The market is expected to generate an incremental $ opportunity of US$ 7,241.1Mn between 2022 and 2032
Category: Chemicals & Materials Published Date : October 2022 ID: CVC-00465 Format: PDF Pages: 300
Electrical Insulation Materials Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Electrical Insulation Materials Market grew at a CAGR of 5.4% between 2017-2021 and is estimated to be US$ 9,561.2Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 5.8% and is expected to reach a valuation of US$ 16,802.3Mn by 2032 end.
The market is driven by increased demand for thermosets, such as epoxy resins used in power generation to protect machinery and equipment. In addition, the growing demand for electrical insulating materials in batteries, wires, and cables will continue to drive market growth.
GROWING DEMAND FOR ELECTRIC VEHICLES (EVS)
In EVs, electrical insulation materials are employed to reduce conductivity and safeguard electronic components. EV sales are rising due to rising pressure to reduce fuel use, emission standards, and shifting customer attitudes toward the adaptability of EVs. Sales of EVs as a whole are anticipated to increase from 6.6 million to 11.2 million, totaling 31.1 million.
This sector is anticipated to hold about 32% of the market in terms of new automobile sales. 2% of all car sales in the US where electric vehicle sales. According to Climatewire, sales of light-duty vehicles climbed by 5% and those of all passenger vehicles by 20%. The market for EVs in the US is anticipated to increase dramatically. These patterns indicate that demand for electrical insulation will increase.
RISING NUMBER OF LOW-QUALITY GREY MARKET PRODUCTS
The electric insulator industry has both organized and unorganized players/sectors. While players in the unorganized sector offer less expensive alternatives to build their market presence and break into local markets, the industry primarily targets industrial buyers and maintains excellent product quality. Leading market companies struggle against fierce competition from unorganized players who offer inexpensive, subpar goods.
These market participants from the unorganized sector can defeat the major firms due to their price parity and ability to maintain local supply networks. As low-quality products are marketed under the brand names of the industry leaders, the growth in sales of electric insulators on the grey market denigrates their reputations.
HVDC TRANSMISSION FOR LONG-DISTANCE TRANSMISSION LINES
Renewable energy sources are frequently found far away from inhabited regions. These situations involve the utilization of HVDC wires. These transmission lines require steady and ongoing system monitoring to provide minimal losses and fault protection.
They are the method for long-distance electrical transmission that is most effective. For HVDC cables, insulation materials may also be employed below ground or on the seafloor. It is anticipated that initiatives like NordLink in Europe will link Germany and southern Norway. A significant component of Germany’s energiewende (plan for environmentally sustainable energy supply) is the HVDC cable projects.
Market Segments Covered in Report
By Region and Country:
Why is the power systems segment projected to account for the largest share of the electrical insulation materials market?
In terms of value, the power systems sector held a 25.8% share of the market for electrical insulating materials. Power systems transport electricity produced in plants from one location to another. Developing nations like India, Brazil, and Indonesia are expanding their grid systems to offer power to rural areas.
Additional generation capacity expansions are anticipated to meet demand, and these additions are expected to call for new transmission and distribution infrastructure. As a result, the market for power systems will see an increase in demand for electrical insulation materials.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
Leading competitors in the electrical insulation materials market are focused on the growth of their production capabilities while investing in strategic business agreements. In addition, players are boosting their R&D spending to create innovative, flexible electrical insulation materials and introduce improved insulation solutions that can reduce power losses.
The key developments in the Global Electrical Insulation Materials Market:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Application, Type, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|