Product Code: RP-ID-10352383 |
Published Date: 21 Mar 2025 |
Region: Global |
Category: ICT & Telecom |
Report ID: 10352383
Market Overview:
Electrical Insulating Varnish Market Segmentation by Product Type (Wire Enamels, Silicon Insulating Varnish, Bonding Varnish, Coating Varnish, and Others); by Application (Automobile, Transformers, Electric Tools, Sensors, Home Appliances, Motors, Wind Power Generation, High-Speed Rail, and Others); and by Method of Application {Trickle Impregnation Method, Vacuum Pressure Impregnation (VPI) Method, and Dip & Flood Impregnation Method}-Global Demand Analysis & Opportunity Outlook 2020-2030
Global Electrical Insulating Varnish Market Highlights Over 2020 - 2030
The global electrical insulating varnish market is estimated to garner a revenue of USD 2828.6 Million by the end of 2030, by growing at a CAGR of 3.8% over the forecast period, i.e., 2021 – 2030. Moreover, in the year 2020, the market generated a revenue of USD 1895.0 Million. The growth of the market can primarily be attributed to the rising demand for electric motors and generators worldwide, and therefore the growing need for electrical insulating varnish. According to the statistics by the International Trade Center (ITC), the value of imports of electric motors and generators increased from USD 49340012 Thousand in the year 2016 to USD 59269560 Thousand in the year 2019. Insulating varnish are used across a wide range of electrical applications, specifically in the automotive sector in the manufacturing of electric vehicles, as well as in other end-uses, such as in transformers, electric tools, home appliances, and others. According to the statistics by the International Energy Agency (IEA), the global electric car stock increased from 0.02 Million in the year 2010 to 4.79 Million in the year 2019. The growth of the market can also be attributed to the rising demand for different types of electronic equipment, growing adoption of hydro and wind energy, along with the increasing number of manufacturing industries.
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Global Electrical Insulating Varnish Market Regional Synopsis
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 garner the largest revenue of USD 1167.5 Million by the end of 2030, up from a revenue of USD 729.6 Million in the year 2020. The growth of the market in the region can primarily be attributed to the presence of several manufacturers of electrical motors, and therefore the need for electrical insulating varnish. Besides this, the increasing sales of electric vehicles in the region and presence of countries, such as China, which has the world’s largest EV stock, is also expected to drive the market growth. In the other statistics by the IEA, the stock of battery electric vehicles (BEVs) in China grew from 0.21 Million in the year 2015 to 2.58 Million in the year 2019. Additionally, the stock of plug-in hybrid electric vehicles (PHEVs) in the nation increased from 0.09 Million in the year 2015 to 0.77 Million by the end of 2019. The market in the region is further segmented by country into China, India, Japan, South Korea, Singapore, Australia, Vietnam, and the Rest of Asia Pacific. The market in China is anticipated to garner the largest revenue of USD 524.9 Million by the end of 2030, up from a revenue of USD 318.1 Million in the year 2020.
Growth Drivers and Challenges Impacting the Growth of the Global Electrical Insulating Varnish Market
Growth Drivers
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Growing Application of Electrical Insulating Varnish in End-Use Industries
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Increasing Use of the Product in Electric Vehicles (EVs)
Challenges
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Complexities in the Manufacturing of the Product
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Lack of Awareness for the Availability of Different Types of Varnishes
Global Electrical Insulating Varnish Market Segmentation Synopsis
The global electrical insulating varnish market is segmented by product type into wire enamels, silicon insulating varnish, bonding varnish, coating varnish, and others. Out of these, the wire enamels segment is anticipated to garner the largest revenue of USD 984.6 Million by the end of 2030, up from a revenue of USD 680.5 Million in the year 2020. By application, the market is segmented into automobile, transformers, electric tools, sensors, home appliance, motors, wind power generation, high-speed rail, and others. Out of these, the automobile segment is projected to garner the largest revenue of USD 656.1 Million by the end of 2030, up from a revenue of USD 419.4 Million in the year 2020. By method of application, the market is segmented into trickle impregnation method, vacuum pressure impregnation (VPI) method, and dip & flood impregnation method. Out of these, the vacuum pressure impregnation (VPI) method segment is expected to garner the largest revenue of USD 1495.7 Million by the end of 2030, up from a revenue of USD 980.8 Million in the year 2020.
Key Companies Dominating the Market
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 Holding AG, SHOWA DENKO K. K., Sichuan Dongfang Insulating Material Co., Ltd., ELANTAS GmbH (ALTANA AG), Momentive Performance Materials Inc., Power Varnish, and others.
Latest Developments in the Global Electrical Insulating Varnish Market:
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March 3rd, 2022: Von Roll Holding AG announced that it would supply its leading high voltage resin in one of the world’s largest VPI tanks in North America.
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August 5th, 2020: Momentive Performance Materials Inc. announced that it would invest USD 15 Million in different phases for expanding its Electronic Materials Production and the sale of its Consumer Sealants Business.
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December 20th, 2019: ELANTAS GmbH’s parent company ALTANA AG announced that it has acquired Schmid Rhyner AG, the overprint varnish specialist operating in Switzerland.
Key Reasons to Buy Our Report
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The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.
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It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.
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The report includes detailed company profiles of the major players dominating the market.
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We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.
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We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.
- NITTO DENKO CORPORATION
- DuPont de Nemours, Inc.
- KYOCERA Corporation
- Axalta Coating Systems, LLC
- Von Roll Holding AG
- SHOWA DENKO K. K.
- Sichuan Dongfang Insulating Material Co., Ltd.
- ELANTAS GmbH (ALTANA AG)
- Momentive Performance Materials Inc.
- Power Varnish
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