The report "Impregnating Resins Market by Type (Solventless, Solvent Based), Application (Motors & Generators, Home Appliances, Transformers, Automotive Components), Region (North America, APAC, Europe, MEA, South America) - Global Forecast to 2025", The impregnating resins market size is projected to grow from USD 1.4 billion in 2020 to USD 1.9 billion by 2025, at a CAGR of 6.5%.
Browse 88 market data Tables and 39 Figures spread through 134 Pages and in-depth TOC on "Impregnating Resins Market by Type (Solventless, Solvent Based), Application (Motors & Generators, Home Appliances, Transformers, Automotive Components), Region (North America, APAC, Europe, MEA, South America) - Global Forecast to 2025"
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Increasing industrialization, rapid urbanization, and transformations in power generation, distribution & transmission infrastructure are propelling the global impregnating resins market. The replacement of combustion engines in automobiles with electric motors is also boosting the demand for impregnating resins.
The solventless resin type segment is projected to lead the impregnating resins market during the forecast period.
Solventless impregnating resins have better properties to sustain secondary insulation. These resin formulations include monomer-based epoxy, alkyd, and polyesteramides resins. Solventless impregnating resins have low viscosity that ensures fast and deep impregnation of rotational machines. Advantages offered by solventless impregnation, such as room temperature impregnation, excellent stability, very high reactivity, and versatile processability, are responsible for the large market size in this segment.
The automotive components application is projected to grow at the fastest rate during the forecast period.
Based on application, the automotive components segment is projected to register the highest CAGR during the forecast period. Impregnating resins are used for the impregnation of starters & alternators in conventional vehicles and electric motors in electric vehicles. Accelerated decarbonization and stringent regulations to reduce greenhouse gas emission (GHG) are propelling the demand for electric vehicles, which are boosting the consumption of impregnating resins in this segment. Government initiatives, such as the development of charging infrastructure and subsidies on electric vehicles across the globe, are also driving the market in this application.
APAC is projected to register the highest CAGR between 2020 and 2025.
The impregnating resins market in APAC has immense growth potential driven by the rapid expansion of the manufacturing sector. APAC consists of some large and rapidly growing economies, such as China, India, Indonesia, Malaysia, Vietnam, and Thailand. Across these economies, local governments are making efforts to build infrastructure for industrial expansion and to attract foreign direct investments (FDI). The major drivers for the impregnating resins market in APAC are the electrification of rural areas in the developing countries, rapid urbanization, availability of low-cost labor, and government reforms to expand the manufacturing industry.
Elantas (Germany), Axalta Coating Systems (US), Voll Roll Holdings (Switzerland), Kyocera Corporation (Japan), Henkel (Germany), and Hitachi Chemical Co., Ltd. (Japan) are some of the leading players with a substantial market share. Investment & expansion, new product launch, agreement & collaboration, and merger & acquisition were the major growth strategies adopted by the market players between 2017 and 2019 to enhance their regional presence and meet the growing demand for impregnating resins in the emerging economies.
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