PUBLISHER: Grand View Research | PRODUCT CODE: 1376074
PUBLISHER: Grand View Research | PRODUCT CODE: 1376074
The global impregnating resins market size is anticipated to reach USD 2.84 billion by 2030, according to a new report by Grand View Research, Inc.. The market is projected to grow at a CAGR of 6.3% from 2023 to 2030. The market growth for impregnating resins is propelled by their rising demand from the automotive and electrical industry, especially for applications such as rotor & motor in the powertrain system of vehicles, transformers for electricity distribution, and various home appliances such as washing machines and dishwashers.
Infrastructural modernization, followed by the introduction of technologically advanced equipment across the electrical industry such as increasing demand for transformers for electricity utilization is anticipated to boost the demand for impregnating resin across the U.S. during the forecast period.
With technological advancement, manufacturers are rapidly progressing in developing and launching new products, joint ventures, and other strategic initiatives. For instance, in April 2023, Ahlstrom launched a new renewable lignin-based impregnation for automotive filter media, Ahlstrom ECO. This product was launched to reduce the dependency on fossil-fueled based resins.