PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1127431
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1127431
Impregnating resins Market size was valued at USD 1,408.8 Million in 2021, growing at a CAGR of 6.1% from 2022 to 2028.
Essential liquid resins known as impregnating resins offer mechanical stability, electrical insulation, and protection from environmental changes. Better insulation and vibration reduction are provided by resin impregnation of copper wires and windings. Additionally, it lessens the chance of short circuits in the windings while increasing resistance to pressures, temperature loads, and heat exchange during normal operation.
The major factors propelling the market for impregnating resins are technological development in the automotive sector, expansion and modernization of the transmission and distribution network, rising acceptance of smart grid technology in numerous nations around the world, and use of these resins for wood modification processes in the forest products sector. The rising demand for these resins is in their current state. The ability to support secondary insulation is better with solventless impregnating resins. Epoxy, alkyd, and polyesteramide resins based on monomers are among the resins used in these compositions. Low viscosity solventless impregnating resins ensure quick and thorough impregnation of rotating machinery. The enormous market size in this niche can be attributed to the benefits of solventless impregnation, including room temperature impregnation, outstanding stability, extremely high reactivity, and varied processability.
The Global Impregnating Resin Market is divided on the basis of Application and Region.
The market is divided into five categories based on application: motors & generators, transformers, home appliances, automotive components, and others. The automotive component segment held the majority of the market share of nearly 42.3% in terms of revenue. For starters and alternators in conventional automobiles as well as electric motors in electric vehicles, impregnating resins are employed. The demand for electric vehicles is being driven by accelerated decarbonization and strict restrictions to reduce greenhouse gas emissions (GHG), which is driving up the use of impregnating resins in this market. Increased industrialization, fast urbanization, and changes in the infrastructure for power generation, distribution, and transmission are the main factors driving the market. Electric motors are replacing combustion engines in cars, which is increasing the demand for impregnating resins. They are a crucial component used in the creation of transformers, motors, and generators. They aid in the production of various wire winding, laminated core, and insulation material components. As a stable homogeneous unit, they work. In addition to protecting resins, impregnating resins are in charge of enhancing heat transfer between wire windings, iron cores, and slot insulations. They are extensively utilized in car electric components, motors, generators, and transformers.
Based on type the market for impregnating resins can be divided into Solvent-less, and solvent-based. During the forecast period, it is anticipated that the solvent-less category will expand quickly. This is explained by the environmentally favorable characteristics of solvent-free impregnating resins, which have contributed to their widespread acceptance in industrialized nations.
The global Impregnating resins market comprises a number of both international and local producers, making it a fairly competitive sector in the world. Some of the leading strategies adopted by corporations to enhance their industry share include new strategic agreements, research spending, and mergers and acquisitions. For instance, in March 2019, Axalta launched Voltatex 422, a low emission impregnating resin to expand its Energy Solutions portfolio. The product is used in numerous applications in the electrical industry.
The scope of this report covers the market by its major segments, which include as follows: