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$2 Billion Impregnating Resins Market—Global Forecast to 2023
November 30, 2018 | Globe NewswireEstimated reading time: 2 minutes
The impregnating resins market is projected to grow from $1.5 billion in 2018 to $2.0 billion by 2023, at a CAGR of 6.4% from 2018 to 2023.
The growth of this market can be attributed to the technological advancements in the automotive industry. Another factor driving the impregnating resins market is the augmentation and modernization of the transmission & distribution network.
However, factors such as the volatility of raw material prices and less efficiency of solvent-based resin system are restraining the growth of the market. Most of the raw materials used in the production of impregnating resins are petroleum products. The prices of these raw materials have been highly volatile in recent times, touching a five-year low, which affected the growth of the market.
Solventless impregnating resins to be the fastest-growing type, in terms of volume and value in the market during the forecast period.
Solventless is projected to be the fastest-growing type segment during the forecast period. The resin system offers various advantages such as stability at room temperature, high reactivity, adaptability on any type of machine and process, high resin film build, and excellent technical properties oven other resin systems. The high growth of this market can be attributed to the increasing demand from electrical & electronics industry in emerging economies such as China and India.
Motors and generators application to be the largest application of impregnating resins in terms of volume and value.
The large consumption of the motors and generators in various sectors such as industrial, agriculture, residential, commercial, and transportation is driving the market in motors and generators application. The growing urbanization and industrialization are responsible for the high demand for motors and generators application in the emerging economies, which, in turn, is expected to increase the demand for impregnating resins.
North America projected to be the largest impregnating resins market, in terms of volume, during the forecast period.
Strong automotive and electrical and electronics manufacturing base is responsible for the large market share of the North American region. The US is the largest market in North America owing to its well-established industrial base. The slow growth rate in the North American and European markets is expected to affect the demand for impregnating resins in these regions during the forecast period.
The report profiles several leading players of the impregnating resins market that include Elantas GmbH (Germany), Axalta Coating Systems (US), Von Roll Holdings AG (Switzerland), Hitachi Chemicals Company Ltd. (Japan), and Kyocera Corporation (Japan).
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