Impregnating Resins Market Trends, Industry Demand, Analysis and Research Report 2023

The market size of Impregnating Resins is expected to be USD 1.5 billion in 2018 and is projected to reach USD 2.0 billion by 2023, at a CAGR of 6.4% from 2018 to 2023. 

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Technological advancements in the automotive industry and increasing demand for electricity are the key factors driving the impregnating resins market, globally. In addition, augmentation and modernization of the transmission & distribution network will boost the market, globally.

By type, the solventless segment is expected to be the largest contributor, in terms of volume, in the impregnating resins market during the forecast period.

The solventless segment is estimated to account for the largest share of the impregnating resins market during the forecast period. The high market share of solventless impregnating resins is due to their superior performance such as stability at room temperature, high reactivity, adaptability on any type of machine and process, high resin film build, and excellent technical properties when compared with other impregnating resins.

By application, automotive components is expected to be the fastest-growing segment, in terms of volume, in the impregnating resins market during the forecast period.

The automotive components is projected to be the fastest-growing application during the forecast period. The growth of this segment can be attributed to the technological advancement in the automotive industry. For instance, Nissan (model name: Leaf), GM (model name: Bolt), and Tesla Motors have successfully commercialized electric vehicles in the passenger car market. Changsha BYD Coach Company, Ltd. (China), a commercial passenger vehicle manufacturer, sells passenger buses in the global market.

Europe is the major revenue generating region in the global impregnating resins market owing to its large industrial base. APAC is the fastest-growing impregnating resins market, globally. The growth of the APAC impregnating resins market can be attributed to the augmentation and modernization of the transmission & distribution network and increasing demand for electricity in the region. In addition, several initiatives undertaken by the governments of different countries of the region to attract investments from various international companies are also expected to propel the growth of the APAC impregnating resins market during the forecast period.

Elantas GmbH (Germany), Axalta Coatings System (US), Von Roll Holdings AG (Switzerland), Hitachi Chemicals Company Ltd. (Japan), and Kyocera Corporation (Japan) are the key players operating in the impregnating resins market.

These companies have adopted various organic as well as inorganic growth strategies between 2015 and 2018 to strengthen their position in the market. Investments & expansions was among the key growth strategies adopted by these leading players to enhance their regional presence and meet the growing demand for impregnating resins from emerging economies.