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Global Electrical Insulating Varnish Market to Grow with a CAGR of 3.9% During 2021-2029; Market to Grow on Account of the Growing Demand for the Product from End-User Industries

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Research Nester published a report titled Electrical Insulating Varnish Market: Global Demand Analysis & Opportunity Outlook 2029” which delivers detailed overview of the global electrical insulating varnish market in terms of market segmentation by product-type, application, method of application, and by region.

Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.

The global electrical insulating varnish market is anticipated to grow with a CAGR of 3.9% during the forecast period, i.e., 2021-2029.  The market is segmented by product-type into wire enamels, impregnation varnish, silicon insulating varnish, bonding varnish, coating varnish, and others, out of these, the wire enamels segment is anticipated to garner the highest market share during the forecast period and further attain a market revenue of USD 956.6 Million by the end of 2029 from USD 680.5 Million in the year 2020.

The global electrical insulating varnish market is estimated to garner a revenue of USD 2739.3 Million by the end of 2029, up from a revenue of USD 1895 Million in 2020. Growing applications of electrical insulating varnish across a wide range of end-user industries is one of the major factors anticipated to drive the market growth. Further, increasing utilization of electric motors in a wide range of end-use applications, such as electric vehicles and other industrial machineries, is also projected to create numerous opportunities for the growth of the market in the coming years.

The global electrical insulating varnish market is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America and Middle East & Africa region, out of which, the market in the Asia Pacific is anticipated to hold the highest market share during the forecast period. The market in the region further garnered the largest market revenue of USD 729.6 Million in 2020 and is further expected to reach USD 1116.1 Million by the end of 2029.

Growing Production of Motor Vehicles to Create Opportunities for Market Growth

The International Organization of Motor Vehicle Manufacturers (OICA), in one of its statistics stated that the production of motor vehicles worldwide touched 91786861 numbers in the year 2019 from 58374162 numbers in the year 2000.

With the growing production of motor vehicles globally, and the rising adoption of electric vehicles, the demand for electric motors is also expected to grow significantly, and in turn drive the market growth. Insulating varnish are used massively in electric motors as it protects these high voltage devices from electrical failure. Moreover, growing adoption of household appliances where electric motors are used widely, is also expected to contribute to the market growth.

However, the complexities in the use of electrical insulating varnish is expected to operate as key restraint to the growth of global electrical insulating varnish market over the forecast period.

This report also provides the existing competitive scenario of some of the key players of the global electrical insulating varnish market which includes company profiling of Nitto Denko Corporation, DuPont de Nemours, Inc., KYOCERA Corporation, Axalta Coating Systems, LLC, Von Roll Group, Showa Denko Materials Co., Ltd., Sichuan Dongfang Insulating Material Co., Ltd., ELANTAS GmbH, Momentive Performance Materials Inc., and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global electrical insulating varnish market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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