Worldwide sales of impregnating resins were valued at US$ 1.41 billion at the end of 2021, registering Y-o-Y growth of 3.8%. As per forecasts, the global impregnating resins market is projected to increase at a noteworthy CAGR of 6.5% and reach a market valuation of US$ 2.79 billion by 2032.Furthermore, in industrialised countries, the replacement of ageing transportation and distribution infrastructure is likely to drive the industry. According to Fact.MR, North America accounts for roughly one-third of the global impregnating resins market.
High demand for electrical components in the rapidly growing automotive and power generation industries is likely to drive future sales of impregnating resins. Another important aspect that will boost growth is the increased demand for high-quality electrical components as a result of regulatory bodies enforcing tight emission-reduction standards.
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The presence of a well-established industrial base across North America, as well as rising demand for resin-impregnated fibreglass, is expected to boost the market. Furthermore, rising sales of resin-impregnated plywood in the building sector are expected to drive development.
Additionally, the increasing use of impregnating resins in a variety of applications such as insulation, filament winding, and enhanced heat transfer in electrical components is expected to drive growth. Key players’ ongoing research and development initiatives to introduce resin-impregnated carbon, wood, and paper are also expected to benefit the market.
Key Takeaways:
- The global impregnating resins market grew at a CAGR of 5.4% in the historic period (2017-2021).
- The U.S. impregnating resins market is expected to grow at a CAGR of 6% in the forecast period from 2022-2032.
- China impregnating resins market is projected to expand at a steady pace and exhibit a CAGR of 7% in the upcoming decade.
- By end use, the electric components category is likely to generate nearly 45.3% of the impregnating resins market share in the evaluation period.
- Based on form, the solventless impregnating resins segment currently accounts for around 39.8% of the global market
Growth Drivers:
- Surging demand for electrical components backed by rapid development of electric vehicles and charging infrastructure is anticipated to foster growth.
- Usage of resin-impregnated paper is likely to surge with implementation of stringent government norms to lower pollution levels and decarbonizing the energy sector.
Restraints:
- Adoption of low-quality raw materials by vendors backed by the expensive nature of premium quality materials may hinder growth.
- Solvent-based impregnating resins have low efficiency compared to other types, which may obstruct the market.
Competitive Landscape
To reach the worldwide market and improve the overall supply chain in the global impregnating resins market, key companies are focusing on implementing modern manufacturing technologies for the production of impregnating resins.
Impregnating resin producers are also focused on continual consolidation among key manufacturers and suppliers, as well as advances in the target product’s production scenario, in order to sustain and expand their present client base. Technological advancements are projected to drive the global demand for impregnating resins.
For instance,
- Voltatex 4224, a new product from Axalta Coating Systems, was added to the company’s product line, including low-emission, styrene-free vinyl toluene impregnating resins.
Key Companies Profiled
- Momentive
- Von Roll
- ELANTAS GmbH
- Henkel AG & Co. KGaA
- Huntsman International LLC
- KYOCERA CORPORATION
- 3M
- Axalta Coating Systems
- Robnor ResinLab Ltd.
Key Segments Covered in Impregnating Resins Industry Research
- by Resin Type :
- Phenol-Formaldehyde Resins
- Urea-Formaldehyde Resins
- Melamine-Formaldehyde Resins
- by Form :
- Solventless Impregnating Resins
- Solvent-based Impregnating Resins
- Other Types
- by Thermal Class :
- Less than 130 Degree Celsius
- 130 Degree Celsius – 180 Degree Celsius
- More than 180 Degree Celsius
- by End Use :
- Electric Components
- Automotive Components
- Others
- by Region :
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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