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 by growing with a CAGR of 3.9% during the forecast period, i.e., 2021-2029. The growth of the market can primarily be attributed to the rising number of applications of the product in a wide range of end-use industries, such as automotive, transformers, electrical tools, sensors, and home appliances among others. One of the major areas where the demand for electrical insulating varnish is anticipated to grow is in the automobile industry. Backed by the shift in preferences for electrical vehicles worldwide, the demand for the product is expected to surge massively, and in turn drive the market growth in the coming years. Added to this is the growing production of motor vehicles globally, which is also expected to accelerate the market growth in the years to come. According to the statistics by the International Organization of Motor Vehicle Manufacturers (OICA), the production of motor vehicles worldwide increased from 58374162 numbers in the year 2000 to 91786861 numbers in the year 2019. Moreover, growing trade on electric motors worldwide is also anticipated to drive the growth od the market during the forecast period.
Regionally, the global electrical insulating varnish market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific is anticipated to hold the highest market share during the forecast period and further attain the largest market revenue of USD 1116.1 Million by the end of 2029, up from USD 729.6 Million in 2020. The market in the region is also anticipated to grow with the highest CAGR of 5.0% during the forecast period. The market in the Asia Pacific is further segmented by country into India, China, Japan, South Korea, Singapore, Australia, Vietnam, and the Rest of Asia Pacific. Out of the market in these countries, the market in India is expected to hold the highest market share and further attain the largest revenue of USD 500.2 Million by the end of 2029. CLICK TO DOWNLOAD SAMPLE REPORT
The market in North America, on the other hand, is expected to hold the second-leading market share throughout the forecast period and further grow with a CAGR of 3.4% during the forecast period. The growth of the market in the region can be attributed to the increasing demand for electric motors from various end-use industries, along with the surge in sales of EVs in countries, such as the United States. According to the statistics by the Edison Electric Institute, as of 31st March 2019, more than 1.18 Million EVs were on the road in the United States.
The study further incorporates Y-O-Y Growth, market opportunities, demand & supply and forecast future opportunity in North America (United States, Canada, Mexico), South America, Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The global electrical insulating varnish market is segmented on the basis of 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. The segment attained a market revenue of USD 680.5 Million in the year 2020 and is further projected to touch USD 956.6 Million by the end of 2029. On the basis of application, the market is segmented into automobile, transformers, electric tools, sensors, home appliance, motors, and others. Out of these segments, the automobile segment is projected to garner the largest market revenue of USD 636.7 Million by the end of 2029. Further, on the basis of method of application, the market is segmented into trickle impregnation method, vacuum pressure impregnation (VPI) method, and dip & flood impregnation method. Out of these segments, the vacuum pressure impregnation (VPI) method segment garnered the largest market revenue of USD 980.9 Million in the year 2020 and is further expected to reach USD 1445.4 Million by the end of 2029. The segment is also expected to grow with the highest CAGR of 4.1% during the forecast period.
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global electrical insulating varnish market that are included in our report are 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.
FREQUENTLY ASKED QUESTIONS
The rapidly growing applications of electrical insulating varnish in end-use industries is one of the major factors anticipated to drive the market growth in the coming years.
The market is anticipated to attain a CAGR of 3.9% over the forecast period, i.e., 2021-2029.
The complexities in the use of electrical insulating varnish is one of the major factors estimated to hamper the market growth.
The market in North America is expected to display significant business opportunities in the future.
The major players in the market are Nitto Denko Corporation, DuPont de Nemours, Inc., KYOCERA Corporation, Axalta Coating Systems, LLC, Von Roll Group, Showa Denko Materials Co., Ltd., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product-type, application, method of application, and by region.
The vacuum pressure impregnation (VPI) method segment is anticipated to hold largest market size of USD 1445.4 Million by 2029 and display significant growth opportunities.
Global Electrical Insulating Varnish Market TOC
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