含浸樹脂市場レポート：タイプ、形態、用途、地域別、2025年～2033年

含浸樹脂の世界市場規模は2024年に21億米ドルに達しました。今後、IMARC Groupは、市場は2033年までに34億米ドルに達し、2025年から2033年にかけて5.31%の成長率（CAGR）を示すと予測しています。再生可能エネルギー分野の成長、電気絶縁の需要増加、現在進行中の先端材料、自動車産業の拡大が主に市場の成長を牽引しています。

含浸樹脂は二次絶縁材料としても知られ、反応性シンナーで希釈した有機液体樹脂を指します。ホルムアルデヒドを含み、主分子の二量体と三量体からなります。濃厚で粘性があり、林産物産業で木材の改質に使用されます。含浸樹脂は、電気モーター、フィラメント巻線、発電機、家電製品、電気部品、変圧器にも使用されます。電気絶縁性、気候変動からの保護、機械的安定性を発揮します。樹脂を保護し、鉄心、スロット絶縁体、巻き線間の熱伝達を促進します。

含浸樹脂市場動向：

世界の自動車産業の著しい成長が、市場に明るい展望をもたらしています。含浸樹脂は、従来の自動車や電気自動車（EV）のスターター、電気モーター、オルタネーターの含浸に広く使用されています。これに伴い、脱炭素化を加速し、温室効果ガス（GHG）排出量を削減するためのさまざまな政府イニシアティブが実施されていることが、市場の成長に好影響を与えています。さらに、変圧器、発電機、モーターの製造、ワニスやワイヤエナメルの含浸に広く製品が採用されていることも、成長を促進する要因となっています。これとは別に、従来製品よりも環境に優しい設計の水性含浸樹脂のイントロダクションが、市場成長に弾みをつけています。さらに、電気・電子部品の需要の増加が市場成長を促進しています。巻線や銅線に樹脂を含浸させることで、振動を防ぎ、絶縁性を高め、通常運転時の熱交換を増加させ、応力や温度負荷に強く、巻線の短絡のリスクを低減することができます。その他の要因としては、無溶剤含浸樹脂の広範な利用、広範な研究開発（R&D）活動、モーターをより保護し、高い機械的安定性を提供する高度な含浸樹脂の発売などがあり、市場の成長を促進すると予想されます。

目次

第1章 序文

第2章 調査範囲と調査手法

• 調査の目的
• ステークホルダー
• データソース
  • 一次情報
  • 二次情報
• 市場推定
  • ボトムアップアプローチ
  • トップダウンアプローチ
• 調査手法

第3章 エグゼクティブサマリー

第4章 イントロダクション

• 概要
• 主要業界動向

第5章 世界の含浸樹脂市場

• 市場概要
• 市場実績
• COVID-19の影響
• 市場予測

第6章 市場内訳：タイプ別

• フェノールホルムアルデヒド
  • 市場動向
  • 市場予測
• 尿素ホルムアルデヒド
  • 市場動向
  • 市場予測
• メラミンホルムアルデヒド
  • 市場動向
  • 市場予測

第7章 市場内訳：形態別

• 無溶剤
  • 市場動向
  • 市場予測
• 溶剤系
  • 市場動向
  • 市場予測
• その他
  • 市場動向
  • 市場予測

第8章 市場内訳：用途別

• モーターと発電機
  • 市場動向
  • 市場予測
• 家電製品
  • 市場動向
  • 市場予測
• 変圧器
  • 市場動向
  • 市場予測
• 自動車部品
  • 市場動向
  • 市場予測
• その他
  • 市場動向
  • 市場予測

第9章 市場内訳：地域別

• 北米
  • 米国
  • カナダ
• アジア太平洋地域
  • 中国
  • 日本
  • インド
  • 韓国
  • オーストラリア
  • インドネシア
  • その他
• 欧州
  • ドイツ
  • フランス
  • 英国
  • イタリア
  • スペイン
  • ロシア
  • その他
• ラテンアメリカ
  • ブラジル
  • メキシコ
  • その他
• 中東・アフリカ
  • 市場動向
  • 市場内訳：国別
  • 市場予測

第10章 SWOT分析

• 概要
• 強み
• 弱み
• 機会
• 脅威

第11章 バリューチェーン分析

第12章 ポーターのファイブフォース分析

• 概要
• 買い手の交渉力
• 供給企業の交渉力
• 競合の程度
• 新規参入業者の脅威
• 代替品の脅威

第13章 価格分析

第14章 競合情勢

• 市場構造
• 主要企業
• 主要企業のプロファイル
  • 3M Company
  • Aev Asia Sdn. Bhd.
  • Axalta Coating Systems Ltd.
  • BASF SE
  • Bodo Moller Chemie GmbH
  • Elantas Pdg Inc.（Altana AG）
  • Huntsman International LLC（Huntsman Corporation）
  • Robnor ResinLab Ltd.
  • Showa Denko Materials Co. Ltd
  • Von Roll Holding AG
  • Wacker Chemie AG

