15-Sep-2022 | Zion Market Research
The global impregnating resins market size was worth around USD 1.39 billion in 2021 and is predicted to grow to around USD 2.25 billion by 2028 with a compound annual growth rate (CAGR) of roughly 6.51% between 2022 and 2028.
Impregnating resins are liquid resins diluted with the aid of thinners that are reactive. Impregnation, in mechanical terms, is also known as secondary insulation as it provides the first layer of insulation in copper enamel. By using impregnating resins, manufacturers of electrical and automotive components are able to improve the production process as well as the repair of these parts.
The kind of resins to be used is dependent on factors like the amount of heat transfer or mechanical strength that the product will have to possess at high temperatures. Some other aspects to note before choosing the ideal resin are noise reduction level, motor performance requirement, electrical insulation, and resistance to vibration and mechanical shock. Producers of electrical devices are keen on investing in high-quality secondary insulators since it helps in an overall performance improvement of the device.
Covid-19 disrupted the supply chain during 2020 and the global market cap witnessed losses during this period. However, by 2021, the revenue was on a rising trend owing to the growing demand for electrical products across the globe
The global impregnating resins market is projected to be driven by the growing electrical industry which is one of the sectors rising at an exceptional rate. Impregnating resins are used to reinforce the insulation of electrical devices which is a major factor that determines the quality of the product and eventually its sales value. With growing consumer awareness, as well as a rise in healthy competition due to the addition of several international and domestic players in the global electrical market, the demand for high-quality secondary insulators is projected to rise in the coming years.
Some examples of electrical devices are vacuum cleaners, table fans, geysers, lights, and others that are extremely common in the modern world. In a recent report by Statista, more than 14.2 million households employed robotic vacuum cleaners in 2018. As per official data, the electrical industry contributes more than 4.9% of the gross domestic product (GDP) of the US.
The low efficiency of solvent-based resins may restrict the global market expansion while growing demand for EVs in emerging economies is anticipated to provide excellent expansion opportunities. The increased total cost may challenge the global market growth
The global impregnating resins market is segmented based on type, resin type, application, and region.
Based on type, the global market segments are solvent-based, 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 processability, 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 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.
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.
Asia-Pacific is projected to generate the highest revenue in the global impregnating resins market driven by the surging consumer base of electrical products. The demand for high-grade products can be attributed to the rise in per capita income capacity because of growing infrastructural and overall economic development. Some of the global leaders in the electrical industry are headquartered in countries like China and Japan that are constantly moving toward further development with the help of strategic decisions.
Access to electricity was reported to be at 100% in 2020, a remarkable feat to reach. North America is witnessing a rising trend of innovation in the methods deployed for the use of impregnating resins, for instance, Elantas, a leading manufacturer of protective and insulating materials, providing solutions like trickle impregnation, dip & hot dip impregnation, vacuum, and roll-dip impregnation, depending on the material to be insulated and the final outcome expected.
The global impregnating resins market is home to players like BASF SE, Elantas, Kyocera Corporation, Axalta Coating Systems, Hitachi Chemical Co. Ltd., Huntsman, Henkel, Bodo Moller Chemie Group, Robnor Resinlab, AEV, and 3M
Browse the full “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.” Report at https://www.zionmarketresearch.com/report/impregnating-resins-market
The global impregnating resins market is segmented as follows:
By Resin Type
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