Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
The impregnating resins market is influenced by several key market factors that shape its dynamics and growth trajectory. One of the primary drivers is the increasing demand for impregnating resins across various industries such as electrical, electronics, automotive, and aerospace. These resins play a crucial role in enhancing the performance and durability of electrical components, electronic devices, and structural parts by providing insulation, protection against environmental factors, and structural reinforcement.
The growth of the Global Impregnating Resins Market is mainly driven by increasing demand in electrical and electronics industry mainly electric motors and generators. Expanding automotive industry on account of increasing production of electric vehicles had resulted in increased demand for electric motors and thus, Impregnating Resins.
Moreover, technological advancements in impregnating resin formulations have led to the development of high-performance resins with enhanced properties such as thermal stability, flame resistance, and chemical resistance. This has widened the application scope of impregnating resins, further fueling market growth. Additionally, stringent regulations and standards regarding safety, performance, and environmental sustainability are driving the adoption of impregnating resins that comply with these requirements, thereby boosting market demand.
Furthermore, the growth of end-user industries such as electronics and automotive, particularly in emerging economies, is contributing to the expansion of the impregnating resins market. As these industries continue to grow and evolve, the demand for impregnating resins for applications such as coil winding, printed circuit boards, and structural composites is expected to increase steadily. Market players are strategically focusing on expanding their presence in these emerging markets to capitalize on the growing opportunities.
On the other hand, the impregnating resins market is not without its challenges. Fluctuations in raw material prices, particularly petrochemical-based resins, can impact the overall cost structure for manufacturers. Moreover, volatility in supply and demand dynamics of key raw materials such as epoxy resins, polyester resins, and polyurethane resins can affect market stability and pricing strategies. Manufacturers need to closely monitor these factors and implement effective supply chain management strategies to mitigate risks and maintain competitiveness in the market.
Additionally, intense competition among market players is prompting companies to focus on product innovation, differentiation, and strategic collaborations to gain a competitive edge. Innovation in terms of product formulations, manufacturing processes, and application techniques is essential for meeting evolving customer requirements and staying ahead in the market. Collaborations with research institutions, universities, and industry partners also play a crucial role in driving innovation and technology advancements in the impregnating resins market.
Moreover, environmental concerns and regulations regarding the use and disposal of chemical substances are influencing market trends and driving the shift towards eco-friendly and sustainable alternatives. Bio-based impregnating resins derived from renewable sources are gaining traction as they offer environmental benefits such as reduced carbon footprint and lower toxicity compared to conventional petroleum-based resins. Market players are investing in research and development initiatives to develop bio-based impregnating resins with comparable performance and cost-effectiveness to conventional resins.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | 6.6% (2023-2030) |
Impregnating Resins Market Highlights:
Global Impregnating Resins Market Overview
Impregnating resins market size was valued at USD 1.98 Billion in 2023. The impregnating resins market industry is projected to grow from USD 2.11 Billion in 2024 to USD 3.49 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.50% during the forecast period (2024 - 2032). 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.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Impregnating Resins Market Trends
-
Increasing demand in the electrical and electronics industry to boost the market growth
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 and protection from harsh conditions are also offered by the impregnating resins. Such factors are considered the major drivers of impregnating resin 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, and eco-friendly properties are considered the major drivers of impregnating resins market growth.
Additionally, developed countries are bringing 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 new technological advancements into the industry and such factors are expected to boost the overall growth of impregnating resin 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.
Impregnating Resins Market Segment Insights
Impregnating Resins Type Insights
The impregnating resins market segmentation, based on Type, includes solvent-based, solventless, and others. The solventless segment is expected to hold the largest share of the market during the forecast period. The growth is due to their superior performance such as high reactivity, stability at room temperature, high resin film build, adaptability on any type of machine and process, and excellent technical properties when compared with other impregnating resins.
Impregnating Resins Application Insights
Based on Application, the impregnating resins market segmentation includes motors and generators, transformers, home appliances, automotive components, and others. The automotive components segment is estimated to be the fastest-growing application segment during the forecast period. The growth of this segment is bolstered by technological developments in the automotive industry. For instance, GM (model name: Bolt), Nissan (model name: Leaf), and Tesla Motors have successfully commercialized electric vehicles in the passenger car market.
Figure 2: Impregnating Resins Market, by Type, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Impregnating Resins Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. the Asia-pacific region is expected to witness the highest growth rate in impregnating resins industry, as they possess intensive manufacturing and automotive industries across the region. The favorable economic condition of the countries like China, India, Indonesia, Vietnam, Thailand, and other parts of the region combined with 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 resin industry.
Figure 3: IMPREGNATING RESINS MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
China is known for its manufacturing facilities and is considered the leading exporter, and 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 ChinaImpregnating Resins Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the impregnating resins market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the impregnating resins industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for impregnating resins. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the impregnating resins industry must offer affordable products.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the impregnating resins industry to benefit customers and expand the market sector. The impregnating resins market has recently given medicine some of the most important advantages. Major impregnating resins market players, including Elantas (Germany), Axalta Coating Systems (US), Voll Roll Holdings (Switzerland), Kyocera Corporation (Japan), Henkel (Germany) and others, are attempting to increase market demand by funding R&D initiatives.
ELANTAS is a manufacturer of insulating and protective materials for the electrical and electronics industry. It offers wire enamels, impregnating resins and varnishes, casting and potting resins, flexible electrical insulation materials, etc.
Also, Axalta Coating Systems is a public company headquartered in Pennsylvania with an estimated 13,000 employees. In the US, the company has a notable market share in at least two industries: Paint Manufacturing, Automotive Coatings Manufacturing, and Paint Manufacturing. Their largest market share is in the Automotive Coatings Manufacturing industry, where they account for an estimated 20.2% of total industry revenue.
Key Companies in the Impregnating Resins market include
-
Elantas (Germany)
-
-
Voll Roll Holdings (Switzerland)
-
Kyocera Corporation (Japan)
-
Henkel (Germany)
-
Hitachi Chemical Co., Ltd. (Japan)
Impregnating Resins Industry Developments
In June 2019 AEV Company acquired the whole 100% equity shares of a Hungarian manufacturer, Korax Kft. They are manufacturers of Epoxy and Polyurethane Casting resins used for the electrical and electronic industry.
In October 2018 Kyocera Corporation announced that they will begin the construction of their manufacturing plant in Kanagawa, Japan, and open the facility in April 2020. The facility reportedly will increase the company’s capacity by 50% for conductive and insulation pastes utilized in semiconductors, digital devices, automotive electronics, and energy products, among others. They said that this developed facility will help the company to cater to the increasing demand for impregnating resins ly as well.
Impregnating Resins Market Segmentation
Impregnating Resins Type Outlook
-
Solvent-Based
-
Solvent less
-
Others
Impregnating Resins Application Outlook
-
Motors & Generators
-
Transformers
-
Appliances
-
Automotive Components
-
Others
Impregnating Resins Regional Outlook
-
North America
-
US
-
Canada
-
-
Europe
-
Germany
-
France
-
UK
-
Italy
-
Spain
-
Rest of Europe
-
-
Asia-Pacific
-
China
-
Japan
-
India
-
Australia
-
South Korea
-
Australia
-
Rest of Asia-Pacific
-
-
Rest of the World
-
Middle East
-
Africa
-
Latin America
-
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
