Analysis of Impregnating Resins market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
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.
Impregnating Resins Market Size (2022)
US$ 1.48 Billion
Projected Market Value (2032)
US$ 2.79 Billion
Global Market Growth Rate (2022-2032)
Europe Market Share (2022)
Key Companies Profiled
Impregnating resins are organic liquids that are used to modify wood. They are thick and viscous. Phenol-formaldehyde resins initially contained formaldehyde, and epoxy resins are other often used resins. Impregnating resins, also known as secondary insulating materials, are liquid resins that are dissolved with reactive thinners and utilized as a catalyst in dispensing apparatus.
Demand for solventless impregnating resins is projected to increase at a higher CAGR of 7.2% from 2022 to 2032. This is mainly because solventless impregnating resins have a lower viscosity standard than other impregnating resins and varnishes, allowing for faster penetration and drainage.
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“Market Growth Mainly Driven by Continuous Advancements in Impregnating Resins”
According to Fact.MR, market research and competitive intelligence provider, the global impregnating resins market expanded at a CAGR of 5.4% from 2017 to 2021.
The fundamental benefit of impregnating resins is their mechanical stability as well as the protection they provide against environmental impacts. They are also used in actuators, power sources and inverters for insulation systems and filament winding, as well as helping to protect resin and improve heat transfer between wires, iron cores, and slot insulations. The market is also predicted to develop due to the adoption of impregnating resins for electric insulation.
Massive adoption of smart grid technology in numerous countries around the world is another significant reason that might drive the growth of the impregnation resin market over the coming years. In the forest goods sector, impregnating resins are used to change the way the wood is treated. As a result, the size of the impregnating resins market is expected to grow in the coming years.
Ongoing advancements in the impregnating resins industry and research institutes should provide market players with new growth opportunities. The global impregnating resin industry is being driven by rapid industrialization in developing regions, decentralization and decarbonization of the energy sector in developed regions, and increasing demand for electric vehicles.
Demand for impregnating resins is also being fueled by the replacement of older transportation and distribution infrastructure in developed countries, as well as increased electrification in advanced economies.
Impregnating resin demand across the world is projected to rise at a CAGR of 6.5% from 2022 to 2032.
“Increasing Automotive Production & Need for Efficient Insulation Processes”
Rapid decarbonization and strict laws to limit greenhouse gas (GHG) emissions encourage the usage of electric vehicles, resulting in an increase in consumption of impregnating resins.
Furthermore, the worldwide impregnating resin market is expected to benefit from an increase in government efforts such as the establishment of charging infrastructure and incentives for the purchase and selling of electric vehicles.
Due to impregnating resins having higher specific mechanical and physical properties than most common insulating materials, they are rapidly being used to substitute their counterparts in the insulation of electric and automotive parts.
Because of their productivity improvement, faster combining times, and reduced power consumption per cycle, flame retardant polyester resins are becoming more attractive in the automotive industry. As a result, rising automotive sales and manufacturing will necessitate more automotive and electrical equipment, propelling the impregnating resins market forward over the forecast period.
Recent developments in impregnating resins related to thermal class and form of the product for highly efficient service providing in insulation processes have led to an increase in the overall growth of the market across the globe.
Expansion in the production of impregnating resins is further anticipated to generate remunerative incremental market opportunities for the impregnating resins market.
“Volatility in Raw Material Prices & Low Efficiency of Solvent-based Impregnating Resins”
The growth of the electric and automotive industries in emerging nations is creating attractive prospects for the impregnating resins market by boosting demand and causing quality compromises. The quality of impregnating resins is being harmed as a result of fluctuating raw material prices. Rapid fluctuations as a result of shortages could have an impact on both suppliers and customers.
As a result, vendors try to choose a lower-quality raw materials to offset the higher costs of high-quality raw materials. As a result, high raw material cost volatility and low public awareness are two aspects that have become a key barrier to impregnating resins in terms of consumption, limiting the growth of impregnating resins industry.
Market growth may be hampered by low efficiency of solvent-based impregnating resins, to some extent.
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“Rapidly Growing Demand for Automotive Components Driving Market Value in North America”
North America accounts for 32.5% share of the global impregnating resins market. North America is expected to witness significant market demand over the forecast period because of the increasing resin-impregnated fiberglass demand and the strong industrial base.
