Electrical Insulation Materials Market Growth Is Projected To Rise Due To Increasing Demand For Electricity Across The Globe

Insulating material that is used in electrical wire and cables is a protective coating that restricts the electric current passing through the body. The insulating material in electrical field is used as a separator from electrical conductors. When a high voltage electrical shock passes through the body it may result in serious damage that can vary from muscular contraction to deadly injuries to and can also lead to death from ventricular fibrillation.

Various types of materials are used as electrical insulators such as PVC, glass, asbestos, rigid laminate, varnish, resin, paper, Teflon, and rubber. The material that is used for electrical insulation should have properties such as high mechanical strength so that it carries the tension and weight of the conductors, high dielectric strength, and also prevent the flow of leakage current.

The factors that are expected to help increase demand for electrical insulation materials include increasing demand for electricity across the globe, rising investment in infrastructural projects, and consequent development in power generation, transmission, and distribution. In addition, rising smart city approach by the government of various countries, coupled with inclination towards smart grid technology is resulting in high demand for electrical insulation materials, which is expected to support the market growth.

Rising government approach towards adoption of renewable energy in order to cater to energy demand, increasing government initiatives towards deployment of solar panels and wind turbines on-grid and off-grid for power generation, coupled with wide applicability of electrical insulation materials in wires & cables, motors & generators, transformers, etc. is expected to positively impact the market growth. In addition, increasing initiatives by the government of developing countries in order to upgrade the old and aging infrastructure is expected to support market growth.

High cost of insulating material and availability of low-quality products are expected to hinder the market growth. In addition, fluctuating raw material prices are some other drawbacks that challenge the growth of electrical insulation materials market.

Electrical insulation materials are of various types such as electrical insulating resins & coatings, electrical laminates, and molded products, film and composite materials, mica products, prepregs and impregnating insulation materials, and electrical plastics. Applications of these products include electricity power, electrical and electronics, motor, aerospace, and new energy.

Asia Pacific accounts for largest revenue share in the global electrical insulation materials market currently, owing to increasing electricity demand, rising government expenditure on aging electricity network infrastructure, and presence of major players operating in emerging economies in this region.

North America market is expected to witness significant growth in the near future due to rising government approach towards adoption of renewable energy and increasing expenditure on off-grid solar and wide turbine projects, which is expected to increase demand for electrical insulation materials. In addition, increasing merger and acquisition activities between regional and international players is expected to further support market growth.

Some of the major players operating and profiled in the global electrical insulation materials market are Weidmann Electrical Technology Inc., DowDuPont Inc., KREMPEL GmbH, Pucaro Elektro-Isolierstoffe GmbH, ELANTAS Europe Srl., 3M Company, Von Roll Holding AG, Toray Industries, Inc., ISOVOLTA AG, Nitto Denko Corporation, Sichuan EM Technology Company Limited, Axalta Coating Systems Ltd., and Suzhou Jufeng Electrical Insulation System Co., Ltd.