Oct 20, 2022   SOURCE: BusinessWire

$14.3 Billion Worldwide Electrical Insulation Materials Industry to 2027 - Refurbishment of Existing Grid Networks is Driving Growth - ResearchAndMarkets.com

The "Global Electrical Insulation Materials Market by Type (Thermoplastics, Epoxy Resins, Ceramics), Application (Power Systems, Electronic Systems, Cables & Transmission Lines, Domestic Portable Appliances), and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The global electrical insulation materials market size is projected to grow from USD 10.6 billion in 2022 to USD 14.3 billion by 2027, at a CAGR of 6.2% between 2022 and 2027.

Rising demand from emerging markets and growth of renewable energy are expected to offer significant growth opportunities to manufacturers of electrical insulation materials.

The power systems segment accounted for the largest share in the electrical insulation materials market in terms of value

Electrical insulation materials play a vital role in power systems. Transformers are among the most important part of power systems utilizing electrical insulation materials. Electrical insulations are needed to control operating temperatures, material compatibility issues, and general insulation requirements. Oils are a major electrical insulating material used in transformers.

Thermoplastic is the fastest growing electrical insulation material type

Thermoplastics are widely used in electrical insulation materials, accounting for 34.2% of the overall market, in terms of value, in 2021. The market in the thermoplastics segment is projected to register a CAGR of 6.3% between 2022 and 2027. The demand for thermoplastics is increasing because they provide superior heat resistance and compatibility for greater strength in electrical appliances.

North America is estimated to be the second-largest market for electrical insulation materials

North America is the second-largest market for electrical insulation materials. US, Canada, and Mexico are the major countries in North American electrical insulation materials. The region has a strong industrial base in developed economies, such as the UK, France, Italy, Spain, and Germany. Some of the major players operating in the electrical insulation materials market are based in this region, such as DuPont, ITW Formex 3 M, and Haysite Reinforced plastics.

Market Dynamics

Drivers

  • Refurbishment of Existing Grid Networks
  • Increasing Demand for Electricity
  • Growth of Renewable Energy
  • Growing Demand for Electric Vehicles

Restraints

  • Rising Number of Low-Quality Grey Market Products

Opportunities

  • HVDC Transmission for Long-Distance Transmission Lines
  • Adapting to Smart Grid Technology

Challenges

  • Volatile Raw Material Prices

Companies Mentioned

  • 3M
  • Aditya Birla Insulators
  • Coveme S.P.A.
  • Dr. Dietrich Muller GmbH
  • Dupont
  • Elantas (Altana AG)
  • Fralock
  • Haysite Reinforced Plastics
  • Hubbell Power Systems
  • ITW Formex
  • Krempel GmbH
  • Miki Tokushu Paper Mfg Co. Ltd.
  • Ngk Insulators Ltd.
  • Nikkan Industries Co. Ltd.
  • Nitto Denko Corporation
  • Power Telecom
  • Saint-Gobain
  • Sichuan Dongfang Insulating Materials Co. Ltd.
  • Teijin Dupont Films Japan Ltd.
  • Tesa SE
  • Victor Insulators
  • Vitar Insulation Manufacturers Ltd.
  • Von Roll
  • Wacker Chemie AG
  • Weidmann Holding AG

For more information about this report visit https://www.researchandmarkets.com/r/7h2373