Impregnating Resins Market, Worth Observing Growth, Forecast Analysis By 2022-2030
Global Impregnating Resins Market Overview
According to a report by Market Research Future, Impregnating resins market size was valued at USD 1.94 Billion in 2022. The impregnating resins market industry is projected to grow from USD 1.98 Billion in 2023 to USD 3.42 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.6% during the forecast period (2023 - 2030).
The impregnating resins market is experiencing a significant growth in recent years, driven by the increasing demand for electrical insulation materials in various industries, such as electrical and electronics, automotive, aerospace, and construction. Impregnating resins are thermosetting materials that are used to coat and protect electrical components, such as motors, generators, transformers, and capacitors, from moisture, heat, and other environmental factors that can cause degradation or failure.
The impregnating resins market is segmented based on type, application, end-use industry, and geography. The types of impregnating resins include epoxy, polyester, polyurethane, and others. Epoxy resins are the most commonly used type due to their excellent electrical properties, high thermal stability, and chemical resistance. They are used in applications such as electrical insulation, potting, encapsulation, and adhesive bonding. Polyester resins are also widely used in electrical insulation applications due to their good mechanical properties and low cost. Polyurethane resins are used in applications such as casting, potting, and encapsulation due to their excellent flexibility, impact resistance, and adhesion.
The impregnating resins market is further segmented based on application into motors and generators, transformers, capacitors, and others. Motors and generators are the largest application segment due to the increasing demand for energy-efficient motors and generators in various industries, such as industrial, commercial, and residential. Transformers are also a significant application segment due to the growing demand for high-voltage transformers in the power transmission and distribution industry. Capacitors are used in various applications, such as power electronics, renewable energy, and automotive, due to their ability to store electrical energy and deliver it on demand.
Key Companies in the Bio-lubricants Market Include
- Elantas (Germany)
- Axalta Coating Systems (US)
- Voll Roll Holdings (Switzerland)
- Kyocera Corporation (Japan)
- Henkel (Germany)
- Hitachi Chemical Co., Ltd. (Japan)
These companies are focusing on expanding their product portfolios, developing new products, and entering into strategic partnerships and collaborations to strengthen their market position. For instance, in March 2021, Huntsman Corporation announced the launch of its new ARALDITE 2061 adhesive system for automotive bonding applications. The adhesive system is designed to provide high-strength bonding and corrosion protection in a variety of automotive applications,
The impregnating resins market is also segmented based on end-use industry into electrical and electronics, automotive, aerospace, construction, and others. The electrical and electronics industry is the largest end-use industry segment due to the increasing demand for electrical insulation materials in various applications, such as motors, generators, transformers, capacitors, and printed circuit boards. The automotive industry is also a significant end-use industry segment due to the growing demand for electric vehicles and hybrid vehicles that require high-performance insulation materials for their electrical and electronic components. The aerospace industry is another significant end-use industry segment due to the increasing use of lightweight and high-performance materials in aircraft components, such as motors, generators, and avionics. The construction industry is also a growing end-use industry segment due to the increasing use of electrical insulation materials in buildings, infrastructure, and renewable energy systems.
Geographically, the impregnating resins market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Asia Pacific is the largest market for impregnating resins due to the growing demand for electrical insulation materials in various industries, such as electrical and electronics, automotive, and construction, in countries such as China, India, Japan, and South Korea. North America and Europe are also significant markets for impregnating resins due to the presence of major players in the region and the growing demand for energy-efficient and high-performance materials in various applications.
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