Growth opportunities in the Impregnating Resins Market look promising over the next six years. This is mainly due to stringent environment protection act in most countries, the growing trend towards the adoption of renewable energy for electric insulation, and rapid industrialization.
Impregnating Resins Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
One of the crucial drivers stimulating the growth of the global impregnating resins market includes their augmenting demand across the automotive sector, primarily led by their usage to produce components of the automobiles as they have improved level of safety and increased stability. Moreover, the rigorous act of environmental protection in many countries has raised the growth of the solutions made from these resins. Axalta Industrial Coatings manufactures stators and rotors, which are VOC-free for fewer emissions, have no extreme exposure limit, which is contributing to the market growth. Also, the augmenting electricity demand owing to the fast industrialization along with the massive switch in the trends towards the acquisition of renewable energy for electric insulation have strengthened the impregnating resins market size. The expansion in decarbonization and vigorous rules to decrease greenhouse gas emissions (GHG) has fuelled the demand for electric vehicles, which has surged the consumption of impregnating resins, resulting in the growth in market size. However, the inefficiency of solvent-based resin systems will hamper the impregnating resins market growth.
Application Segment Drivers
Based on the application, electrical components are projected to witness expected to grow at a higher CAGR in the market during the forecast period. This is attributed to the increasing electricity demand. As per the “International Energy Agency,” the global electricity demand is expected to expand at 2.1% every year by the end of 2040, i.e., from 19% in 2018 to 24% in 2040, which will propel the entire market growth.
Regional Drivers
Based on regional coverage, Asia-Pacific is predicted to lead to dominate the market over the forecast period. This is owing to the prevalence of growing economies like China, India, and others, which some of the leading ten GDPs. The continuous expansion of the automotive sector in Japan, India, and China has resulted in massive demand for the resins, which has contributed to the market growth.
Impregnating Resins Market’s leading Manufacturers:
- Hitachi Chemical Co. Ltd.
- Grasim Industries Limited
- Bodo Moller Chemie GmbH
- Axalta Coating Systems
- Elantas GmbH
- Copps Industries
- BASF SE
- Hernon Manufacturing Inc.
- 3M
- AEV Ltd.
Impregnating Resins Market Segmentation:
Segmentation by Technology:
- Solventless Resins
- Solvent-based Resins
Segmentation by Resin Type:
- Polyester
- Epoxy
- Polyesterimide
- Others
Segmentation by Application:
- Electrical Components
- Automotive Components
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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