Impregnating Resin Market Global Industry Trends, Share 2023

According to Precision Business Insights (PBI), latest report impregnating resin market was valued at USD 1,576.1 million in 2022, growing at an 4.5% CAGR during the forecast period 2023 to 2029. The adoption of stringent emission-level rules in several countries as a result of the need to protect the environment, has made the usage of impregnating resins necessary and drives the impregnating resins market. The use of monomer-free or low-emission resins in combination with electrical UV and hot dipping techniques has resulted in solutions that are very effective, of remarkable quality, and perform at a high level, providing opportunities for manufacturers in the market. The excellent moisture resistance, ability to withstand extreme weather, an extension of equipment life, biological decay defense mechanism, and eco-friendly properties of the impregnating resins are thought to be the main factors that propel the growth of the impregnating resins market. Additionally, the advancement into the automotive industry, incorporating modernization, potential market players' emergence in competition, and vast investment by key companies are anticipated to burgeon the market growth.

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The global impregnating resin market is segmented based on type, form, application, and geography.

Based on the type, the market is segmented into the following:
• Phenol-Formaldehyde Resins
• Urea-Formaldehyde Resins
• Melamine-Formaldehyde Resins
• Others

Based on the form, the market is segmented into the following:
• Solvent-Based
• Solvent less

Based on the application, the market is segmented into the following:
• Motors & Generators
• Home Appliances
• Electronics
• Transformers
• Automotive Components
• Others

Based on Geography, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• MEA

Automotive Components Dominate the Impregnating Resins Market:
Based on the application, the automotive segment shows a significant market share growth rate over the forecasting period. In automobiles, starters, alternators, and electric motors in electric vehicles are impregnated using impregnating resins. Additionally, electric winding impregnation, which also raises the insulation, stress resistance, and operating temperature of the coils, improves the overall performance of the motor. It decreases the likelihood of winding short circuits and extends the motor's useful life. Resin is infused into the windings and copper wires to improve insulation and lower vibration. Additionally, the impregnation technique improves environmental equilibrium and thermal conductivity, making it ideal for usage in motors. According to OICA, worldwide vehicle manufacturing increased by 4% from the 77.6 million units produced the year before to 80.1 million units in 2021. The primary element fuelling the market's expansion is the rising production of vehicles as a result of consumers' increasing demand.

Asia Pacific Leads Impregnating Resin Market:
The impregnating Resin market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Asia-Pacific is anticipated to lead the market for impregnating resins due to the expansion of electrical and automotive production facilities in nations like China, India, and Japan, the demand for and use of impregnating resins may broaden the market's reach during the projection period. China dominates the Asia Pacific Impregnating resin market owing to largest fleet of motor vehicles in the world in 2022, with 307 million motor vehicles. Furthermore, India follows China with the highest rate of small and big smart appliance ownership. The North American market is also expected to register a significantly rapid revenue growth rate during the forecast period owing to the increased number of industries and technological advancements in USA and Canada.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players
Impregnating resins market further reveals that the key players increasingly adopting strategies such as the launch of newer products, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance,

In April 2023, Ahlstrom launches Ahlstrom ECO™, a renewable lignin-based automotive filter media that utilizes lignin-based impregnated resin, replacing fossil-based resin.

In December 2018, Axalta, a leading global supplier of liquid and powder coatings, introduced Voltatex® 4224, a low-emission impregnating resin that allows for the design of smaller and more efficient motors, and for the significant reduction of the operating temperatures of standard design motors to its Energy Solutions portfolio.

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Key Player profiles in the Impregnating Resins Market report are Elantas GmbH, Axalta Coating Systems, Voll Roll Holdings, Kyocera Corporation, Henkel, Hitachi Chemical Co., Ltd., Momentive, Von Roll, 3M and Robnor ResinLab Ltd

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