Global Core Plate Varnishes Market Size, Share, and COVID-19 Impact Analysis, By Material (Alkyd Phenolic Core Plate Varnishes, Polyurethane Core Plate Varnishes, Polyester Core Plate Varnishes, and Others), By Type (Pigmented, Un-pigmented, and Others), By Application (Motor, Generator, Transformer, Electromagnetic Poles, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2025 - 2035

Global Core Plate Varnishes Market Insights Forecasts to 2035

• The Global Core Plate Varnishes Market Size Was Estimated at USD 7.68 Billion in 2024
• The Market Size is Expected to Grow at a CAGR of around 6.7% from 2025 to 2035
• The Worldwide Core Plate Varnishes Market Size is Expected to Reach USD 15.67 Billion by 2035
• North America is expected to grow the fastest during the forecast period.

According to a research report published by Spherical Insights and Consulting, the global core plate varnishes market size was worth around USD 7.68 billion in 2024 and is predicted to grow to around USD 15.67 billion by 2035 with a compound annual growth rate (CAGR) of 6.7% from 2025 to 2035. The market for plate varnishes is growing primarily due to the increasing demand for solutions in industries such as automotive (particularly electric vehicles) and electronics, a stronger focus on energy efficiency, stricter environmental regulations promoting sustainable products and continuous innovations in varnish formulas.

Market Overview

The global core plate varnish industry refers to coatings used on steel laminations to offer insulation, protect against corrosion, and boost stability, thereby enhancing the efficiency and durability of devices. These varnishes are extensively utilized in transformers, electric motors, generators and various other power equipment to guarantee energy efficiency and minimize losses. The market expansion is mainly fueled by increasing demand for insulation solutions across the renewable energy, power generation and industrial sectors alongside advancements in resin technologies such as epoxy, polyester and polyurethane.

In 2025, amendments to the EU REACH and U.S. Clean Air Act will enforce VOC limits on coatings. This regulatory update is motivating manufacturers to develop low-VOC core plate varnishes, promoting innovation and increasing demand for environmentally friendly insulation solutions in electrical equipment. There are prospects in producing quality eco-friendly low-VOC varnishes that comply with strict environmental standards alongside expanding global infrastructure projects. Leading companies in the sector, such as Sherwin-Williams, PPG Industries, Valspar, Kansai Paint and AkzoNobel, are concentrating on creating products, forming alliances and expanding their footprints to enhance their market position. The rising use of vehicles, industrial automation and renewable energy initiatives is anticipated to drive market expansion.

Report Coverage

This research report categorizes the core plate varnishes market based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the core plate varnishes market. Recent market developments and competitive strategies, such as expansion, type launch, development, partnership, merger, and acquisition, have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the core plate varnishes market. 

Driving Factors

The global core plate varnishes market is driven by rising demand for insulating materials in industries such as power generation, automotive and consumer electronics. The enhanced production of motors, transformers and generators fuels the need for high-quality varnishes that improve durability, thermal resistance and corrosion protection. Advances in resin formulations, including epoxy, polyester and polyurethane varnishes, improve coating efficacy and the energy efficiency of equipment. Additional expansion is supported by the adoption of automated renewable energy projects and infrastructure developments worldwide. Furthermore, rigorous regulations on insulation and environmental criteria encourage the adoption of eco-varnish products.

Restraining Factors

The core plate varnishes market faces restraints from high raw material costs, fluctuating prices of resins and solvents, and stringent environmental regulations limiting VOC emissions. Complex application processes, need for skilled labor, and competition from alternative insulation technologies also hinder widespread adoption and market growth.

Market Segmentation

The core plate varnishes market share is classified into material, type, and application.  

• The alkyd phenolic core plate varnishes segment dominated the market in 2024, approximately 43% and is projected to grow at a substantial CAGR during the forecast period.

Based on the material, the core plate varnishes market is divided into alkyd phenolic core plate varnishes, polyurethane core plate varnishes, polyester core plate varnishes, and others. Among these, the alkyd phenolic core plate varnishes segment dominated the market in 2024 and is projected to grow at a substantial CAGR during the forecast period. The alkyd phenolic core plate varnishes segment led the market expansion due to its superior thermal resistance, robust electrical insulation capabilities and affordability. Commonly applied in transformers, motors and generators, it guarantees operation under elevated temperatures and mechanical strain. Increasing needs in power generation, industrial machinery and automotive industries further solidify its market status.

• The un-pigmented segment accounted for the largest share in 2024, approximately 49% and is anticipated to grow at a significant CAGR during the forecast period.

