CHICAGO, November 23, 2018
CHICAGO, November 23, 2018 /PRNewswire/ --
According to the new market research "Impregnating Resins Market by Type (Solventless, Solvent-based), Application (Motors and Generators, Home Appliances, Transformers, and Automotive Components), and Region (North America, Europe, APAC, and RoW) - Global Forecast to 2023", published by MarketsandMarkets™, the Impregnating Resins Market is projected to grow from USD 1.5 billion in 2018 to USD 2.0 billion by 2023, at a CAGR of 6.4% from 2018 to 2023.
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Technological advancement in the automotive industry, augmentation and modernization of the transmission & distribution network, and increasing demand for electricity are the major drivers of the impregnating resins market. Adoption of the smart grid technology is also expected to drive the market during the forecast period.
The solventless segment to lead the impregnating resins market during the forecast period
Based on type, the solventless segment is projected to lead the impregnating resins market during the forecast period. Solventless impregnating resins have outstanding reactivity compared to the solvent-based resins, and also have a low viscosity specification, which allows rapid penetration and draining. These resins also enable high productivity with minimized operation cost, which is also driving their demand.
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The automotive components application segment projected to grow at the highest CAGR during the forecast period
Based on application, the automotive components segment is projected to grow at the highest CAGR from 2018 to 2023. Impregnating resins are receiving considerable attention as they improve corrosion resistance and eliminates the necessity of post-treatment, which enables faster assembly of vehicle components. The demand for automotive is expected to grow in the near future owing to increased consumer demands, urbanization, new technological innovations, and change in government regulations. This is expected to boost the demand for impregnating resins during the forecast period.
The impregnating resins market in APAC is projected to grow at the highest CAGR from 2018 to 2023
The impregnating resins market in the APAC region possesses immense growth potential. Increasing demand for electricity and the growing urbanization and industrialization in the region are expected to fuel the demand for impregnating resins during the forecast period. China, India, Japan, and Taiwan are some of the key impregnating resins markets in the region.
Some of the key players in the Impregnating Resins Market are Elantas GmbH (Germany), Axalta Coating Systems (US), Von Roll Holdings AG (Switzerland), Hitachi Chemicals Company Ltd. (Japan), and Kyocera Corporation (Japan). Investments & expansions was the major growth strategy adopted by the market players between 2015 and 2018 to enhance their regional footprint and meet the growing demand for impregnating resins in the emerging economies.
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