The electrical insulation coatings market offers products like epoxy, acrylic, polysiloxane, PTFE that provide protection against heat, moisture, and voltage for electrical components in various industries. Electrical insulation coatings serve a critical function by preventing leakage of current and electrical shorts while enhancing reliability and safety. The growing power infrastructure along with strict fire safety regulations have increased the product demand over the years. The Global Electrical insulation coatings Market is estimated to be valued at US$ 2.67 BN in 2024 and is expected to exhibit a CAGR of 4.7% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Electrical Insulation Coatings Market Growth are ELANTAS PDG, Inc., GLS Coatings Ltd., SK FORMULATIONS INDIA PVT. LTD., PTFE Applied Coatings, Axalta Coating Systems, LLC, Akzo Nobel N.V., Evonik Industries AG, 3M, PPG Industries, Inc., Thermal Spray Coatings (A Fisher Barton Company), GfE Gesellschaft für Elektrometallurgie mbH. The key players are focused on new product development and capacity expansion strategies to gain a competitive edge in the market.
The growing investments in transmission and distribution networks across regions present lucrative opportunities for electrical insulation coatings manufacturers. Furthermore, the rising focus on renewable energy generation will augment the demand for insulation coatings.
The key players are actively collaborating with OEMs and expanding their manufacturing facilities globally especially in Asia Pacific and Middle East & Africa to capitalize on high growth opportunities. For instance, Axalta Coating Systems recently commissioned a new 250,000 sq. ft. manufacturing plant in Chennai, India to meet the rising local demand.
Market drivers and restrain
The increasing construction of new power plants and transmission lines worldwide owing to rapid urbanization and industrialization is the key market driver. Power infrastructure projects in developing nations offer potential growth avenues. For example, China's 14th Five-Year Plan (2021-2025) emphasizes on green energy initiatives and smart grids modernization spurring product use.
Stringent environmental regulations around the globe pertaining to use of low-VOC and hazardous substances may restrain the market growth to some extent. Further, high R&D investments required for continuous innovations and new product development pose challenges for small players.
Segment Analysis
The electrical insulation coatings market can be divided into epoxy coatings, polyurethane coatings, acrylic coatings and others. The epoxy coatings segment dominates the market and is expected to continue its dominance over the forecast period. Epoxy coatings provide excellent properties such as good adhesion, chemical resistance and electrical insulation. They are used across various end use industries like automotive, consumer electronics, industrial etc.
Global Analysis
North America is expected to be the fastest growing region in the electrical insulation coatings market during the forecast period. The presence of major electronics and automotive manufacturing hubs in the US and Canada is driving the demand for electrical insulation coatings in the region. The increasing investments in infrastructure development projects are augmenting the usage of electrical insulation coatings in Asia Pacific. China, Japan and India account for the major share of the regional market. Europe is another prominent market owing to high demand from industrial and automotive sectors in Germany, UK and France.
Get more insights on Electrical Insulation Coatings Market
Electrical Insulation Coatings has excellent electrical insulation coating.Have good electric properties, thermal properties, mechanical properties and chemical properties.The prime factor driving demand for electrical insulation coating can be directly correlated with rapid economic and population growth across the globe.
This has led to the rising demand for electricity and power generation, translating into increasing consumption of electrical insulation coating.QY Research has recently curated a research report titled, Global Electrical Insulation Coatings Market Research Report 2020.
The global Electrical Insulation Coatings market is growing remarkably fast and is likely to thrive in terms of volume and revenue during the forecast period.
Readers can gain insight into the various opportunities and restraints shaping the market.
Pricing analysis is included in the report according to each type from the year 2015 to 2026, manufacturer from 2015 to 2020, region from 2015 to 2020, and global price from 2015 to 2026.A thorough evaluation of the restrains included in the report portrays the contrast to drivers and gives room for strategic planning.
Additionally, insights into market expert’s opinions have been taken to understand the market better.Global Electrical Insulation Coatings Market: Segment AnalysisThe research report includes specific segments such as application and product type.
The insulation coatings market is estimated to be USD 8.5 billion in 2020 and is projected to reach USD 11.3 billion by 2025, at a CAGR of 5.8% between 2020 and 2025.
Protection of equipment, pipelines, and other components from harsh environments to make them energy efficient are the major drivers of the global insulation market during the forecast period.♦ Download Detailed PDF Brochure Here: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=26484290Insulation coating prevents the transfer of heat, sound, or electricity from one surface area to another.
These coatings help in personnel protection, saves energy, and contribute to the improvement in the overall process efficiency.
They are manufactured using various materials such as acrylic, epoxy, polyurethane, mullite and yttria stabilized zirconia (YSZ).Insulation coatings are used in a wide range of applications such as building and construction, to create a heat/electrical barrier in aircraft components, insulating pipelines, storage tanks, engine turbines, marine vessels, industrial equipment, and automobile components.Expansions, investment, and agreements were the key strategies adopted by the major players to achieve growth in the global insulation coatings market between 2017 and 2020.
The major players in the insulation coatings market are AkzoNobel, PPG Industries, Sherwin-Williams Company, Nippon and Kansai.♦ Speak To Analyst – https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=26484290The impact of COVID-19 pandemic on the insulation coatings market is negative in 2020, due to supply chain disruption, containment restrictions and the fall in demand for insulation coatings.
Whereas the demand for insulation coating is expected to increase as the imposed restriction are removed.The companies have initiated the following developments:In September 2020, AkzoNobel acquired Stahl Performance Powder Coatings which will help AkzoNobel to strengthen its position in powder coating industry.