Based on the type, the core plate varnishes market is divided into pigmented, un-pigmented, and others. Among these, the un-pigmented segment accounted for the largest share in 2024 and is anticipated to grow at a significant CAGR during the forecast period. The un-pigmented core plate varnish limits segment expansion owing to its application in electrical insulation that demands transparent, high-quality coatings. Its excellent dielectric properties, heat resistance and adaptability to substrates render it perfect for transformers, motors and generators. Increasing needs in the power, industrial and automotive fields additionally fuel its leading market position.

• The transformer segment accounted for the highest market revenue in 2024, approximately 34% and is anticipated to grow at a significant CAGR during the forecast period.

Based on the application, the core plate varnishes market is divided into motor, generator, transformer, electromagnetic poles, and others. Among these, the transformer segment accounted for the highest market revenue in 2024 and is anticipated to grow at a significant CAGR during the forecast period. Growth in this segment is driven by rising global demand for reliable power transmission and distribution. Core plate varnishes are essential in transformers, preventing short circuits, reducing eddy current losses, and extending lifespan. Expanding renewable energy, urban grids, infrastructure upgrades, and electrification in emerging markets further boost demand for high-performance, thermally stable varnishes.

Regional Segment Analysis of the Core Plate Varnishes Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Asia Pacific is anticipated to hold the largest share of the core plate varnishes market over the predicted timeframe.

Asia Pacific is anticipated to hold the largest share of the core plate varnishes market over the predicted timeframe. The core plate varnishes market is anticipated to have a 44% market share, led by the Asia Pacific region due to the expansion, rising electricity demand and the growth of manufacturing sectors in countries such as China, India and Japan. The regions' increased investment in power generation, renewable energy projects, and urban infrastructure development drives the manufacturing of transformers and motors, thus boosting the demand for varnishes. Additionally, the rising adoption of insulating materials combined with government initiatives supporting energy efficiency and electrification further propels the market growth. The substantial consumer base and low manufacturing expenses in the Asia Pacific further enhance its dominance within the region.

North America is expected to grow at a rapid CAGR in the core plate varnishes market during the forecast period. North America, led by the United States, is projected to have a 20% market share, a rise in the core plate varnishes market. This expansion is driven by the rising need for energy- transformers and motors, strict insulation and VOC regulations, and infrastructure improvements. Innovations in varnish compositions, advanced production methods and the adoption of vehicles and industrial automation further promote market development. In April 2024, the U.S. DOE updated energy efficiency regulations under EPCA, reducing no-load and load losses, which led to $824 million in savings and increased demand for GOES cores with compliance required by April 2029.

Europe is witnessing steady growth in the core plate varnishes market, led by Germany, France, and the UK. Growth is driven by stringent environmental regulations, including VOC limits and energy efficiency standards, boosting demand for eco-friendly, high-performance varnishes. Expansion of renewable energy infrastructure, modernization of power grids, and adoption of advanced industrial equipment further enhance market growth, supporting transformer and motor manufacturers in achieving reliability and sustainability goals.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the core plate varnishes market, along with a comparative evaluation primarily based on their type of offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes type development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• PPG Industries
• Sherwin-Williams
• Mader
• AkzoNobel
• Helios Group
• Toyo Ink
• AEV Ltd
• Kansai Paint
• Rembrandtin
• ALTANA
• Bakelite Hylam Limited
• Axalta Coating Systems
• Hitachi Chemical Co. Ltd
• Sichuan Dongfang Insulating Material
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs) 

Recent Development

• In November 2025, Sherwin-Williams (U.S.) introduced its eco-friendly core plate varnishes line, featuring low-VOC, regulation-compliant, sustainable formulations for general electrical insulation and transformer applications.

• In March 2025, Sherwin-Williams Protective & Marine announced an expanded Global Core product line offering consistent coating quality and performance worldwide. The universal solutions ensure compatibility, color matching, and specification efficiency, providing asset owners, engineers, and applicators confidence on projects spanning multiple regions.

• In August 2024, AkzoNobel Packaging Coatings launched Accelshield 300, a bisphenol- and styrene-free internal beverage can coating. It offers superior corrosion protection and provides manufacturers with a reliable, compliant solution for current and future regulatory requirements.

• In April 2024, Quaker Houghton (U.S.) launched QH EVERTREAT 7000, a self-bonding electrical steel varnish offering enhanced processing flexibility and productivity, ideal for e-mobility lamination stacks and renewable energy applications.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the core plate varnishes market based on the below-mentioned segments: 

Global Core Plate Varnishes Market, By Material

• Alkyd Phenolic Core Plate Varnishes
• Polyurethane Core Plate Varnishes
• Polyester Core Plate Varnishes
• Others

Global Core Plate Varnishes Market, By Type

• Pigmented
• Un-pigmented
• Others

Global Core Plate Varnishes Market, By Application

• Motor
• Generator
• Transformer
• Electromagnetic Poles
• Others

Global Core Plate Varnishes Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico

• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe

• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific

• South America
  • Brazil
  • Argentina
  • Rest of South America

• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa