New York, April 13, 2022 (GLOBE NEWSWIRE) — One of the major contributors to environmental pollution is the emissions from vehicles that run on conventional fuels. According to the statistics by the United States Environmental Protection Agency (EPA), a gallon of gasoline emits 8887 grams CO2/gallon of CO2 Emissions., while a gallon of diesel emits 10180 grams CO2/gallon of CO2 Emissions. The statistics further stated that an average passenger vehicle emits close to 404 grams of CO2 per mile while a typical passenger vehicle emits around 4.6 metric tons of CO2 per year.
Kenneth Research has recently released a report on “Global Electrical Insulating Varnish Market” which is studied for the forecast period, i.e., 2021-2030. The market research report provides an in-depth analysis of the companies that are operating in the market along with a brief about their product portfolio. Besides this, the market research report also covers the key market dynamics, which include the growth factors, restraint factors, market opportunities, and recent market trends. In addition to this, the research report also includes the industry risk analysis as well as the regulatory & standards landscape.
In recent years, the demand for different types of electric vehicles (EVs) has grown significantly, backed by the rising concern for vehicular emissions. The global electric car stock for battery electric vehicles (BEVs), according to the statistics by the International Energy Agency (IEA), touched 4.79 Million in the year 2019, up from 0.02 Million in the year 2010. Additionally, the statistics also stated that in the year 2019, the sales of electric cars topped 2.1 Million worldwide and reached a stock of 7.2 Million. Moreover, in the same year, the sales of electric cars accounted for 2.6% of global car sales. The surge in the demand for electric vehicles has also raised the need amongst the EV manufacturers for different EV components, such as electric motors. Such a factor is therefore expected to drive the demand for electrical insulating varnish, an insulating material that offers protection to electrical components from moisture and dust and also restricts the components from operational failure due to short circuits. The global electrical insulating varnish market generated a revenue of USD 1895.0 Million in the year 2020 and is further expected to reach USD 2828.6 Million by the end of 2030, by growing with a CAGR of 3.8% during the forecast period.
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The global electrical insulating varnish market is also anticipated to grow on account of the increasing modernization of power grids and therefore the surge in demand for electrical transformers. According to the statistics by the International Trade Center (ITC), the value of imports of electrical transformers, static converters, and inductors around the globe increased from USD 89421364 Thousand in the year 2016 to USD 104866838 Thousand in the year 2020. Besides this, the surge in demand for electrical household appliances is also expected to add to the market growth. For instance, the retail sales of household appliances in the year 2020 were expected to be more than USD 440 Billion.
The global electrical insulating varnish market is segmented by region into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Amongst the market in these countries, the market in the Asia Pacific generated the largest revenue of USD 729.6 Million in the year 2020 and is further expected to touch USD 1167.5 Million by the end of 2030. One of the major factors anticipated to drive the growth of the market in the region is the presence of countries, such as China, Japan, South Korea, and India, which are known to be the largest exporters of electronic products. Besides this, the surge in demand for electric vehicles in the region, wherein China is registered to have the world’s largest EV car stock, is also expected to drive market growth in the region in the coming years. For instance, in the other statistics by the International Energy Agency (IEA), the stock of battery electric vehicles (BEVs) in China increased from 0.21 Million in the year 2015 to 2.58 Million in the year 2019. Moreover, the stock of plug-in hybrid electric vehicles (PHEVs) in China grew from 0.09 Million in the year 2015 to 0.77 Million in the year 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. Amongst the market in these countries, the market in China generated the largest revenue of USD 318.1 Million in the year 2020 and is further expected to touch USD 524.9 Million by the end of 2030.
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On the other hand, the electrical insulating varnish market in North America registered the second-largest revenue of USD 500.3 Million in the year 2020 and is further expected to touch USD 740.7 Million by the end of 2030. The market in the region is further segmented by country into the United States and Canada. Amongst the market in these countries, the market in the United States is expected to garner the highest market share by the end of 2030, while the market in Canada is anticipated to grow with the highest CAGR of 4.6% during the forecast period.
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity 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).
The global electrical insulating varnish market is segmented on the basis of application into automobile, transformers, electric tools, sensors, home appliance, motors, wind power generation, high-speed rail, and others. Amongst these segments, the automobile segment registered the largest revenue of USD 419.4 Million in the year 2020 and is further expected to touch USD 656.1 Million by the end of 2030. In the Asia Pacific, the segment is expected to garner the largest revenue of USD 270.8 Million by the end of 2030, up from a revenue of USD 161.5 Million in the year 2020. Further, in North America, the segment generated the largest revenue of USD 110.7 Million in the year 2020 and is projected to grow with the highest CAGR of 4.1% during the forecast period.
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On the other hand, the global electrical insulating varnish market is segmented on the basis of method of application into trickle impregnation method, vacuum pressure impregnation (VPI) method, and dip & flood impregnation method. Amongst these segments, the vacuum pressure impregnation (VPI) method segment registered the largest revenue of USD 980.8 Million in the year 2020 and is further expected to touch USD 1495.7 Million by the end of 2030. In the Asia Pacific, the segment is projected to display the largest revenue of USD 614.4 Million by the end of 2030, up from a revenue of USD 375.9 Million in the year 2020, whereas in Europe, the segment generated the largest revenue of USD 246.0 Million in the year 2020 and is further expected to reach USD 343.9 Million by the end of 2030.
The global electrical insulating varnish market is also segmented on the basis of product type.
Global Electrical Insulating Varnish Market, Segmentation by Product Type
- Wire Enamels
- Impregnation Varnish
- Melamine Alkyd Insulation Impregnated Varnish
- Epoxy Impregnating Varnish
- Alkyd Phenolic Impregnating Varnish
- Modified Polyester Silicone Resin Impregnating Varnish
- Isophthalic Alkyd Polyester Impregnating Varnish
- Others
- Silicon Insulating Varnish
- Bonding Varnish
- Coating Varnish
- Others
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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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