The Global Impregnating Resins Market size is evaluated at USD 1387 million in 2020 and is projected to register a CAGR of over 5% during the forecast period (2021-2026). COVID-19 has negatively affected the market in 2020.
New York, Dec. 01, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Impregnating Resins Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06187423/?utm_source=GNW
The automotive sector suffered a huge setback because of the pandemic. Global leaders in automotive production, such as the United States, witnessed a drop of 19% in automotive production, respectively, in 2020. The industry produced 8.82 million vehicles in 2020, which reduced from 10.89 million vehicles produced in 2019. The performance of the automotive industry was also affected by the economic shifts and China’s trade war with the United States. In United States, in March 2020, Ford, Fiat Chrysler, General Motors, Mercedes-Benz, Subaru, Toyota, and Volkswagen amongst others announced the suspension of their production at their plants in the United States and in other parts of North America for a few weeks to a couple of months to prevent the spread of virus.
Increasing electric vehicle production is expected to offer various opportunities for the growth of market.
Asia-Pacific region dominated the market for impregnating resins with India, China, Japan as major countries in consumption.
Key Market Trends
Increasing Application in Motors and Generators
Impregnation is the process of closing and sealing the voids between wires in a component such as an electric drive motor with an insulating material.
Impregnation of the electrical windings of rotors and stators in the electric motor, hybrid motor, generator, hydraulic motor, pumps improves the overall performance and helps to extend the operating life equipment.
Vacuum Pressure Impregnation is the most commonly used method of Impregnation in the motor and generator industry. The system has a resin (or varnish) storage tank and an impregnating chamber. Coils to be treated are placed in the impregnating chamber and the chamber is evacuated by a vacuum pump. Resin is drawn from the storage tank in the impregnating chamber. Resin can be forced with additional pressure for better penetration in the winding. After a stipulated time, the resin is transferred to the storage tank and stored in cold conditions.
Trickle Impregnation method is generally used for quick production cycles in the motor or generator industry with minimal (no wastage) of resin. Single or groups of stator/rotor are kept on a tray called the work-station. The components on the work-station are heated. The work-station spins slowly as it gets coats of resin.
US manufacturing of electric motors and generators involves about 420 establishments (single-location companies and units of multi-location companies).
According to the US Census Bureau, in 2020, the country generated a sales revenue of USD 9.31 billions from the motors and generator. It is projected that the revenue of motor and generator manufacturing in the United States will amount to approximately 10 billion USD by 2024. ?
With the increasing usage of electric motor and generator from automotive industry the demand of impregnating resins is likely to increase in the forecast period.
Asia-Pacific Region to Dominate the Market
Asia-Pacific region is expected to dominate the market for impregnating resins during the forecast period. In countries like China, India, and Japan because of growing electrical and automobile manufacturing facilities, the demand and utilization of impregnating resins have been increasing the scope of this market during the forecast period.
China is the largest base for electronics production in the world. Electronic products, such as smartphones, TVs, wires, cables, portable computing devices, gaming systems, and other personal electronic devices recorded the highest growth in the consumer electronics segment.
In China, with the increase in the disposable income of the middle-class population and the rising demand for electrical and electronic products countries importing electronic products from China, the production of consumer electronics is projected to grow. With the growing electrical and electronics industry, the demand for the market is expected to increase. The country serves not only domestic demand for electrical and electronics but also exports the output to other countries. ?
According to the National Bureau of Statistics of China, in December 2020, retail sales of household appliances and consumer electronics in China had amounted to about 100 billion yuan.
India is growing to be a huge production hub for motor vehicles in the Asia-Pacific region. The increasing consumer purchasing power and high competition among OEMs have been boosting the need for high-end electronics to be equipped in vehicles across different price ranges in recent times. Owing to the COVID-19 outbreak and fall in domestic manufacturing activities, India witnessed a 13% decline in vehicle production outputs in 2020.
Thus, based on the growing demand from various applications, the Asia-Pacific region is expected to be the largest region for impregnating resins over the forecast period.
The global impregnating resins market is partially consolidated, with the presence of both international and regional players. The top five players account for a noticeable share of the global market size. The major companies are Axalta Coating Systems, Elantas GmbH, HitaHenkel AG & Co. KGaA, Huntsman International LLC, and Von Roll, among others.
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