Global Core Plate Varnishes Market Competitive Landscape Report to 2029

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Global Core Plate Varnishes Market: Overview

• Energy is majorly lost during transmission from the generation site to distribution centers. Insulation plays a vital role in power transmission process in order to recover the lost energy and minimize losses. Core plate varnish is a type of insulation coating used on electrical devices & machines. Manufacturers are developing water-borne and heat-absorbing varnishes to insulate electrical steel.
• Core plate varnishes help reduce eddy current losses in electrical components, which enhances the efficiency and life of the components. Core plate varnishes are also utilized to insulate various electrical components, such as motor, generators, transformers, and other electromagnetic poles.

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Key Drivers of Core Plate Varnishes Market

• Increase in number of accidents due to lack of electrical safety and increasing adoption of electrical services are key factors driving core plate varnishes market. Installation of new units as well as repair and replacement activities are anticipated to boost the core plate varnishes market.
• Developed and developing countries are shifting rapidly toward sustainable energy systems, and the electric/hybrid vehicle industry is witnessing expansion. This industry requires high-grade core plate varnishes for various applications. Companies such as ArcelorMittal ThyssenKrupp are producing high-grade electrical steel in order to cater to the increasing demand. They are improving the magnetic properties of core plate varnishes and introducing higher grades and core plate varnishes, such as waterborne and heat curing coatings, to insulate electrical steel. Therefore, rising usage of core plate varnishes is expected to fuel the market during the forecast period.
• Rise in production of core plate varnishes is expected to be primarily driven by various application segments, where core plate varnishes are largely required in transformers and the motor industry. Governments of various developed countries have enacted regulations on the use of transformers, which prevent loss of energy and reduce emissions. Such regulations are expected to drive the demand for core plate varnishes, which in turn is projected to boost the core plate varnishes market.

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Key Segment of Core Plate Varnishes Market

• In terms of application, the motor segment is expected to dominate the market in 2018. The market share held by the motor segment is anticipated to decline due to rising demand for transformers, especially in the electricity transmission industry.
• Market share held by the transformers segment is expected to increase by 2027, due to the strengthening of economies of countries in Southeast Asia and direct investment in urbanization, rural electrification projects, and new industrial set-ups. China is expected to witness significant demand for core plate varnishes in the transformers segment.
• China plans to build new hydro-power stations and other sustainable energy systems to meet the anticipated power requirement owing to a rise in industrialization in the country. This is further expected to drive the consumption of transformers during the forecast period.

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Asia Pacific to Hold Notable Share of Global Core Plate Varnishes Market

• Asia Pacific accounted for a major share of the global core plate varnishes market in 2018. China is a major consumer of core plate varnishes in the region. The core plate varnishes market in Asia Pacific is expanding at a significant pace due to an increase in the demand for core plate varnishes from various end-user industries in developing economies such as China, India, and ASEAN. China and India are expected to witness high demand for core plate varnishes during the forecast period due to economic growth, rise in urban population, and expansion of industries, such as construction and automotive, in these countries.
• Increase in per capita consumption in Asia Pacific, consumer awareness about electrical safety, and trend to save more energy by insulation is a key factor driving the demand for core plate varnishes in the region