The global impregnating resins market has witnessed expansion in the sales as well as a growth rate of the market due to increased demand for impregnating resins for insulation purpose globally. However, with the increasing government investments in the developed as well as emerging economies is expected to create an enormous opportunity in the global market.
The global market for impregnating resins is projected to register nearly six percent CAGR, according to a newly published Fact.MR research report. The substantial growth of impregnating resins in the last three to four years has provided a possible expansion to the variety of end-uses, thereby driving advancement in the global market. Rising demand in the automotive and electronics industry for impregnating resins for electrical insulation also helps the manufacturers to penetrate a significant market share across the globe.
The current dynamic trend of the impregnating resins market in the chemical and materials industry is primarily driven by the modernisation and augmentation of the transmission and distribution network globally. Furthermore, global volume sales of impregnating resins market continue to be dominated by North America by 2027 end owing to the presence of a well-established industrial base of the key companies followed by Europe and APEJ regions.
This geographic scenario will aid the impregnating resins manufacturers to build their business strategies to amplify their product sales, expand their global reach in the target segment, and to gain high profitability and operating margin in the global impregnating resins market, thereby foretelling positive growth for the market. The global market for impregnating resins houses over several hundred’s key manufacturers and local players with their regional and global presence.
The number of manufacturers involved in the marketing and sales of the impregnating resins is focused on developing highly integrated production locations to gain a high competitive advantage. The main success factors behind the growth of the global market are continuous advancement in the smart grid technology, minimised operational cost, upbeat manufacturing activity, and changes in the worldwide chemical trade among others.
Automotive and electronic components is expected to witness significant growth trend over the foreseen period across the regions owing to increased consumer demand, change in government regulations in the automotive and electronic sector. The growth of impregnating resins in various applications across the world is anticipated to amplify the demand for impregnating resins during in the near future
The impregnating resins have found their use in several applications such as dip and bake, trickle feed process, vacuum pressure impregnation, electrical UV process, casting as well as several industrial applications. The growth of the global impregnating resins market includes numerous macroeconomic attributes such as global GDP rate, growth in chemical industry and growth rate of the associated industry including global resins, automotive and electronics industry are among other industry factors which are mainly responsible for the future growth of the market.
Senior Research Consultant, S N Jha, at Fact.MR, stated: “Impregnating resins is an essential liquid resin used for providing electrical insulation, protection from climate changes, mechanical stability, which is also known as a secondary insulator. It is widely used in many end-uses such as motors and generators, transformers, and automotive & electronic components as well as in other end-uses. All the key manufacturing companies’ focuses on improvising their strategy to amplify the overall sales of the company by expanding their business footprint in the different target end-use.”
Fact.MR’s recently published report foretells the impregnating resins market to register a strong growth rate during the foreseen period. Increasing global sales of impregnating resins are primarily driven by the expansion in the overall production footprint of the key companies in the emerging countries as well as low economies, which is likely to create demand for the impregnating resins market.
Among geographies, APEJ is likely to witness a robust growth rate over the forecast period owing to increasing investment in the infrastructure, government initiatives, increasing presence of production footprint of the key companies among others factors. Among APEJ region, China is expected to dominate the global impregnating resins market by the end of forecast period due to the presence of advanced manufacturing technologies, low labouring cost, high-quality, cost-effective products, the increasing number of local and global players in China.
Japan is anticipated to show relatively stagnant growth compared to other included regions. Among other regions, Latin America, and MEA is likely to create significant opportunity in the global market due to the increasing presence of key manufacturing facilities in these regions.
Among the form of the impregnating resins, a solventless segment has significantly more share as compared to a solvent-based segment which are estimated to lead with the strong growth rate over the forecast period.