Luton, Bedfordshire, United Kingdom, Aug. 23, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Electrical Insulation Coating Market.
Electrical insulation coating market was valued at USD 8.4 billion in 2021 and is expected to reach USD 14.31 billion by 2029, registering a CAGR of 6.1% during the forecast period of 2022-2029.
Electrical insulation coatings are essential in a variety of electrical equipment such as transformers, electric motors, machineries, and automotive parts, among others. Electrical insulation coatings are primarily intended to provide high dielectric strength for a wide range of electrical applications. Electrical insulation coatings, also known as dielectric coatings, are used not only in the electrical and electronics industries, but also in automobiles and machinery.
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Insulation coatings are more expensive because surface preparation is required prior to application to prevent corrosion. This procedure may also include priming and curing. High-temperature ceramic coatings are coated using thermal spray technology. Thermal spray technologies are more expensive. Some of the coatings necessitate process downtime, which may increase the cost. Because traditional thermal insulation is cost-effective, all of these factors are driving up demand for it.
Recent Development
- In April 2021, AkzoNobel's Powder Coatings has made public aspirations to create cutting-edge technologies that will significantly benefit the automotive industry in the future. Through the use of the company's Resicoat and Interpon brands, this action furthered innovation by enabling the development of the next generation of e-mobility.
- In December 2021, Mascoat Ltd. and Verdia, Inc., two privately held suppliers of industrial specialty coatings, are acquired by Arsenal Capital Partners, a wealthy private equity group that specialises in investments in predominantly industrial growth companies.
- In September 2021, SolEpoxy, a manufacturer of insulating coating powders, launched a new busbar coating powder for insulation of conductors in Electric Vehicles and its battery packs. This new insulation coating powder is tough, cost-effective, easy to use, and has high resistance to temperature.
The Asia Pacific region held the largest share of the global Electrical insulation coating market
Rising population and rapid industrialization in APAC and the Middle East and Africa’s emerging economies are increasing manufacturing output and driving up demand for construction materials and automobiles. This pattern is expected to fuel the insulation coatings market. Environmental standards for volatile organic compounds (VOC) in coatings are expected to become more stringent in Asian countries. The development of environmentally friendly products to meet these specific requirements may increase demand even further.
Opportunities
Development of Coatings and Increasing Awareness
Furthermore, the market players are concentrating on developing various types of coatings depending on the application, required dielectric qualities, aesthetics, color, and regulatory compliance further extends profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the growing awareness about the benefits of electrical insulation coating will further expand the future growth of the electrical insulation coating market.
Electrical insulation coating Market Report Scope
| Report Attribute | Details |
| Market size value in 2021 | USD 8.4 billion |
| Revenue forecast in 2029 | USD 14.31 billion |
| Growth rate | CAGR of 6.1% from 2022 to 2029 |
| Base year for estimation | 2020 |
| Historical data | 2017 - 2021 |
| Forecast period | 2022 - 2029 |
| Quantitative units | Volume in kilo tons, revenue in USD million/billion, and CAGR from 2022 to 2029 |
| Report coverage | Volume forecast, revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Resin, application, region |
| Regional scope | North America; Europe; Asia Pacific; Central & South America; Middle East & Africa |
| Country scope | U.S.; Canada; Mexico; Germany; U.K.; France; Italy; Russia & CIS Countries; Benelux; Turkey; Spain; Switzerland; Sweden; Poland; Austria; Norway; Denmark; Finland; Portugal; Czech Republic (CZ); Slovenia; China; India; Japan; Thailand; Brazil; Argentina; Saudi Arabia; South Africa |
| Key companies profiled | AkzoNobel (Netherland), PPG Industries (United States), Sherwin-Williams Company (United States), Kansai (Japan), Jotun (Norway), Nippon Paint (Japan), Mascoat (Texas), Carboline (US), Sharp shell Industries (US), Axalta Coating System (US). |
| Customization scope | Report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope |
Top Players Analyzed in the Report are:
- PPG Industries, Inc. (U.S.)
- Jotun (Norway)
- Axalta Coating System (U.S.)
- The Sherwin-Williams Company (U.S.)
- DOW (U.S.)
- Akzo Nobel N.V. (Netherlands)
- Kansai Paint Co., Ltd. (Japan)
- Nippon Paint Holdings Co., Ltd. (Japan)
- Carboline Company (U.S.)
- Sharpshell Industrial Solutions (South Africa)
- Arkem S.A. (France)
- Ashland Inc (U.S.)
- Mapei S.p.A (Italy)
- MUHU (China) Construction Materials Co., Ltd., (China)
- Holcim (Switzerland)
- Mascoat (U.S.)
To Gain More Insights Browse Summary of the Research Report @
https://exactitudeconsultancy.com/reports/4175/electrical-insulation-coatings-market
Key Market Segments: Electrical Insulation Coatings Market
Electrical Insulation Coatings Market by Product Type, 2022-2029, (USD Million)
- Acrylic
- Mullite
- YSZ
- Polyurethane
- Epoxy
Electrical Insulation Coatings Market by End-Use, 2022-2029, (USD Million)
- Industrial
- Aerospace
- Building and Construction
- Marine
- Automotive
Electrical Insulation Coatings Market by Region, 2022-2029, (USD Million)
- North America
- Europe
- Asia Pacific
- South America
- Middle East and Africa
Electrical Insulation Coating Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
High Demand for Electrical Insulation Coating
The market is being propelled by an increase in demand from end-user industries such building and construction, automotive, power generation, electronics, and electrical along with increasingly stringent laws and regulations from various governments. As a result, the market is estimated to have an accelerated growth over forecast period.
Increasing Need for Sustainable Electronics
Another element impacting the market's expansion is the rising need for sustainable electronics and energy conversion. The order is anticipated to come primarily from developed countries. For instance, large-sized transformers have a high installed capacity in the United States. The market for electrical insulation coatings will increase due to the need to replace the outdated infrastructure with new connections due to the ageing of these transformers.
Furthermore, the rapid economic and population growth will further propel the electrical insulation coating market growth rate. The high electricity consumption in emerging and emerging economics will also drive market value growth. The expansion of end-use industries is projected to bolster the market's growth.
Restraints/Challenges
High Costs
There is a need for high research and development investments to develop advanced products, which will create hindrances for the growth of the electrical insulation coating market.
Unstable Raw Material Prices
The price of the raw materials is a major factor in determining the total cost of coating formulation. Therefore, the fluctuations in the prices of raw materials will pose a major challenge for the growth rate of the electrical insulation coating market.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Electrical Insulation Coatings Market?
- How will the Electrical Insulation Coatings Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Electrical Insulation Coatings Market?
- What is the Electrical Insulation Coatings market drivers and restrictions?
- What will be the CAGR and size of the Electrical Insulation Coatings Market throughout the forecast period?
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