Global Electrical Insulating Varnish Market to Grow with a CAGR of 3.8% During 2021-2030; Market to Grow on Account of Increasing Demand for Different Types of Electronic Equipment
Kenneth Research published a report titled “Electrical Insulating Varnish Market: Global Demand Analysis & Opportunity Outlook 2030” 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 3.8% over the forecast period, i.e., 2021 – 2030. The market is segmented by product type into wire enamels, silicon insulating varnish, bonding varnish, coating varnish, and others, out of which, the wire enamels segment is anticipated to garner the largest revenue of USD 984.6 Million by the end of 2030. Additionally, in the year 2020, the segment registered a revenue of USD 680.5 Million.
The global electrical insulating varnish market is estimated to garner a revenue of USD 2828.6 Million by the end of 2030, up from a revenue of USD 1895.0 Million in the year 2020. Surge in demand for different types of electronic equipment amongst the end-users, followed by growing number of manufacturing industries, and the increasing adoption of wind energy as well as hydropower are some of the major factors anticipated to drive the growth of the market in the coming years.
Geographically, 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. Out of these, the market in the Asia Pacific is anticipated to garner the largest revenue of USD 1167.5 Million by the end of 2030. Additionally, in the year 2020, the market in the region registered a revenue of USD 729.6 Million.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, 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). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Growing Demand for Electric Motors and Generators to Drive the Growth of the Market
The value of imports of electric motors and generators around the globe, according to the statistics by the International Trade Center (ITC), touched USD 59269560 Thousand in the year 2019, up from USD 49340012 Thousand in the year 2016.
Backed by the increasing number of electronic equipment which requires electric motors, along with the growing sales of electric vehicles (EVs), and the surge in the deployment of electric motors in manufacturing industries, the demand for electric motors is expected to increase significantly. Since electrical insulating varnish is used primarily in the coil of an electric motor, hence, with the increasing demand for electric motors, the need for the insulating varnish is also expected to grow, and in turn, boost the market growth.
However, the complexities in the manufacturing of the product, along with the lack of awareness for the availability of different types of varnishes are 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 Holding AG, SHOWA DENKO K. K., Sichuan Dongfang Insulating Material Co., Ltd., ELANTAS GmbH (ALTANA AG), Momentive Performance Materials Inc., Power Varnish, 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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