Impregnating Resins Market Size, Share & Trends Analysis Report By Form (Solventless, Solvent-based), By Type (Polyurethane, Epoxy), By Application, By Region, And Segment Forecasts, 2023 - 2030

Impregnating Resins Market Size & Trends

The global impregnating resins market size was estimated at USD 1.72 billion in 2022 and it is projected to grow at a compound annual growth rate (CAGR) of 6.3% from 2023 to 2030. The market growth for impregnating resins is propelled by their rising demand from the electrical sector, especially for applications such as rotor & motor in the powertrain system of vehicles, transformers used for electricity distribution, and various home appliances. The requirement for high productivity and long-lasting life of generators, motors, and other industrial machinery is a major driving factor for the market growth during the forecast period.

Infrastructural upgrade, followed by the introduction of technologically advanced equipment across the electrical industry, is anticipated to boost the demand for impregnating resins across the U.S. during the forecast period. The increasing demand for electricity distribution across each household has propelled the installation of electrical grids across the country. This, in turn has increased the demand for transformers which are utilized for stepping up and stepping down voltages to accommodate the fluctuating power generation from renewables, hence increasing the demand for impregnating resins to be utilized across the transformers for thermal regulations and enhancing performance.

Furthermore, impregnating resins have a major utilization across the motor & rotor assembly of the vehicles. The propelling demand for electric vehicles has propelled the demand for impregnating resins for insulation of this mechanical assembly. Hence the demand for impregnating resins is anticipated to increase during the forecast period.

Infrastructural modernization, followed by the introduction of technologically advanced equipment across the electrical industry is anticipated to boost the demand for impregnating resins across the U.S. during the forecast period. Furthermore, the increasing adoption of renewable energy sources such as wind and solar power requires the expansion and enhancement of the electrical grid. Transformers are utilized for stepping up and stepping down voltages to accommodate the fluctuating power generation from renewables.

The propelling demand for electric vehicles owing to the rising concerns regarding climate change and air pollution, has propelled the demand for electrical vehicles across the nation. Electric vehicles are a combination of electrically powered motor and rotors, which require insulations, hence the demand for impregnating resins is anticipated to increase during the forecast period.

Form Insights

Based on form, the solventless impregnating resins segment dominated the global market in 2022 with a revenue share above 50.0%. This rise in demand has been followed by the higher performance attributes related to solventless resins in contrast to their counterpart, solvent-based impregnating resins.

The solvent-based impregnating resins have a higher dissipation factor at elevated temperature conditions and a higher water absorption tendency due to the presence of air voids formed during the curing process. This phenomenon has been controlled by solventless impregnating resins such as solventless polyester impregnating resin, which is used as an indigenous additive such as an inhibitor, catalyst, and reactive diluent.

Type Insights

Based on type, the epoxy-based impregnating resins segment dominated the global market in 2022 with a revenue share above 61.0%. This rise in demand is associated with the higher chemical resistance, thermal stability, and electrical insulation properties provided by epoxy, withstanding a thermal temperature condition above 400°F.

The polyurethane-impregnating resins segment held a revenue share of above 16.0% in 2022. Polyurethane-impregnating resins boost thermal conductivity, provide higher electrical insulation with minimal vibrations, and a stronger bond, along with no presence of bubbles with resin-winding mass.

Application Insights

In terms of application, the powertrain segment dominated the global market in 2022 with a revenue share above 42.0%. Impregnating electrical windings of rotors and stators in the electric motor, hybrid motor, generator, hydraulic motor, pumps, and the coils in transformers improves the overall performance and enhance the operating life of the drive train.

The transformer segment held a revenue share of above 24.0% in the global market in 2022. Growing transmission & distribution (T&D) has increased the demand for transformers across the electrical industry. This is anticipated to propel the demand for impregnating resins for the coils across the transformers during the forecast period.

Regional Insights

Based on region, Asia Pacific dominated the market in 2022 with a revenue share of over 62.0% in 2022. Asia Pacific is a highly clustered region in regards to the population across emerging economies such as India and China. Hence, the rise in disposable income, the rising adoption of e-vehicles, and the demand for higher transmission & distribution have propelled the demand for impregnating resins across the region.

Furthermore, favorable government policies such as Faster Adoption and Manufacturing of Electric and Hybrid Vehicles in India (FAME), provide incentives in the form of subsidies. This has recorded major traction across the Indian population, hence increasing the demand for impregnating resins utilized across the powertrain system of the vehicles.

Key Companies & Market Share Insights

Research activities across the market are focused on new materials, which combine several properties, that are projected to gain wide acceptance in this industry over the forecast period. Some prominent companies manufacturing these products include BASF SE; ELANTAS; Axalta Coating Systems Germany GmbH & Co. KG; VON ROLL; Henkel AG & Co. KGaA; Huntsman International LLC; ADVANCED ELECTRICAL VARNISHES, S.L.; 3M; Wacker Chemie AG; Momentive Performance Materials Inc., among others. Some prominent players in the global impregnating resins market include:

• BASF SE

• ELANTAS

• Axalta Coating Systems Germany GmbH & Co. KG

• VON ROLL

• Henkel AG & Co. KGaA

• Huntsman International LLC

• ADVANCED ELECTRICAL VARNISHES, S.L.

• 3M

• Wacker Chemie AG

• Momentive Performance Materials, Inc.

• VUKI a.s.

• Aditya Birla Group

• JYOTI ENTERPRISES

• Robnor ResinLab Ltd. Ltd.

• Bawa Polymers

• Bodo Möller Chemie GmbH

Impregnating Resins Market Report Scope

Global Impregnating Resins Market Report Segmentation

This report forecasts revenue and volume growth at global, regional & country levels and provides an analysis of the industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global impregnating resins market report based on form, type, application, and region:

• Form Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

  • Solventless

  • Solvent-based

• Type Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

  • Polyurethane

  • Polyester

  • Epoxy

  • Polyesterimide

  • Others

• Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

  • Powertrain System

  • Home Appliances

  • Transformer

  • Others

• Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • The Netherlands

    • Spain

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

    • Australia

    • Indonesia

    • Thailand

    • Vietnam

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • Saudi Arabia

    • United Arab Emirates (UAE)

    • South Africa