NEW YORK, Sept. 20, 2022 (GLOBE NEWSWIRE) -- As per Zion Market Research study, The global impregnating resins market achieved revenue growth of around USD 1.39 billion in 2021 and is predicted to reach around USD 2.25 billion by 2028, with a compound annual growth rate (CAGR) of approximately 6.51% over the forecast period. The report analyzes the global impregnating resins market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the impregnating resins market.
Impregnating Resins Market: Overview
Impregnating resins are liquids that are organic and slightly viscous. The resins generally contain formaldehyde, a naturally occurring compound, and are composed of trimers or dimers of the main molecule. However, they can turn into polymers by the act of curing, a chemical process involving the hardening or toughening of a given polymer. Impregnating resins are also called secondary insulators, and have the capability of curing the material to which they are applied.
Some of the main reasons why chemically enhanced liquid resins are gaining popularity is because they impart qualities like protection from climate changes, higher mechanical stability, and electrical insulation, along with better heat dissipation in copper coils or windings. They have wide applications in industrial units dealing with electrical motors, generators, and transformers along with other heavy metal industries.
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Key Industry Insights & Findings of the Impregnating Resins Market Reports:
- As per the analysis shared by our research analyst, the global impregnating resins market is estimated to grow annually at a CAGR of around 6.51% over the forecast period (2022-2028).
- In terms of revenue, the global impregnating resins market size was valued at around USD 1.39 billion in 2021 and is projected to reach USD 2.25 billion, by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- Based on type segmentation, solventless was predicted to show maximum market share in the year 2021
- Based on application segmentation, automotive components were the leading revenue-generating application in 2021.
- On the basis of region, North America was the leading revenue generator in 2021
Zion Market Research published the latest report titled “Impregnating Resins Market By Type (Solvent-Based, And Solventless), By Application (Home Appliances, Motors & Generators, Transformers, Power Tools & Electric Tools, Automotive Components, And Others), By Resin Type (Epoxy, Polyester/Unsaturated Polyesters, Polyesterimide, Silicone, And Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028”into their research database.
Covid-19 Impact:
The global market was severely impacted during the peak of the pandemic owing to various supply chain issues as well as problems associated with the procurement of raw materials. However, there was a significant increase in revenue during 2021 owing to the rise in the automation sector propelling the demand for impregnating resins.
Impregnating Resins Market: Growth Drivers
- Rising demand in the automotive sector to propel market growth
The global impregnating resins market is projected to grow owing to the increasing demand for protection-providing resins in the growing automotive sector. Impregnating resins provide excellent cover against the changing environmental factors thus improving the overall shelf-life of the product to which they are applied. Consumers of automotive sectors are demanding vehicles that can withstand environmental changes since vehicles are extremely prone to damage in case of sudden climatic conversions since the quality of insulation provided to the motor determines its efficiency and durability.
Resin impregnation is becoming more popular in the production of electric vehicles (EVs). The increasing demand for durable engines that also has qualities like lower noise emission and better power density is on the rise. The market for EVs has been expanding owing to various factors like increased income, environmental impact awareness, and others. In the United States, around 607,659 units of EVs were sold in 2021 with total sales revenue of 2.31 million
Impregnating Resins Market: Restraints
- Low efficiency of solvent-based resins to restrict market expansion
The global market size may witness restricted growth owing to the poor performance of solvent-based impregnating resins since they offer poor heat resistance as compared to its counterpart. There are also concerns about the reaction of solvent-based resins with the external environment resulting in diminished performance quality.
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Impregnating Resins Market: Opportunities
- Growing demand for EV’s in emerging economies to provide excellent opportunities
The global impregnating resins market size is projected to benefit from the rising demand for electric vehicles in developing economies, where there is significant growth in the modernization of regions resulting in an improved standard of living and higher disposable income. There is a growing trend of international players entering the newer regions since they have massive growth potential. With collaborations with domestic players or through heavy investments, more industry giants are anticipated to enter the EV industry in emerging economies.
Impregnating Resins Market: Challenges
- Increased total cost to pose a challenge to market growth
Using impregnating resins leads to an overall increase in the final cost of production and eventually the product. There are growing measures toward adopting other most cost-effective ways of providing the same insulation as impregnating resins however at lower prices. Such trends may lead to challenges for the global market growth.
Impregnating Resins Market: Segmentation
- The global impregnating resins market is segmented based on type, application, resin type, and region.
