Improvising polyethylene insulations, increasing focus of R&D on energy saving manufacturing process of cellulose insulations, along with innovative product launches are driving the sales of electrical insulation materials.
Increasing application of electrical insulation materials in the electrical and electronics sector for various machines, devices, and equipment is expected to propel sales. Future Market Insights finds, the global electrical insulation materials market is projected to reach US$ 9.42 Bn in 2021.
As per the study, the sales are poised to expand at 6.4% CAGR, surpassing US$ 17.53 Bn in 2031. Rising demand for thermosets such as epoxy resins, used in power generation for safeguarding the machines and equipment is favoring the growth in the market.
Consequently, with increasing application in wires and cables, and batteries, demand for electrical wire and cable insulation materials will increase over the forecast period.
Besides this, consumer preference for cellulose, in the production of insulation boards and sheets for utilization in power and distribution transformers, is creating lucrative growth prospects for electrical insulation materials market players.
Regionally, East Asia is expected to contribute significant share, with China leading the growth in the global electrical insulation materials market. Growth in China is attributable to rising expenditure in innovation and development of new silicon electrical insulation materials for lithium ion batteries.
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“Increasing demand for thermoset electrical insulations, coupled with growth in infrastructural investments, will result in high demand for electrical insulation materials over the forecast period 2021-2031,” says an FMI analyst.
Key Takeaways:
Competitive Landscape
Leading players operating in the global electrical insulation materials market include Nitto Denko Corporation, 3M Company, E. I. DuPont de Nemours and Company, The Dow Chemical Company, Showa Denko Materials Co., Ltd., KREMPEL GmbH, ITW Formex, Elantas GmbH, Nikkan Industries Co., Ltd, Dr. Dietrich Müller GmbH, and others.
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Electrical Insulation Materials Markey by Category
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
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Aug 10, 2022