Selbyville, Delaware, Oct. 29, 2024 (GLOBE NEWSWIRE) -- Impregnating Resins Market was valued at USD 1.71 billion in 2023 and is projected to be worth USD 3.11 billion by the end of 2032, as per a recent study by Global Market Insights Inc.
According to IEA, electric car sales in 2023 saw a significant surge, with 3.5 million more vehicles sold compared to 2022, marking a 35% year-on-year increase. As the automotive industry shifts towards electrification, the need for reliable and efficient electrical insulation materials becomes critical. Impregnating resins are essential in the manufacturing of electric motors, batteries, and other components, ensuring their durability and performance. The global push for reducing carbon emissions and the implementation of stringent environmental regulations are accelerating the adoption of EVs, thereby boosting the demand for high-quality impregnating resins.
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Further, technological advancements in resin formulations are leading to the development of resins with enhanced properties such as improved thermal endurance, better mechanical strength, and superior electrical insulation. Manufacturers are focusing on creating environmentally friendly resins that comply with stringent regulations while maintaining high performance. The product evolution is leading to a wider application scope in various industries, including automotive, electronics, and energy, thereby driving market growth.
The impregnating resins market is classified based on type, resin type, application, and region.
The solvent-based resins segment will witness significant demand through 2032, owing to their excellent penetration capabilities and superior insulation properties. Solvent-based impregnating resins are extensively used in the manufacturing of transformers, motors, generators, and other electrical components due to their ability to provide robust mechanical strength and thermal endurance. Moreover, these resins offer advantages such as better adhesion, improved surface finish, and enhanced resistance to environmental factors, making them ideal for use in harsh operating conditions.
The impregnating resins market from electrical and electronic components segment will hold a notable industry share by 2032, as resins are crucial in the insulation of windings, coils, and other critical parts of electrical equipment. Impregnating resins are used in the fabrication of printed circuit boards (PCBs) and other electronic assemblies, where they help to prevent short circuits and improve overall device performance. The rising demand for miniaturized and high-performance electronic devices is fueling the demand for advanced impregnating resins.
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Europe impregnating resins market size will grow rapidly through 2032, driven by the presence of a robust industrial base and the growing adoption of advanced technologies. Countries such as Germany, France, and the United Kingdom are leading the way in the development and application of impregnating resins, particularly in the automotive and electronics sectors. The European Union's stringent regulations regarding energy efficiency and environmental sustainability are also playing a crucial role in promoting the use of high-performance impregnating resins.
Impregnating Resins Market Players
Companies including 3M, Aditya Birla Group, ADVANCED ELECTRICAL VARNISHES, S.L., Axalta Coating Systems Germany GmbH & , Co. KG, Bawa Polymers, BASF SE, Bodo Möller Chemie GmbH, ELANTAS, Henkel AG & Co. KGaA, Huntsman International LLC are some firms working in impregnating resins industry.
The impregnating resins market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue and volume (USD Billion) (Kilo Tons) from 2018 to 2032, for the following segments:
Market, By Type
- Solventless
- Solvent based
- Others (waterborne)
Market, By Resin Type
- Polyester
- Epoxy
- Polyester Imide
- Others (Polyurethane, Silicone)
Market, By Application
- Motors and Generators
- Home Appliances
- Transformers
- Electrical and Electronic Components
- Automotive
- Other (Aerospace, Industrial coating)
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
