Global Impregnating Resins Market Projected to Represent Incremental Opportunity of $1.9 Billion Bn by 2025, Says MarketsandMarkets™
According to the new market research 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", published by MarketsandMarkets™, 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%.
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The Solventless resin type segment is projected to lead the impregnating resins market during the forecast period.
Based on type, the solventless segment is a group of resins that have better properties to sustain for secondary insulation. These formulations include monomer-based epoxy, alkyd, polyesteramides resins. These 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 broad market size in this segment.
Automotive components are projected to grow at the fastest pace during the forecast period.
Based on the application, the automotive components segment is projected to grow with 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 ultimately boosts the consumption of impregnating resins. Also, government initiatives such as the development of charging infrastructure and subsidies on electric vehicles are also driving the impregnating resins market.
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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 . 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 sector in APAC are increasing electrification, rapid urbanization, availability of cheaper labor, and government reforms to expand the manufacturing industry.
Elantas (Germany), Axalta Coating Systems (US), Voll Roll Holdings (>span class="xn-location">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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