According to a recent report by Reports and Data, the global market size for impregnating resins was USD 1.49 billion in 2021 and is projected to experience a Compound Annual Growth Rate (CAGR) of 6.5% over the forecast period. The demand for impregnating resins in the electrical and electronics industry is the main driver of revenue growth.
Impregnating resins enhance the insulation resistance and overall performance of the part or machine in which they are used. It also extends the component's life, making it increasingly necessary in the electrical industry. The high demand for electrical components in the rapidly expanding automotive and power generation industries is expected to increase sales of impregnating resins in the future. Furthermore, regulatory organizations' implementation of tight legislation to limit emissions is resulting in an increasing need for high-quality electrical components, which will also drive revenue growth in the market.
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Increased usage of impregnating resins in a variety of applications, such as insulation, filament winding, and enhanced heat transfer in electrical components, is expected to drive revenue growth of the market. Additionally, the increasing need for impregnation prior to electroplating, lacquering, and baked enamel finishing to eliminate bleed out from acid etches and electrolytes is another factor driving market revenue growth. Furthermore, the resin's role as a machining additive extends tool life on a part that needs to be machined to net form.
The report also highlights some key points, such as the solventless segment's rapid revenue growth rate due to its benefits, including high reactivity, low viscosity, and advanced technical properties. The phenol formaldehyde segment is expected to lead in terms of revenue contribution to the global market over the forecast period due to its improved strength, dimensional stability, and greater impact resistance. The motor segment is expected to register a steady revenue growth rate during the forecast period due to the increasing demand for Electric Vehicles (EVs).
The Asia Pacific market is projected to account for the largest revenue share in the global market during the forecast period due to the increasing presence of major market players and rapid industrialization. China is one of the largest players in the impregnating resins global market owing to technological advancements used for manufacturing products and cost-effective product availability. Some of the companies profiled in the market report are Altana Divisions, Axalta Coating Systems, LLC., Kyocera Corporation, Showa Denko K.K., Von Roll, Henkel AG & Co. KGaA, Huntsman International LLC., 3M, Polymer Composites, Inc., and Robnor ResinLab Ltd.
The global impregnating resins market has been segmented by Reports and Data based on form, type, application, and region. The report provides a detailed analysis of the market's revenue, expected growth rate, and opportunities in each segment.
Impregnating Resins Market: Drive Factors
The global impregnating resins market is expected to experience a revenue CAGR of 6.5% over the forecast period, primarily driven by increasing demand for impregnating resins in the electrical and electronics industry. Impregnating resins improve insulation resistance and enhance the overall performance of electrical components, which is becoming increasingly necessary in the electrical industry.
Sales of impregnating resins are expected to increase in the future owing to high demand for electrical components in rapidly expanding automotive and power generation industries. Rising demand for high-quality electrical components as a result of regulatory organizations’ implementation of tight legislation to limit emissions is also expected to drive growth in the market.
Increased usage of impregnating resins in a variety of applications, such as insulation, filament winding, and enhanced heat transfer in electrical components, is also expected to drive revenue growth of the market. Additionally, the need for impregnation prior to electroplating, lacquering, and baked enamel finishing to eliminate bleed out from acid etches and electrolytes is another factor driving market revenue growth.
Moreover, the role of impregnating resins as a machining additive extends tool life on a part that needs to be machined to net form. The growing demand for Electric Vehicles (EVs) is also expected to contribute to the steady revenue growth rate of the motor segment, as appropriate insulation is becoming increasingly important for greater longevity and efficiency.
Furthermore, the presence of major market players, rapid industrialization, and growth in industries such as chemicals and automotive are driving market revenue growth in the Asia Pacific region, which is expected to account for the largest revenue share in the global market during the forecast period.
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