The Global Impregnating Resins Market has been segmented by type, application and region. Based on product, the market has been segmented into solvent-based, solvent less, and others. Solvent less accounted for the fastest growing segment in 2017 and is expected to grow at a significant CAGR during the review period. This growth can be attributed to the increasing demand in electrical and electronics industry due to superior benefits such as high reactivity, excellent stability, low viscosity, room temperature impregnation, high resin film builds and slot fill, and advanced technical properties among others. It helps in reducing VOC emissions. Also, the market players have developed new generation water based impregnating resins to reduce VOC emissions.
Based on application, motors and generators segment accounted for the largest share of the global impregnating resins in 2017 and is likely to grow at a healthy rate during the forecast period on account of increasing demand in industries and residential sector. Automobile components is expected to be the fastest growing segment owing to increased production of electric vehicles to reduce carbon emissions globally.
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Some of the key players in the Global Impregnating Resins Market are Von Roll Holding AG (Switzerland), Axalta Coating Systems (US), 3M (US), ALTANA (Germany), AET (Poland), Hitachi Chemical Co., Ltd.(Japan), Wacker Chemie AG (Germany), Kyocera Corporation (Japan), Vuki a.s. (Slovakia), and Bodo Moller Chemie GmbH (Germany).
Based on region, the Impregnating Resins Market has been classified into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Asia-Pacific accounted for the largest share of the Impregnating Resins Market on account of the growing end-use industries in the region, especially the chemicals, automotive, and agriculture industries among others. An expanding population base and rising disposable income of consumers are the other factors driving market growth.
North America is a prominent market for impregnating resins due to the reviving automotive industry due to rising demand for electric vehicles.
The European market is expected to grow at a considerable rate during the review period. The automotive and electrical and electronics industries in the eastern Europe countries are driving the market growth.
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The markets in Latin America and the Middle East & Africa are likely to register moderate growth during the review period as a result of the growing industrial base in these regions.