Electrical Insulating Varnish Market Size by Regional Outlook, Revenue Trends, Business Share And Forecast To 2022-2031

In Q4 2021, U.S. current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, country’s goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches highest at 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point impacting the economic activity in the U.S, pushing consumers to spend less on the products and services and save more.

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On the other hand, the worst is expected to be seen in the European countries, especially during 2022 winters. The energy and gas crises has already started grappling the region, wherein many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage created by Russian-Ukraine conflict.

Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.

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.

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Growth Drivers and Challenges Impacting the Growth of the Global Electrical Insulating Varnish Market

Growth Drivers

  • Growing Application of Electrical Insulating Varnish in End-Use Industries
  • Increasing Use of the Product in Electric Vehicles (EVs)

Challenges

  • Complexities in the Manufacturing of the Product
  • 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.

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