(EnergyIndustry.Net, February 04, 2020 ) The report "Electrical Insulation Materials Market by Type (Thermoplastics, Epoxy Resin, Ceramic), Application (Power Systems, Electronics Systems, Cables & Transmission Lines, Domestic Portable Appliances), and Region - Global Forecasts to 2021", The global electrical insulation materials market is projected to reach USD 9.58 Billion by 2021, registering a CAGR of 5.82% from 2016. Upgradation and modernization of transmission & distribution network have led to the development of new insulating materials. The high global demand for electricity further drives the electrical insulation materials market.
Thermoplastics and ceramics are the major types in the electrical insulation materials market
The demand for thermoplastics and ceramics is rising due to the increasing energy demand from growing economies such as India and China. It is likely to lead to higher investments in T&D capital expenditure. The growth is also due to increasing use of electrical appliances in the region along with the need to explore cost-effective and high-performance insulating materials.
Power system application represents the bulk of the demand for electrical insulating materials
The use of electrical insulation in power systems helps to avoid transmission failure, thereby ensuring safety of the appliances. Electrical insulation also helps to avoid damage to the power system and makes it easy to repair and replace the disturbance of power supply in the appliances. These factors have led to the growth of insulating materials in the power system application.
Browse in-depth TOC on "Electrical Insulation Materials Market” 58 - Market Data Tables 41 - Figures 152 - Pages
Asia-Pacific is estimated to account for the highest CAGR during the forecast period
Asia-Pacific is the largest market for electrical insulation materials market, followed by North America and Europe. China, the U.S., Japan, and Korea are the largest consumers of electrical insulating materials. Factors, such as augmentation & modernization of transmission & distribution network, increased global demand for electricity, upgrading of ageing technology, and growth of renewable energy have all led to the increasing demand of electrical insulating materials in the Asia-Pacific region.
Key players in the Electrical Insulation Materials Market
The key players in the global market include DuPont (U.S.), Elantas Electrical Insulation (Germany), ITW Formex (U.S.), Krempel GmbH (Germany), 3M (U.S.), Haysite Reinforced Plastics (U.S.), Vitar Insulation Manufacturer (Hong Kong), Nitto Denko Corporation (Japan), Tesa Se (Germany), and Teijin DuPont Films Japan Limited (Japan).
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