Electrical Insulating Varnish for Motor Vehicle Market Potential Growth, Worldwide Industry Analysis
The growing demand for electric and hybrid vehicles are expected to bolster the healthy growth of the market, states Fortune Business Insights, in a report, titled “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, 2020-2028.” The increasing production of fuel-efficient electronic vehicles (EV) by major companies can have a tremendous impact on the global market.
The electric vehicle market accentuates a profound study of the industry, while shedding light on vital facts and figures. It also offers insightful data about dominant regions, policies adopted by governments and companies. Besides, providing a brief overview of the market with future insights. The report also encompasses key factors exhibiting growth. In addition, COVID-19 impact is also covered in the report.
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Market Driver:
Acquisition of Dainichiseika’s Varnish Business by Hitachi Chemical to Promote Growth
Moreover, the growing use of insulating varnish in automotive motors for heat and Automatic Transmission Fluid (ATF) resistance is expected to further propel the growth of the market during the forecast period. The electrical insulating varnish is a primary or secondary type of insulation depending on the impregnation process. Most of the consumers prefer enameled wires and is mostly used in motors, generators, transformers, and electrical devices such as sensors, transformers, motors, and generators that work on electromagnetic principle. Thus, the growing utilization of enameled wires by OEMs can bolster the healthy growth of the market.
Hitachi Chemical, a major chemical manufacturer dealing in wide-ranging products, including semiconductor and display-related materials, printed wiring boards, copper-clad laminates, photosensitive dry films, functional polymeric materials, adhesive films, carbon products, ceramics, and automotive-related product announced that it has acquired Dainichiseika’s Varnish business with superior varnish technologies with an aim to develop the product portfolio and expand its business internationally. Furthermore, the growing demand for fuel-efficient electronic vehicles (EV) and hybrid electric vehicles (HEV) can have an excellent impact on the market during the forecast period.
However, improper selection of varnishes results in thermal degradation and insulation failures, thus hindering the growth of the market.
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Regional Analysis:
Presence of Eminent OEMs to Augment Growth in Asia Pacific
Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific is expected to hold the largest share owing to the presence of a high number of electrical equipment manufacturers in China, India, Taiwan, Japan, and South Korea. North America is expected to expand radically during the forecast period owing to the extensive R&D in the electrical and electronics sector. The increasing number of mobile manufacturing companies in Germany, Italy, and other European countries are likely to enable speedy expansion of the market in the region. The market in Latin America and the Middle East and Africa are expected to exhibit a steady growth rate during the forecast period due to the developing automotive industry in the regions.
Key Development:
August 2019: Axalta Coatings exhibited its wide range of liquid and powder coatings at the Electric and Hybrid Vehicle Technology Expo in Michigan.
The Report Lists the Key Companies in the Electrical Insulating Varnish for Motor Vehicle Market:
- Hitachi Chemical
- Kyocera
- Axalta
- Nitto
- Momentive
- Others
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