May 11, 2020
As per the report titled ‘Global Electrical Insulation Materials Market Size study, by Material Type (Thermoplastics, Epoxy Resin, Ceramics), by Application (Power Systems, Electronic Systems, Cables & Transmission, Domestic Portable Appliances, Others) and Regional Forecasts 2019-2026’ available with Market Study Report LLC, global electrical insulation materials market was worth USD 8.56 billion in 2018 and is projected to record a growth rate of 5.8% during 2019-2026.
Rising electricity consumption in countries like Africa, Southeast Asia, and Middle East due to increasing population and growing accessibility to electricity is major growth driver of global electric insulation materials market.
As per the report New Energy Outlook 2018, worldwide electricity demand is estimated to grow from 25,000 terawatt-hours in 2017 to 38,700 terawatt-hours by 2050. Ever-rising need for electricity will continue to foster the demand of electrical insulation materials for safe & reliable power supply. Upgradation of obsolete & ageing technology in developed nations coupled with popularity of renewable energy sources and modernization of transmission & distribution networks will further boost the industry growth.
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In addition, HVDC transmission methods for electricity transmission over long distance, increasing capacity of power generation units, and adoption of smart grid technology are anticipated to push the market forward in years to come. However, fluctuating prices of electrical insulation materials is expected to hinder the market growth during the forecast period.
From a geographical standpoint, global electrical insulation materials market is divided into North America, Asia Pacific, Europe, Latin America and Rest of the World. Asia Pacific currently accounts for a significant market share owing to the presence of major players and manufacturers in North-Asian region. Rapid urbanization and industrialization, burgeoning population, alongside development of industrial, commercial and residential infrastructure are among the other factors contributing to the industry growth in Asia Pacific.
Major players operating in global electrical insulation materials market are tesa SE, Vitar Insulation Manufacturers Ltd., Teijin Dupont Films Japan Limited, Haysite Reinforced Plastics, 3M, KREMPEL GmbH, ITW Formex, Elantas Electrical Insulation- Altana AG, E. I. Du Pont De Nemours and Company, and Nitto Denko Corporation.