Based on type, the global market segments are solvent-based and solventless. The global market is projected to be dominated by the solventless segment during the projection period owing to the better output presented by solvent-free resins. Since they are less viscous, they provide deeper and faster impregnation in rotational parts or machines. Other factors like versatile process ability, high reactivity, and better stability are some of the reasons for a higher adoption rate. Generally, more viscous resins have 2-6 epoxy groups for every molecule.
Based on application, the global market is divided into home appliances, motors & generators, transformers, power tools & electric tools, automotive components, and others where automotive components generate the highest revenue. The vehicle industry witnessed a growth of around 2.9% in 2021 from 2020 owing to the increased number of options in the vehicle segment catering to each consumer unit.
Based on resin type, the global market is divided into epoxy, polyester / unsaturated polyesters, polyesterimide, silicone, and others. The global market may witness high growth in the silicone segment since these resins offer resistance to extremely high temperatures as well as harsh chemicals that are extremely common in today's urbanized world. Silicones have an operating temperature ranging between -60°C and up to +230°C.
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List of Key Players in Impregnating Resins Market:
- BASF SE
- Elantas
- Kyocera Corporation
- Axalta Coating Systems
- Hitachi Chemical Co. Ltd.,Huntsman
- Henkel
- Bodo Moller Chemie Group
- Robnor Resinlab
- AEV
- 3M
Key questions answered in this report:
- What are the growth rate forecast and market size for Impregnating Resins Market?
- What are the key driving factors propelling the Impregnating Resins Market forward?
- What are the most important companies in the Impregnating Resins Industry?
- What segments does the Impregnating Resins Market cover?
- How can I receive a free copy of the Impregnating Resins Market sample report and company profiles?
Report Scope:
| Report Attribute | Details |
| Market size value in 2021 | USD 1.39 Billion |
| Revenue forecast in 2028 | USD 2.25 Billion |
| Growth Rate | CAGR of almost 6.51% 2022-2028 |
| Base Year | 2020 |
| Historic Years | 2016 – 2021 |
| Forecast Years | 2022– 2028 |
| Segments Covered | By Product Type, By Application, and By End Use |
| Forecast Units | Value (USD Billion), and Volume (Units) |
| Quantitative Units | Revenue in USD million/billion and CAGR from 2022 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Companies Covered | BASF SE, Elantas, Kyocera Corporation, Axalta Coating Systems, Hitachi Chemical Co. Ltd., Huntsman, Henkel, Bodo Moller Chemie Group, Robnor Resinlab, AEV, and 3M |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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Recent Developments:
- In March 2019, Hexion, a Columbus-based chemical company, announced the launch of a new epoxy solution designed for composite production in space. The epoxy solution is termed a one-of-its-kind and is made of two components, which is projected to relieve constraints related to the production of aerospace composites without impacting the high performance of the final parts.
- In April 2020, Hexion launched a new yellowing epoxy solution along with a unique curing agent. The epoxy solution will provide concrete protection while the amine curing agent is expected to help manufacturers meet the regulations regarding lower indoor air emissions along with the reduction in costs.
Regional Analysis:
- Asia-Pacific to lead regional revenue during the projection period
The global impregnating resins market is anticipated to register the highest growth in Asia-Pacific owing to the growing electronics and electrical industries across regions like India, China, Japan, Taiwan, and others. Countries in Asia-Pacific are emerging at the top in terms of growth in the automobile sector which is propelled by the increasing number of players providing a range of automobiles starting from middle-income groups to premium end. Urbanization and growing job opportunities have helped the population in these countries improve their standard of living while also contributing to increased disposable income.
Taiwan and China are leading globally in the electronics segment which is fueled by the government’s initiatives to help the industries grow further. A growing number of collaborations with international players, along with better policies for foreign investors, and increased funds are some of the reasons for the regional growth. North America is projected to register a significant CAGR driven by the growing electric vehicle segment, whereas the United States is projected to generate higher revenue.
The global impregnating resins market is segmented as follows:
Impregnating Resins Market: By Type Outlook (2022-2028)
- Solvent Based
- Solventless
Impregnating Resins Market: By Application Outlook (2022-2028)
- Home Appliances
- Motors & Generators
- Transformers
- Power Tools & Electric Tools
- Automotive Components
- Others
Impregnating Resins Market: By Resin Type Outlook (2022-2028)
- Epoxy
- Polyester/Unsaturated Polyesters
- Polyesterimide
- Silicone
- Others
Impregnating Resins Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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