List of Figures

• Figure 1: Global: Impregnating Resins Market: Major Drivers and Challenges
• Figure 2: Global: Impregnating Resins Market: Sales Value (in Billion USD), 2019-2024
• Figure 3: Global: Impregnating Resins Market Forecast: Sales Value (in Billion USD), 2025-2033
• Figure 4: Global: Impregnating Resins Market: Breakup by Type (in %), 2024
• Figure 5: Global: Impregnating Resins Market: Breakup by Form (in %), 2024
• Figure 6: Global: Impregnating Resins Market: Breakup by Application (in %), 2024
• Figure 7: Global: Impregnating Resins Market: Breakup by Region (in %), 2024
• Figure 8: Global: Impregnating Resins (Phenol Formaldehyde) Market: Sales Value (in Million USD), 2019 & 2024
• Figure 9: Global: Impregnating Resins (Phenol Formaldehyde) Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 10: Global: Impregnating Resins (Urea Formaldehyde) Market: Sales Value (in Million USD), 2019 & 2024
• Figure 11: Global: Impregnating Resins (Urea Formaldehyde) Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 12: Global: Impregnating Resins (Melamine Formaldehyde) Market: Sales Value (in Million USD), 2019 & 2024
• Figure 13: Global: Impregnating Resins (Melamine Formaldehyde) Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 14: Global: Impregnating Resins (Solventless) Market: Sales Value (in Million USD), 2019 & 2024
• Figure 15: Global: Impregnating Resins (Solventless) Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 16: Global: Impregnating Resins (Solvent-based) Market: Sales Value (in Million USD), 2019 & 2024
• Figure 17: Global: Impregnating Resins (Solvent-based) Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 18: Global: Impregnating Resins (Other Forms) Market: Sales Value (in Million USD), 2019 & 2024
• Figure 19: Global: Impregnating Resins (Other Forms) Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 20: Global: Impregnating Resins (Motors and Generators) Market: Sales Value (in Million USD), 2019 & 2024
• Figure 21: Global: Impregnating Resins (Motors and Generators) Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 22: Global: Impregnating Resins (Home Appliances) Market: Sales Value (in Million USD), 2019 & 2024
• Figure 23: Global: Impregnating Resins (Home Appliances) Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 24: Global: Impregnating Resins (Transformer) Market: Sales Value (in Million USD), 2019 & 2024
• Figure 25: Global: Impregnating Resins (Transformer) Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 26: Global: Impregnating Resins (Automotive Components) Market: Sales Value (in Million USD), 2019 & 2024
• Figure 27: Global: Impregnating Resins (Automotive Components) Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 28: Global: Impregnating Resins (Other Applications) Market: Sales Value (in Million USD), 2019 & 2024
• Figure 29: Global: Impregnating Resins (Other Applications) Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 30: North America: Impregnating Resins Market: Sales Value (in Million USD), 2019 & 2024
• Figure 31: North America: Impregnating Resins Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 32: United States: Impregnating Resins Market: Sales Value (in Million USD), 2019 & 2024
• Figure 33: United States: Impregnating Resins Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 34: Canada: Impregnating Resins Market: Sales Value (in Million USD), 2019 & 2024
• Figure 35: Canada: Impregnating Resins Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 36: Asia-Pacific: Impregnating Resins Market: Sales Value (in Million USD), 2019 & 2024
• Figure 37: Asia-Pacific: Impregnating Resins Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 38: China: Impregnating Resins Market: Sales Value (in Million USD), 2019 & 2024
• Figure 39: China: Impregnating Resins Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 40: Japan: Impregnating Resins Market: Sales Value (in Million USD), 2019 & 2024
• Figure 41: Japan: Impregnating Resins Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 42: India: Impregnating Resins Market: Sales Value (in Million USD), 2019 & 2024
• Figure 43: India: Impregnating Resins Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 44: South Korea: Impregnating Resins Market: Sales Value (in Million USD), 2019 & 2024
• Figure 45: South Korea: Impregnating Resins Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 46: Australia: Impregnating Resins Market: Sales Value (in Million USD), 2019 & 2024
• Figure 47: Australia: Impregnating Resins Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 48: Indonesia: Impregnating Resins Market: Sales Value (in Million USD), 2019 & 2024
• Figure 49: Indonesia: Impregnating Resins Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 50: Others: Impregnating Resins Market: Sales Value (in Million USD), 2019 & 2024
• Figure 51: Others: Impregnating Resins Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 52: Europe: Impregnating Resins Market: Sales Value (in Million USD), 2019 & 2024
• Figure 53: Europe: Impregnating Resins Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 54: Germany: Impregnating Resins Market: Sales Value (in Million USD), 2019 & 2024
• Figure 55: Germany: Impregnating Resins Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 56: France: Impregnating Resins Market: Sales Value (in Million USD), 2019 & 2024
• Figure 57: France: Impregnating Resins Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 58: United Kingdom: Impregnating Resins Market: Sales Value (in Million USD), 2019 & 2024
• Figure 59: United Kingdom: Impregnating Resins Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 60: Italy: Impregnating Resins Market: Sales Value (in Million USD), 2019 & 2024
• Figure 61: Italy: Impregnating Resins Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 62: Spain: Impregnating Resins Market: Sales Value (in Million USD), 2019 & 2024
• Figure 63: Spain: Impregnating Resins Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 64: Russia: Impregnating Resins Market: Sales Value (in Million USD), 2019 & 2024
• Figure 65: Russia: Impregnating Resins Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 66: Others: Impregnating Resins Market: Sales Value (in Million USD), 2019 & 2024
• Figure 67: Others: Impregnating Resins Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 68: Latin America: Impregnating Resins Market: Sales Value (in Million USD), 2019 & 2024
• Figure 69: Latin America: Impregnating Resins Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 70: Brazil: Impregnating Resins Market: Sales Value (in Million USD), 2019 & 2024
• Figure 71: Brazil: Impregnating Resins Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 72: Mexico: Impregnating Resins Market: Sales Value (in Million USD), 2019 & 2024
• Figure 73: Mexico: Impregnating Resins Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 74: Others: Impregnating Resins Market: Sales Value (in Million USD), 2019 & 2024
• Figure 75: Others: Impregnating Resins Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 76: Middle East and Africa: Impregnating Resins Market: Sales Value (in Million USD), 2019 & 2024
• Figure 77: Middle East and Africa: Impregnating Resins Market: Breakup by Country (in %), 2024
• Figure 78: Middle East and Africa: Impregnating Resins Market Forecast: Sales Value (in Million USD), 2025-2033
• Figure 79: Global: Impregnating Resins Industry: SWOT Analysis
• Figure 80: Global: Impregnating Resins Industry: Value Chain Analysis
• Figure 81: Global: Impregnating Resins Industry: Porter's Five Forces Analysis

