Electrical Insulation Materials Market to be Dominated by Thermoplastic Segment Through 2028
Growing demand for
electronic devices and rising electrical Infrastructural projects are factors
driving the demand for the global Electrical Insulation Materials market in the
forecast period 2024-2028.
According to TechSci Research
report, “Global Electrical
Insulation Materials Market- By Region, Competition Forecast and Opportunities,
2018-2028F”, The global electrical
insulation materials market is anticipated to upsurge notably in the forecast
period 2024-2028. The electrical insulation material products have insulating
capabilities, which are required to make shockproof devices and create demand from
various end user industries for producing shock resistance products. Thus,
significant fluctuations in electronic market can impact the demand of the
electrical insulation materials market. Besides these, the booming energy
sector market and growing telecommunication technologies are crucial factors
for boosting the demand for the global electrical insulation materials market. Additionally,
the growing demand for electric vehicles on account of growing need to reduce
emission targets and adopt sustainable solutions is further expected to
increase the demand for electrical insulation materials market in the coming
years. Electrical insulation materials are used in electric vehicles to provide
protection to electronic components and reduce conductivity.
Volatile crude petroleum
prices tend to impact multiple markets, and electrical insulation market stands
to be one among them. High cost and lower accessibility of raw materials used
in preparing electrical insulation materials that directly influences the overall
cost of electrical insulation materials is expected to hamper the market growth.
Even a slight disbalance in supply chain due to trade sanction, pandemic, and
war significantly impacts the cost and availability of electrical insulation
materials. Apart from these, the availability of a low-grade product, supply
chain disturbance, and foreign policies are few restraints to the growth of the
product.
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Global Electrical
Insulation Materials market is segmented based on type, application, and region.
Based on
application, the market is divided into power systems, electronic systems,
cables & transmission lines, domestic portable appliances, and others. As
per estimates, power systems will experience the highest market share during
the forecast period. Due to the rising population and modernization of old electric
infrastructure, demand for more power supply is expected to increase and
fulfill their requirements for the proper function of daily activities. Hence,
more power will be required, making power systems dominate the segment.
Regionally, Asia
Pacific is expected to register the highest growth in the global electrical
insulation materials market on account of flourishing automotive industry in
the region especially in China, India, Japan, among others. Additionally, the
growing need to reduce emission targets and achieve sustainability has
drastically increased the demand for electric vehicles in the region, thereby
creating lucrative opportunities for the growth of electrical insulation
materials market in the next few years. Besides, growing demand from power
generation sector in the region is further expected to support the regional
market growth during the forecast period.
Major
companies operating in global electrical insulation materials market are:
- DuPont de Nemours, Inc.
- Krempel GMBH
- 3M Company
- Elantas PDG, Inc.
- Nitto Denko Corporation
- Von Roll Holding AG
- Tesa SE
- ITW FORMEX - EIS Inc.
- Haysite Reinforced Plastics Limited
- NGK Insulators, Ltd.
Various companies
operating in the market are following strategies such as mergers &
acquisitions, partnerships & collaborations, new product launches, among
others in other to stay competitive and have an edge over other players
operating in the global electrical insulation materials market. For instance, in
June 2022, Nitto Denko Corporation acquired Bend Labs, Inc. and merged into a
single entity named “Nitto Bend Technologies.” Through the merger, Nitto Denko
Corporation has acquired next-generation technologies and products to develop a
new market that is used to obtain data through a sensor. This acquisition of
Bend is expected to accelerate innovation in information interface,
next-generation mobility, and human life and launch product. Similarly, in May
2022, Krempel announced that Nomex910, a high quality electrical grade
insulating material which was earlier produced by DuPont will now be produced
and sold by them. This in turn will help Krempel in strengthening their market
positioning in the global electrical insulation materials market.
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“High investment in technological
improvement, favorable sustainable growth trends, and collaboration within
existing player are the various managerial activities impacting the market's
growth. Government initiatives and regulations such as lesser dependency on
non-renewable energy sources, trade agreements between countries, and infrastructural
projects like State Grid Corporation of China (SGCC) Transmission Lines, One
Sun One World One Grid, etc., are market propelling factors and creating
favorable conditions to drive the global electrical insulation materials market
growth till 2028." said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
“Electrical Insulation
Materials Market- Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2018-2028F.” Segmented By Type
(Thermoplastics, Epoxy Resins, Ceramics, and Others), By Application (Power
Systems, Electronic Systems, Cables & Transmission Lines, Domestic Portable
Appliances, and Others), By Region and By Competition,
has
evaluated the future growth potential of global Electrical Insulation Materials
market and provides statistics & information on market size, structure, and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in global electrical
insulation materials market.”
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