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The impregnating resins market is projected to register a CAGR of 6.5%, in terms of value, between 2020 and 2025.
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% during the forecast period. Rapid industrialization in emerging economies, decentralization & decarbonization of the energy sector in developed economies, and growing demand for electric vehicles is propelling the global impregnating resins market. Furthermore, the replacement of old transmission & distribution infrastructure in developed countries coupled with increasing electrification in emerging economies is also boosting the demand for impregnating resins. However, the price and availability of raw materials can hinder the growth of the market.
The solventless type segment is estimated to be the largest type segment of impregnating resins during the forecast period.
The solventless type segment accounts for the largest market share, in terms of value and volume, in the impregnating resins market. This segment includes monomer-based epoxy, alkyd, unsaturated polyester, and other resins. These resin formulations 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 boosting the consumption of these resins.
The automotive components segment is expected to be the fastest-growing impregnating resins application during the forecast period.
The automotive components segment is projected to grow with the highest CAGR during the forecast period. Impregnating resins are used in automotive components 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 subsidized sales of electric vehicles are also driving the impregnating resins market.
Europe is estimated to be the largest consumer of impregnating resins during the forecast period.
Europe is estimated to be the largest impregnating resins market in terms of value. Decentralization and decarbonization of the energy sector in the region, rising demand for automotive components, and stringent government regulations to curb pollution levels and to reduce the need for expensive fossil fuels are the primary drivers of the impregnating resins market in the region.
The market sizes estimated in this study were validated through primary interviews conducted with various industry experts globally. These primary sources are divided into three categories:
- By Company Type: Tier I – 25%, Tier II – 50%, and Tier III – 25%
- By Designation: C Level – 20%, Director Level – 30%, and Others – 50%
- By Region: Europe – 30%, APAC – 25%, North America – 20%, South America – 15%, Middle East & Africa – 10%
The report profiles several leading players of the impregnating resins market that include Elants (Germany), Axalta Coating Systems (US), Voll Roll Holdings (Switzerland), Kyocera Corporation (Japan), Henkel (Germany), and Hitachi Chemical Co., Ltd. (Japan). The report also includes detailed information about various growth strategies adopted by these key players to strengthen their position in the market.
The objective of this study is to define, describe, and forecast the impregnating resins market based on various segmentations and strategically analyze these market segments concerning individual growth trends, growth prospects, and contribution to the overall growth. In this report, the impregnating resins market has been segmented based on type, application, and region.
KEY BENEFITS OF BUYING THE REPORT
The report is expected to help market leaders/new entrants in the impregnating resins market in the following ways:
- This report comprehensively segments the impregnating resins market and provides the closest approximations for the sizes of different segments and sub-segments of the market across different verticals and regions.
- This report is expected to help stakeholders in obtaining an improved understanding of their competitors and gain insights about their businesses. The competitive landscape section includes detailed information about strategies, such as investment & expansion, new product development, merger & acquisition, and agreement & collaboration which were undertaken by various key players to enhance their position in the impregnating resins market.