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.
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.
Are you a start-up willing to make it big in the business? Grab an exclusive PDF sample of this report
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.
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
Expanding operations in future? To get the perfect launch ask for a custom report
Key Players Operating in Market
The core plate varnishes market is highly fragmented with top manufacturers accounting for approximately 45% to 50% share of the global market. Key players operating in the core plate varnishes market include
- Bakelite Hylam Limited
- Super Urecoat Industries
Global Core Plate Varnishes Market: Research Scope
Global Core Plate Varnishes Market, by Type
Global Core Plate Varnishes Market, by Chemical Material
- Alkyd Phenolic
Global Core Plate Varnishes Market, by Application
- Electromagnetic Poles
Global Core Plate Varnishes Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.