List of Tables

• Table 1: Global: Impregnating Resins Market: Key Industry Highlights, 2024 and 2033
• Table 2: Global: Impregnating Resins Market Forecast: Breakup by Type (in Million USD), 2025-2033
• Table 3: Global: Impregnating Resins Market Forecast: Breakup by Form (in Million USD), 2025-2033
• Table 4: Global: Impregnating Resins Market Forecast: Breakup by Application (in Million USD), 2025-2033
• Table 5: Global: Impregnating Resins Market Forecast: Breakup by Region (in Million USD), 2025-2033
• Table 6: Global: Impregnating Resins Market: Competitive Structure
• Table 7: Global: Impregnating Resins Market: Key Players

The global impregnating resins market size reached USD 2.1 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 3.4 Billion by 2033, exhibiting a growth rate (CAGR) of 5.31% during 2025-2033. The growing renewable energy sector, rising demand for electrical insulation, ongoing advancements materials, and automotive industry expansion are primarily driving the market's growth.

Impregnating resins, also known as secondary insulation materials, refer to organic liquid resins diluted with reactive thinners. They contain formaldehyde and are composed of dimers and trimers of the main molecule. They are thick and viscous that are used in the forest products industry for wood modification. Impregnating resins are also used in electric motors, filament winding, generators, home appliances, electrical components, and transformers. They exhibit electrical insulation, protection from climate changes, and mechanical stability. They provide resin protection and enhance heat transfer among iron cores, slot insulations, and wires wending.

Impregnating Resins Market Trends:

The significant growth in the automotive industry across the globe is creating a positive outlook for the market. Impregnating resins are widely used to impregnate starters, electric motors, and alternators in conventional vehicles and electric vehicles (EVs). In line with this, the implementation of various government initiatives to accelerate decarbonization and reduce greenhouse gas (GHG) emissions are favoring the market growth. Additionally, the widespread product adoption for producing transformers, generators, and motors, and impregnating varnishes and wire enamels is acting as another growth-inducing factor. Apart from this, the introduction of water-based impregnation resins that are designed to be more environmentally friendly than conventional products is providing an impetus to the market growth. Moreover, the increasing demand for electrical and electronic components is facilitating the market growth. Resin impregnation of windings and copper wires prevents vibration, provides better insulation, increases heat exchange during regular operation, is resistant to stresses and temperature loads, and reduces the risk of short circuits in the windings, which, in turn, is augmenting the market growth. Other factors, including the widespread utilization of solvent-less impregnating resins, extensive research and development (R&D) activities, and the launch of advanced impregnating resins that makes the motor more protective and provides high mechanical stability, are anticipated to drive the market growth.

