Electrical Insulating Varnish for Motor Vehicle Market Size, Share & Industry Analysis, By Product (Wire Enamels, Impregnation Varnish), By Application (Motors, Transformers, Electric tools, Automobiles, Others) and Regional Forecast, 2024-2032
KEY INDUSTRY INSIGHTS
Varnishes are clear, hard, transparent, and protective films. They are generally colourless but are also available with tints and added pigments. Varnish is a mixture of a drying oil, solvent, and resin. Electrical insulating varnish is a primary or secondary type of insulation depending on impregnation process. To develop the insulation properties, a subordinate insulation which often is a thin layer of coating is used on loops gathered with wires. This process is called impregnation. Most of the consumers prefer enamelled wires and is mostly used in motors, generators, transformers, and electrical devices such as sensors, transformers, motors, and generators that work on electromagnetic principle.
The increasing demand for fuel-efficient electronic vehicles (EV) and hybrid electric vehicle (HEV) is swelling the demand for the electrical insulating varnishes further boosting the market growth. Additionally, growing use of insulating varnish in automotive motors for heat and Automatic Transmission Fluid (ATF) resistance shall further foster the demand for electrical insulating varnishes in various automotive industries.
However, improper selection of varnishes results in having opposite results like thermal degradation and insulation failures which is likely to hinder the market growth.
Key Market Driver -
Increasing demand for electric and hybrid electric vehicle.
Key Market Restraint -
Fear of thermal degradation and insulation breakdown failure.
Market Segmentation:
Based on product, the market is segmented into Wired Enamels and Impregnation Varnishes . Based on application, the market is segmented into motor, transformer, elecctric tools and automobiles.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Key Players Covered:
The global electrical insulating varnish for motor vehicle market has number of global & regional players operating in the industry. Some of the key players in the market includes Hitachi Chemical, Kyocera, Axalta, Nitto, Momentive, and Others.
Key Insights
- New Advancements in Production Technologies
- Key Trends in the Electrical Insulating Varnish for Motor Vehicle Market
- New Product Launches, Expansions, Key Players
- Ranking of Key Players in the Market
Regional Analysis:
The market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific holds the largest share in the market attributed to the presence of high number of electrical equipment manufacturers in China, India, Taiwan, Japan, and South Korea. North America is expected to show significantly due to the extensive R&D in electrical and electronics sector. The high number of automobile manufacturing companies in Germany, Italy and other Europeam countries is likely to act as growth factor. The Latin America and Middle East and Africa is expected to show significant gains by the end of the foreseeable timeframe.
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Segmentation
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Electrical Insulating Varnish for Motor Vehicle Industry Developments
- In August 2019, Axalta Coatings exhibited its wide range of liquid and powder coatings at the Electric and Hybrid Vehicle Technology Expo in Michigan.
- In February 2016, Hitachi Chemical acquired Dainichiseika’s Varnish business with superior varnish technologies in order to develop the product portfolio and expand its business internationally.
- Ongoing
- 2023
- 2019-2022
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