Global Electrical Insulating Varnish Market to Garner a Revenue of USD 2739.3 Million by 2029; Increasing Trade on Electric Motors and the Rising Adoption of EVs to Promote the Market Growth

Key Companies Covered in the Electrical Insulating Varnish Market Research Report Are Nitto Denko Corporation, DuPont de Nemours, Inc., KYOCERA Corporation, Axalta Coating Systems, LLC, Von Roll Group, Showa Denko Materials Co., Ltd., Sichuan Dongfang Insulating Material Co., Ltd., ELANTAS GmbH, Momentive Performance Materials Inc., and other key market players.

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New York, Dec. 01, 2021 (GLOBE NEWSWIRE) -- In one of the statistics by the International Organization of Motor Vehicle Manufacturers (OICA), the production of cars and commercial vehicles around the globe reached 67149196 and 24637665 units respectively in the year 2019, up from 41215653 and 17158509 units respectively in the year 2000. Moreover, according to the statistical report titled “Global EV Outlook 2020” by the International Energy Agency (IEA), in the year 2019, the sales of electric vehicles topped 2.1 Million from its previous year. Besides this, the share of electric vehicles out of the share of global car sales in the same year registered to 2.6%. Additionally, the total stock of electric cars in the same year was recorded to be 7.2 Million.

Research Nester has recently released a report on “Global Electrical Insulating Varnish Market” which is studied for the forecast period, i.e., 2021-2029. The report portrays the latest developments in the market, along with the key strategies of the market players, which allows the reader of the report to make important decisions regarding their business. In addition to this, the report also includes a brief on the regulatory landscape along with the industry risk analysis that might positively or negatively impact the market growth.

The sales of motor vehicles, especially electric vehicles have surged massively in recent years. These vehicles are driven by high-efficiency electric motors which are designed in a sophisticated manner. As a result, there is a growing need for electrical insulating varnish so as to avoid electrical failure in the hub motor. Backed by the growing sales of electric vehicles globally, the demand for the insulating material is also expected to grow and in turn, drive the market growth. The global electrical insulating varnish market is anticipated to grow with a CAGR of 3.9% during the forecast period. The market is further estimated to garner a revenue of USD 2739.3 Million by the end of 2029, up from a revenue of USD 1895 Million in 2020. The market is also expected to grow on account of the growing trade on electric motors and generators around the globe, the exports of which according to the statistics by the International Trade Center (ITC) grew from USD 47023485 Thousand in the year 2016 to USD 55366805 Thousand in the year 2019. Besides this, the rising retail sales of household appliances where electric motors are used massively is also projected to accelerate the market growth. By the end of 2021, the retail sales of household appliances is expected to reach close to USD 450 Billion.

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The global electrical insulating varnish market is segmented on the basis of geography into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region, out of which, the market in the Asia Pacific is anticipated to hold the largest market revenue of USD 1116.1 Million by the end of 2029, and further grow with the highest CAGR of 5.0% during the forecast period. Moreover, in the year 2020, the market in the region registered a revenue of USD 729.6 Million. On the basis of country, the market in the region is segmented into India, China, Japan, South Korea, Singapore, Australia, Vietnam, and the Rest of Asia Pacific, out of which, the market in India garnered the highest share in the year 2020, along with the largest market revenue of USD 318.1 Million in the same year. The market in the country is further expected to touch USD 500.2 Million by the end of 2029 by growing with a CAGR of 5.4% during the forecast period.

On the other hand, the market in North America is expected to hold the second-leading market share throughout the forecast period. The market in the region garnered a revenue of USD 500.3 Million in the year 2020 and is further expected to touch USD 720.9 Million by the end of 2029 by growing with a CAGR of 3.4% during the forecast period. The market in the region is segmented by country into the United States and Canada. Out of the market in these countries, the market in the United States is anticipated to hold the largest market share during the forecast period, and further attain a market revenue of USD 482.8 Million by the end of 2021. Alternatively, the market in Canada is anticipated to grow with the highest CAGR of 4.7% during the forecast period.

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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, 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, and others, out of which, the automobile segment is projected to garner the largest market revenue of USD 636.7 Million by the end of 2029, up from a revenue of USD 449.4 Million in the year 2020. The segment is also expected to grow with a CAGR of 3.7% during the forecast period. In the Asia Pacific, the segment is anticipated to hold the highest market share throughout the forecast period and further garner revenue of USD 261.9 Million by the end of 2029, up from a revenue of USD 174.8 Million in 2020. Alternatively, the home appliance segment in the region is anticipated to grow with the highest CAGR of 5.4% during the forecast period and further attain a market revenue of USD 160.0 Million by the end of 2021. Further, in India, the automobile segment held the highest market share in the year 2020 and is further projected to garner the largest market revenue of USD 41.5 Million by the end of 2029 by growing with a CAGR of 5.7% during the forecast period, while in China, the home appliance segment is projected to grow with the highest CAGR of 5.7% during the forecast period. On the other hand, in North America, the automobile segment is anticipated to attain the largest market revenue of USD 170.1 Million by the end of 2029, up from USD 120.6 Million in the year 2020. Further, in the United States, the home appliance segment is projected to grow with the highest CAGR of 3.6% during the forecast period.

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The global electrical insulating varnish market is also segmented on the basis of method of application into trickle impregnation method, vacuum pressure impregnation (VPI) method, and dip & flood impregnation method, out of which, the vacuum pressure impregnation (VPI) method segment is expected to reach USD 1445.4 Million by the end of 2029, up from a revenue of USD 980.9 Million in the year 2020. In the Asia Pacific, the segment achieved the largest market revenue of USD 375.9 Million in the year 2020 and is further projected to touch USD 586.2 Million by the end of 2029. The segment in the region is also anticipated to grow with the highest CAGR of 5.3% during the forecast period. Further, in India, the segment is projected to grow with the highest CAGR of 6.2% during the forecast period, while in Japan, the segment is expected to garner the largest market revenue of USD 67.6 Million by the end of 2029, up from a revenue of USD 45.9 Million in 2020.

In Europe, the vacuum pressure impregnation (VPI) method segment garnered the largest market revenue of USD 246.0 Million in the year 2020 and is further expected to touch USD 337.1 Million by the end of 2029, by growing with the highest CAGR of 3.0% during the forecast period. In Germany, the segment is anticipated to grow with the highest CAGR of 3.7% during the forecast period, while in France, the segment registered the largest revenue of USD 37.9 Million in the year 2020 and is further projected to touch USD 50.6 Million by the end of 2029.

The 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
  • 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 Group, Showa Denko Materials Co., Ltd., Sichuan Dongfang Insulating Material Co., Ltd., ELANTAS GmbH, Momentive Performance Materials Inc., and others.

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