Global Impregnating Resins Industry Segmentation:

Breakup by Type:

Phenol Formaldehyde

Urea Formaldehyde

Melamine Formaldehyde

Breakup by Form:

Solventless

Solvent-based

Others

Breakup by Application:

Motors and Generators

Home Appliances

Transformer

Automotive Components

Others

Breakup by Region:

North America

United States

Canada

Asia-Pacific

China

Japan

India

South Korea

Australia

Indonesia

Others

Europe

Germany

France

United Kingdom

Italy

Spain

Russia

Others

Latin America

Brazil

Mexico

Others

Middle East and Africa

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being 3M Company, Aev Asia Sdn. Bhd., Axalta Coating Systems Ltd., BASF SE, Bodo Moller Chemie GmbH, Elantas Pdg Inc. (Altana AG), Huntsman International LLC (Huntsman Corporation), Robnor ResinLab Ltd., Showa Denko Materials Co. Ltd, Von Roll Holding AG and Wacker Chemie AG.

Key Questions Answered in This Report

• How has the global impregnating resins market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the global impregnating resins market?
• What are the key regional markets?
• What is the breakup of the market based on the type?
• What is the breakup of the market based on the form?
• What is the breakup of the market based on the application?
• What are the various stages in the value chain of the industry?
• What are the key driving factors and challenges in the industry?
• What is the structure of the global impregnating resins market and who are the key players?
• What is the degree of competition in the industry?

Table of Contents

1 Preface

2 Scope and Methodology

• 2.1 Objectives of the Study
• 2.2 Stakeholders
• 2.3 Data Sources
  • 2.3.1 Primary Sources
  • 2.3.2 Secondary Sources
• 2.4 Market Estimation
  • 2.4.1 Bottom-Up Approach
  • 2.4.2 Top-Down Approach
• 2.5 Forecasting Methodology

3 Executive Summary

4 Introduction

• 4.1 Overview
• 4.2 Key Industry Trends

5 Global Impregnating Resins Market

• 5.1 Market Overview
• 5.2 Market Performance
• 5.3 Impact of COVID-19
• 5.4 Market Forecast

6 Market Breakup by Type

• 6.1 Phenol Formaldehyde
  • 6.1.1 Market Trends
  • 6.1.2 Market Forecast
• 6.2 Urea Formaldehyde
  • 6.2.1 Market Trends
  • 6.2.2 Market Forecast
• 6.3 Melamine Formaldehyde
  • 6.3.1 Market Trends
  • 6.3.2 Market Forecast

7 Market Breakup by Form

• 7.1 Solventless
  • 7.1.1 Market Trends
  • 7.1.2 Market Forecast
• 7.2 Solvent-based
  • 7.2.1 Market Trends
  • 7.2.2 Market Forecast
• 7.3 Others
  • 7.3.1 Market Trends
  • 7.3.2 Market Forecast

8 Market Breakup by Application

• 8.1 Motors and Generators
  • 8.1.1 Market Trends
  • 8.1.2 Market Forecast
• 8.2 Home Appliances
  • 8.2.1 Market Trends
  • 8.2.2 Market Forecast
• 8.3 Transformer
  • 8.3.1 Market Trends
  • 8.3.2 Market Forecast
• 8.4 Automotive Components
  • 8.4.1 Market Trends
  • 8.4.2 Market Forecast
• 8.5 Others
  • 8.5.1 Market Trends
  • 8.5.2 Market Forecast

