Global Electrical Insulating Varnish Market is forecasted to reach to 2.54 billion USD by 2024

The latest publication of Global Electrical Insulating Varnish Market Research Report 2018 from QYResearch showed that, the Global Electrical Insulating Varnish market size 1917.75 million USD in 2017 and it will be 2540.96 million USD in 2024, with a Growth Rate of 4.10% from 2017 to 2024. In the future, the market would modestly in developed areas. Also, the consumption in developing countries would be the growth point of recycling market. ​

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The market of Electrical Insulating Varnish is concentrated. Of the 2017 global market, the top 10 companies, all multinational, account for about 61.68% of sales. Elantas is by far the leader. Hitachi Chemical, Von Roll, Kyocera, Axalta, Superior Essex, TOTOKU TORYO, AEV, Spanjaard, Emtco, Xianda, RongTai, Taihu Electric, Jiaxing Qinghe Gaoli and JuFeng are also important players. As major suppliers are seeking acquisition to expand global presence, the market concentration is estimated to increase in the comming 5 years.

Global Electrical Insulating Varnish Market is forecasted to reach to 2.54 billion USD by 2024

Electrical Insulating Varnish can be categorized as Wire Enamels, Impregnation Varnish etc. Wire Enamels is the major type of Wire Enamels with market share of more than half in 2017. Impregnation Varnish is organic varnishes & solventless resins are widely used in the insulation system of electrical machines for impregnation applications. Impregnation Varnish has experienced a higher growth rate in overall Electrical Insulating Varnish market with CAGR above 6 % for the past several years.

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Main application of insulating varnishes is for electrical equipment such as motors, generators and transformers and to other electrical apparatus in general Grade CB, in most instances, gives maximum protection to the windings from moisture, oil, sea water, and other deleterious substances. As the economy recovers, the demand for electrical insulating varnish will continue to grow at a 3-4% in the next 5 years.

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