Electrical Insulation Coatings Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3974
Electrical Insulation Coatings Market size is anticipated to achieve significant growth rate in the near future owing to increasing product demand from power generation activities worldwide. Electrical insulation coatings are made from ceramics, polymers or alloys. These coatings are used in providing insulation to several lamination stacks such as in transformers, relays, motors, switches, etc. This category of coatings is used both in low and high voltage applications. Product is applied on metallic substrate having a strong bond strength, nevertheless, can also be used in composite substrate. Although, manufactures are more focused towards advanced coating with a high gloss, bond strength as well UV resistance.
Growing electricity consumption mainly in the emerging economies has led to expansion of power generation projects, which will trigger product demand and thus result in driving the overall electrical insulation coatings market size by 2025. Increasing demand from energy conversion and electronics products is another factor influencing the market growth. A major share of the demand is expected to be emerging from developed nations. For instance, installed capacity of large sized transformers in the U.S. is quite high. However, these transformers are aging and hence generating necessity to replace the existing infrastructure with new connections which in turn will drive product demand, thereby resulting in propelling electrical insulation coatings market size by 2025.
Stringent government regulations and unstable volatile raw materials are few factors likely to restrict the electrical insulation coatings market growth in the forthcoming years. China is one of the major producers of powder coatings and resins. Strict regulations regarding VOC and limited government support are few factors effecting the raw materials supply from China which resulted in higher production cost. However, growing product demand from consistently advancing electronics industry will help generate positive outlooks for the overall business size by 2025.
On the basis of product type, the electrical insulation coatings market is categorized as liquid and powder electrical insulation coatings. Liquid segment captured the largest share of the overall market size in 2018. However, liquid electrical insulation coatings are anticipated to lose their market share to powdered coatings in the coming years. This is mainly due to the additional benefits provided by powder coatings which includes fast curing time, no need for solvents and the capability to emit zero VOC.
The electrical insulation coatings market is also segmented on the basis of raw materials as epoxy, PTFE, ceramic and others. Epoxy is the among the largest used raw material in the production of electrical insulation coatings. This is due to its excellent properties which are dimensional stability, excellent dielectric strength, mechanical strength and a good ability to resist vibration. PTFE is another mostly used raw material in the market. As China is the major PTFE supplier and therefore lack of government support to manufactures in the country which will result in achieving low to moderate gains in future.
Based on applications, the electrical insulation coatings market is segmented into electrical & electronics, automotive, medical, aerospace and others. Electrical devices like generators, motor and transformers are primarily responsible for driving electrical insulation coatings demand. The products are generally used in electrical power distribution, electrical modules and housings, resistors, capacitors and in passive electronics equipment. Increasing power generation activities in emerging economies is projected to make noteworthy impact on the overall market size in the upcoming years.
Asia Pacific constitutes a major chunk in the global electrical insulation coatings market and is anticipated to grow in future as a result of rising demand from electrical & electronics industry in the region. Growth in the region is also attributed to increasing urbanization, investment in building power distribution & transmission infrastructure coupled with easy accessibility of raw materials from China. On the other hand, Europe has been experiencing a slow growth due to stringent government regulation related to volatile organic compounds emissions. Also, declining manufactures in France is expected to affect the overall supply in the region.
Some of the key electrical insulation coatings market players are Elantas GmbH, PPG Industries, 3M Company, AkzoNobel N.V. and Evonik Industries. The market is experiencing a high industry rivalry and hence manufactures are highly focused on adopting innovative strategies to compete with other players. For instance, Akzo Nobel recently launched a new powder base coating named Interpon. The product covers small defects in metals and also offers improved energy efficiency as compared to other products.
Electrical Insulation Coatings Market, By Type, 2014-2025 (USD Million)
Electrical Insulation Coatings Market, By Raw Material, 2014-2025 (USD Million)
Electrical Insulation Coatings Market, By Application, 2014-2025 (USD Million)
- Electrical & electronics
The above information has been provided for the following regions and countries:
- North America
- Australia & New Zealand (ANZ)
- South Korea
- Latin America
- South Africa
- Evonik Industries AG
- 3M Company
- PPG Industries
- Thermal Spray Coatings (A Fisher Barton Company)
- GfE Group
- ELANTAS GmbH
- GLS Coatings Ltd.
- SK Formulations India PVT. LTD
- Fluoro Precision Coatings
- Axalta Coating Systems
- AkzoNobel Powder Coatings
- The Fisher Barton Group
- Aremco Products Inc.
- Chemetall Group
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