Impregnating Resins Market | Key players operating in the market include Elantas GmbH, Axalta Coating Systems, Von Roll Holdings AG, Hitachi Chemicals Company Ltd., and Kyocera Corporation

According to recent market research "Impregnating Resins Market by Type (Solventless, Solvent-based), Application (Motors and Generators, Home Appliances, Transformers, and Automotive Components), and Region (North America, Europe, APAC, and RoW) - Global Forecast to 2023", The impregnating resins market is projected to grow from USD 1.5 billion in 2018 to USD 2.0 billion by 2023, at a CAGR of 6.4% from 2018 to 2023.

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The impregnating resins market is projected to grow from USD 1.5 billion in 2018 to USD 2.0 billion by 2023, at a CAGR of 6.4% from 2018 to 2023. One of the major restraints of the impregnating resins market is less efficiency of the solvent-based resin systems. However, these disadvantages can be reduced with the use of solventless resin systems. The demand for solventless resin systems is growing rapidly than the solvent-based ones, owing to their better performance.

The solventless segment is the largest, as these resins are used for secondary insulation and are used in the electrical & electronics and automotive end-use industries on a large scale. Increased use in developed regions and eco-friendly properties of these solventless resin systems will drive the demand of these resins. Strong R&D activities to develop new and innovative products to widen the application areas are expected to boost the demand for impregnating resins during the forecast period.

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The impregnating resins market is projected to grow from USD 1.5 billion in 2018 to USD 2.0 billion by 2023, at a CAGR of 6.4% from 2018 to 2023. Companies such as Elantas GmbH (Germany), Axalta Coating Systems (US), Von Roll Holdings AG (Switzerland), Hitachi Chemicals Company Ltd. (Japan), and Kyocera Corporation (Japan) operating in the impregnating resins market have adopted both, organic as well as inorganic growth strategies such as acquisitions, investments & expansions, and new product launches to serve their customers efficiently and increase their market shares.

Investments & expansions accounted for a share of 77.8% of the total growth strategies adopted by the leading players of the impregnating resins market between 2013 and 2018. Companies operating in the impregnating resins market have also adopted the strategy of new product launches which helped them fulfill the growing demand for impregnating resins in various industries.

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Elantas (Germany) has gained a strong foothold in the impregnating resins market. The company has a broad product portfolio of impregnating resins, which find applications in power generation, automotive, transportation, industrial or the electric motor repair industries. It operates through 7 subsidiaries and has extensive R&D infrastructure, which helps the company attain economies of scale. The company mainly focuses on innovation, development of individual customer solutions, and consistent customer and service orientation to cater to consumer demand and grow in the market. The company is a major player owing to its market pull and technology push strategies.

Axalta Coating Systems (US) is another major player operating in the market. The company has a strong global presence. It offers a wide range of impregnating resins for various applications such as motors, generators, and transformers. The company is focusing more on the investment & expansion strategy for new product development and exclusive distribution of its products, thereby, widening its product portfolio of impregnating resins and increasing its revenue. In July 2018, Axalta announced to increase its liquid industrial coatings production capacity by around one million gallons in North America, which will satisfy the growing demand for industrial coatings, in turn, boost its presence in the impregnating resins market.

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