9 Market Breakup by Region

• 9.1 North America
  • 9.1.1 United States
    • 9.1.1.1 Market Trends
    • 9.1.1.2 Market Forecast
  • 9.1.2 Canada
    • 9.1.2.1 Market Trends
    • 9.1.2.2 Market Forecast
• 9.2 Asia-Pacific
  • 9.2.1 China
    • 9.2.1.1 Market Trends
    • 9.2.1.2 Market Forecast
  • 9.2.2 Japan
    • 9.2.2.1 Market Trends
    • 9.2.2.2 Market Forecast
  • 9.2.3 India
    • 9.2.3.1 Market Trends
    • 9.2.3.2 Market Forecast
  • 9.2.4 South Korea
    • 9.2.4.1 Market Trends
    • 9.2.4.2 Market Forecast
  • 9.2.5 Australia
    • 9.2.5.1 Market Trends
    • 9.2.5.2 Market Forecast
  • 9.2.6 Indonesia
    • 9.2.6.1 Market Trends
    • 9.2.6.2 Market Forecast
  • 9.2.7 Others
    • 9.2.7.1 Market Trends
    • 9.2.7.2 Market Forecast
• 9.3 Europe
  • 9.3.1 Germany
    • 9.3.1.1 Market Trends
    • 9.3.1.2 Market Forecast
  • 9.3.2 France
    • 9.3.2.1 Market Trends
    • 9.3.2.2 Market Forecast
  • 9.3.3 United Kingdom
    • 9.3.3.1 Market Trends
    • 9.3.3.2 Market Forecast
  • 9.3.4 Italy
    • 9.3.4.1 Market Trends
    • 9.3.4.2 Market Forecast
  • 9.3.5 Spain
    • 9.3.5.1 Market Trends
    • 9.3.5.2 Market Forecast
  • 9.3.6 Russia
    • 9.3.6.1 Market Trends
    • 9.3.6.2 Market Forecast
  • 9.3.7 Others
    • 9.3.7.1 Market Trends
    • 9.3.7.2 Market Forecast
• 9.4 Latin America
  • 9.4.1 Brazil
    • 9.4.1.1 Market Trends
    • 9.4.1.2 Market Forecast
  • 9.4.2 Mexico
    • 9.4.2.1 Market Trends
    • 9.4.2.2 Market Forecast
  • 9.4.3 Others
    • 9.4.3.1 Market Trends
    • 9.4.3.2 Market Forecast
• 9.5 Middle East and Africa
  • 9.5.1 Market Trends
  • 9.5.2 Market Breakup by Country
  • 9.5.3 Market Forecast

10 SWOT Analysis

• 10.1 Overview
• 10.2 Strengths
• 10.3 Weaknesses
• 10.4 Opportunities
• 10.5 Threats

11 Value Chain Analysis

12 Porters Five Forces Analysis

• 12.1 Overview
• 12.2 Bargaining Power of Buyers
• 12.3 Bargaining Power of Suppliers
• 12.4 Degree of Competition
• 12.5 Threat of New Entrants
• 12.6 Threat of Substitutes

13 Price Analysis

14 Competitive Landscape

• 14.1 Market Structure
• 14.2 Key Players
• 14.3 Profiles of Key Players
  • 14.3.1 3M Company
    • 14.3.1.1 Company Overview
    • 14.3.1.2 Product Portfolio
    • 14.3.1.3 Financials
    • 14.3.1.4 SWOT Analysis
  • 14.3.2 Aev Asia Sdn. Bhd.
    • 14.3.2.1 Company Overview
    • 14.3.2.2 Product Portfolio
  • 14.3.3 Axalta Coating Systems Ltd.
    • 14.3.3.1 Company Overview
    • 14.3.3.2 Product Portfolio
    • 14.3.3.3 Financials
    • 14.3.3.4 SWOT Analysis
  • 14.3.4 BASF SE
    • 14.3.4.1 Company Overview
    • 14.3.4.2 Product Portfolio
    • 14.3.4.3 Financials
    • 14.3.4.4 SWOT Analysis
  • 14.3.5 Bodo Moller Chemie GmbH
    • 14.3.5.1 Company Overview
    • 14.3.5.2 Product Portfolio
  • 14.3.6 Elantas Pdg Inc. (Altana AG)
    • 14.3.6.1 Company Overview
    • 14.3.6.2 Product Portfolio
  • 14.3.7 Huntsman International LLC (Huntsman Corporation)
    • 14.3.7.1 Company Overview
    • 14.3.7.2 Product Portfolio
  • 14.3.8 Robnor ResinLab Ltd.
    • 14.3.8.1 Company Overview
    • 14.3.8.2 Product Portfolio
  • 14.3.9 Showa Denko Materials Co. Ltd
    • 14.3.9.1 Company Overview
    • 14.3.9.2 Product Portfolio
  • 14.3.10 Von Roll Holding AG
    • 14.3.10.1 Company Overview
    • 14.3.10.2 Product Portfolio
    • 14.3.10.3 Financials
  • 14.3.11 Wacker Chemie AG
    • 14.3.11.1 Company Overview
    • 14.3.11.2 Product Portfolio
    • 14.3.11.3 Financials
    • 14.3.11.4 SWOT Analysis