Electrical Insulating Varnish Market TOC
Electrical Insulating Varnish Market size is expected to reach USD 3.83 billion by the end of 2037, growing at a CAGR of 3.77% during the forecast period, i.e., 2025-2037. In the year 2024, the industry size of electrical insulating varnish was USD 2.37 billion. Moreover, the market is also set to gather a value of 1,085.14 thousand tons by 2037, up from a value of 691.40 thousand tons in the year 2024. This growth of the market is set to be encouraged by the growing demand for electric vehicles. For instance, globally sales of over 9 million electric cars took place and by 2023, these sales were projected to rise by about 34%, hence totaling over 13 million. Hence, the demand for Electrical Insulating Varnish is projected to rise for heat and Automatic Transmission Fluid (ATF) resistance.
Moreover, governments across different regions are launching various schemes and stringent rules to boost the sale of electric vehicles for reducing greenhouse gas emissions. As a result, owing to this factor the demand for electric vehicles is projected to observe a surge further encouraging the electrical insulating varnish market expansion for Electrical Insulating Varnish.
Growth Drivers
Challenges
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
3.77% |
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Base Year Market Size (2024) |
USD 2.37 Billion |
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Forecast Year Market Size (2037) |
USD 3.83 Billion |
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Regional Scope |
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Application Method (Trickle Impregnation, Vacuum Pressure Impregnation, Dip-Flood Impregnation)
The vacuum pressure impregnation segment in electrical insulating varnish market is set to gather the largest revenue share of USD 1.89 billion by the end of 2037, up from a revenue of USD 1.14 billion in the year 2024. This segment is also projected to grow at the highest CAGR of 3.96% over the coming years. Vacuum Pressure Impregnation (VPI) is a procedure that uses a combination of pressure and vacuum to impregnate porous materials with resin or varnish. The employment of this procedure is frequently observed in industries that adopt high-voltage motors and generators such as power generation to stuff gaps in materials and develop void-free insulation in different devices. Hence, with the growing demand for power generation, the segment is estimated to observe growth. For instance, in the world, about 28,000 terawatt-hours of electricity is generated in 2022 as compared to electricity generated in the year 1990 which was close to 12,000 terawatt-hours.
Material (Epoxy Resins, Polyester Resins, Alkyd Resins, Polyurethane Resins, Silicone Resins, Acrylic Resin, Others)
The epoxy resins segment in Electrical Insulating Varnish market is set to generate the highest revenue of USD 1.13 billion by the end of 2037. This segment gathered revenue of USD 0.65666 billion in the year 2024. This is because epoxy resins are known for their resistance and toughness to chemical and environmental degradation. Furthermore, even though the initial cost of epoxy powder coating is estimated to be more in contrast to the conventional insulation techniques including tape and varnish, it offers considerable cost savings. Moreover, epoxy resins offer a clean and smooth look, hence making it one of the most professional and attractive solutions. As a result, this segment is expected to observe growth in its market revenue. Consequently, with the rise in this segment, the electrical insulating varnish market is also projected to experience growth.
Our in-depth analysis of the global electrical insulating varnish market includes the following segments:
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Product Type |
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Material |
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Application Method |
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Application |
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End Use Industry |
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APEJ Market Forecast
The Asia Pacific electrical insulating varnish market is poised to gather the highest revenue of USD 1.48 billion by the end of 2037, up from a revenue of USD 873.99 million in the year 2024. This growth of the market in this region is set to be influenced by the growing presence of several manufacturing companies in the field of electronics in countries including Taiwan, China, and India. Furthermore, this region is also observing growth in demand for home appliances which is also projected to encourage market expansion. Additionally, the demand for hybrid vehicles in this region is also projected is rise. This is why the market revenue for Electrical Insulating Varnish is set to rise. Further, the investment and projects to set transmission & distribution are also surging in this region. For instance, the transmission sector in India is projected to invest over USD 0.024 billion in order to connect about 370 GW of renewable energy capacity to the grid by the year 2032. Consequently, this factor is also estimated to influence the market growth.
North American Market Analysis
The North America electrical insulating varnish market is also set to have notable growth in the revenue during the forecast period. Within North America, the countries such as Canada, and the United States are predicted to have the highest growth opportunities. Furthermore, investment in smart city initiatives is also observing a surge in this region which is further projected to encourage electrical insulating varnish market expansion.
Author Credits: Rajrani Baghel
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