuan every year.
Moreover, the developments in the impregnating resins industry and the acquisitions of the leading market players like Hitachi chemical and AEV groups are propelling the overall growth of impregnating resins industry in recent times. The other strategies carried out by these developers are also presenting favorable conditions for the growth of impregnating resins industry.
Value chain analysis:
Among other applications, electric motors, and transformers are considered as the prominent users of impregnating resins. The fast-moving vehicles and the demand for electric vehicles worldwide are constantly driving the impregnating resins market growth. The rapid industrialization, development for the power generation sectors, and spurring demand for electric vehicles are burgeoning the impregnating resins market growth. The voids between the wires and the electrical windings in the electric motor and the hybrid motors utilized in the manufacturing industries and the manufacturers are taking so much effort to improve the performance of these motors and extend their lifespan. Such factors are propelling the manufacturers of impregnating resins to increase the production rate.
Since these resins play an important role in extending the life span, they save huge costs for the end-user industries. Also, the manufacturers are changing their preferences towards the impregnating chambers in the place of coils due to their efficiency. Moreover, several industries are adopting trickle impregnation methods to improve productivity while reducing wastage. On the other hand, the production and sales of motors across developed countries like the US are rising. A recent study stated that the US had healthy sales revenue of electric motors of over USD 9.31 billion in the year 2020 and such factors are presenting favorable conditions for the overall growth of impregnating resins industry during the forecast period.
Based on Type:
Based on Application:
Currently, the Asia-pacific region is expected to witness the highest growth rate in impregnating resins industry, as they possess intensive manufacturing and automotive industry across the region. The favorable economic condition of the countries like China, India, Indonesia, Vietnam, Thailand, and other parts of the region combined with the favorable government support are burgeoning the growth of impregnating resins industry. The government of the countries in the region is focusing on bringing electricity to the rural areas and they are involved in urbanizing their countries. Additionally, these countries possess cheap labor and they are involved in expanding the industrial verticals by imposing plans and increasing investments. Such factors are further propelling the overall growth of impregnating resins industry.
China is known for its manufacturing facilities and is considered the leading exporter, consumer of electronics. The demand for smartphones, TVs, and other handheld smart devices across the region is higher than in other parts of the world. The presence of established market players in the electronic industry and the increasing demand is propelling the impregnating resins in the electronic segment across China.
In the year 2018, one of the leading market players, AXALTA coatings systems had launched Voltatex 4224 which offers favorable characteristics such as low-emission, styrene, and others. Therefore they are used in the applications such as dip and bake, vacuum impregnation, hot-dip, roll dip application, and trickle feed process. Several end-user industries are adopting Valtrex 4224 L as it is certified as VOC-free, Styrene Free, and doesn’t emit harmful gases.
In the year 2018, one of the leading market players, Kyocera Corporation had expanded its manufacturing facility in Japan. Therefore the company can expand its productivity up to 50% including insulation pastes that are used for semiconductors, digital devices, and energy products.
This report has covered:
Based on Type:
Based on Application:
|Market Size||2030 : Significant Value|
|CAGR||2030 : Substantial Value|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Axalta Coating Systems (US), Kyocera Corporation (Japan), ALTANA (Germany), Von Roll Holding AG (Switzerland), Hitachi Chemical Co., Ltd.(Japan), 3M (US), AET (Poland), Wacker Chemie AG (Germany), Vuki a.s. (Slovakia), and Bodo Möller Chemie GmbH (Germany)|
|Key Market Opportunities||Expanding automotive industry on account of increasing production of electric vehicles|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The impregnating resins market value was at USD 1.4 billion in the year 2020 and it is expected to surpass the market value of over USD 1.9 billion by the year 2025 while registering a CAGR of 6.5% during the forecast period.
• Home Appliances • Automotive Components • Motors • Generators • Transformers
Spurting growth in the major end-use industries, Expanding electrical & electronics and automotive industry, Increasing environmental regulations against carbon emissions.
Asia Pacific holds the largest share in the global impregnating resins market, followed by North America and Europe, respectively.
Kyocera Corporation (Japan), Axalta Coating Systems (US), ALTANA (Germany), Hitachi Chemical Co., Ltd.(Japan), Von Roll Holding AG (Switzerland), 3M (US), Wacker Chemie AG (Germany), AET (Poland), Bodo Möller Chemie GmbH (Germany), and Vuki a.s. (Slovakia), are some of the major players operating in the impregnating resins market.