Rising sales of resin-impregnated plywood, growing demand for automotive components, development and renovation of the transmission and distribution network, and rising demand for electricity in the region are all contributing to market growth.
“Growing Usage of Electric Motors & Generators in Automotive Industry Driving Market Expansion”
The U.S. impregnating resins market is projected to expand at a CAGR of 6% from 2022 to 2032. The demand for impregnating resins is expected to rise in the forecast period due to the rising use of generators and electric motors in the automotive industry.
Key drivers of the market in the U.S. include restructuring and decarbonization of the energy sector, growing usage of resin-impregnated paper, wood, and carbon, and stringent government restrictions aimed at lowering pollution levels and reducing the need for expensive fossil fuels.
“Prominent Presence of Electric Vehicle Manufacturers”
The impregnating resins market in China is anticipated to rise at a CAGR of 7% over the forecast period, attributed to an increase in disposable income for electric motor purchases and the large population.
Attributed to the presence of some key electric vehicle manufacturers and pioneers in the country, government assistance, and rapid deployment of polyphenylene sulfide (PPS) resins in electric motors, China is the world's largest base for electrical and electronics products and presents promising prospects for the impregnating resins market.
According to the National Bureau of Statistics of China, online retail sales of domestic appliances and consumer electronics increased by around 5% in 2020. As a result, rising consumer spending and fierce competition among OEMs and key market players have boosted the need for enhanced electrical motors and electronics in cars across all price ranges in recent years.
Major drivers for the impregnating resins market in China are the rising demand for impregnating resins and varnishes, electrification of rural areas, availability of low-cost labor, and growing sales of impregnating resin wood.
“Solventless Impregnating Resins More Preferred Owing to Their Superior Technical Oroperties”
Based on form, the market is segmented into solventless, solvent-based, and other types. Solventless impregnating resins account for 39.8% of the global impregnating resins market. Different forms of impregnating resins have also gained their momentum in the global market over the last few years mainly solventless segment.
Solventless impregnating resins are highly reactive resins including monomers that could be classified as VOCs (Volatile organic compounds). When compared to other impregnating resins, they have greater performance characteristics such as room temperature impregnation, high resin film build, chemical reactivity, outstanding stability, adaptability on any type of machine and process, and excellent technical properties.
The concept of impregnating resins in the insulation process in various applications has brought several significant changes in the overall chemical & material sector globally. These significant changes in the chemical sector are ideally underpinned by the widening product portfolio by key manufacturers to fulfil the demand for solventless impregnating resins in several sectors mainly in automotive and electronics.
“Impregnation of Electric Components for Overall Performance Improvement”
Electric components account for 45.3% share of the global impregnating resins market and remain dominant over the other end-use segments such as automotive components and others.
Impregnating resins are a type of liquid resin that is used to provide electrical insulation, weather resistance, and mechanical stability, and is also referred to as a secondary insulator.
Resin impregnation of windings and copper wires provide improved insulation and reduce vibration. It also improves stress & temperature load resistance and heat exchange, and minimizes the chance of short circuits in the windings during normal operation.
Electrical components, particularly electric motors and generators, have seen an increase in demand recently. The market for impregnating resins is influenced by the growing demand for battery systems, motors, and appliances, as well as the need for generators and other electric-run machinery to have long-lasting life and productivity.
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Key players are focused on adopting advanced manufacturing technologies for the production of impregnating resins to penetrate the global market and to improve the overall supply chain in the global impregnating resins market.
Impregnating resin manufacturers are also focused on the continuous consolidation among key manufacturers and suppliers, and innovations in the production scenario of the target product for maintaining their existing customer base as well as increasing new customers. Innovations in technologies are expected to boost the demand for impregnating resins market across the globe.
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The global impregnating resins market size is currently valued at US$ 1.48 billion and is predicted to reach US$ 2.79 billion by 2032.
Rising adoption of impregnating resins in major end-use industries, expanding electrical & automotive industries, and increasing environmental regulations against carbon emissions driving market growth.
Momentive, Von Roll, ELANTAS GmbH, Henkel AG & Co. KGaA, and Huntsman International LLC are key suppliers of impregnating resins.
Electric components account for 45.3% share of the global impregnating resins market.
The U.S., Brazil, Mexico, China, and Germany account for the highest demand for impregnating resins.
North America accounts for 32.5% share of the global impregnating resins market.
The global impregnating resins market is expected to rise at a CAGR of 6.5% from 2022 to 2032.
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