Selbyville, Delaware , May 22, 2024 (GLOBE NEWSWIRE) -- Electrical Insulation Materials Market will reach USD 19.8 billion by 2032, as per a recent study by Global Market Insights Inc.
According to IEA, the surge in sales has propelled the global electric car population to 26 million, marking a remarkable 60% increase from 2021. With increasing concerns about climate change and air pollution, governments, consumers, and automakers are embracing electric mobility as a sustainable transportation solution. The EV market is experiencing exponential growth, driven by advancements in battery technology, supportive government policies, and a growing awareness of environmental issues. As traditional automakers and new entrants alike invest heavily in electric vehicle development, the demand for batteries, including electrical insulation materials, is surging. This trend could continue in the coming years as the world accelerates its transition towards cleaner, greener transportation alternatives.
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Thermosets material to gain popularity
Thermosets from the material type segment will expand rapidly through 2032 as they offer excellent thermal and electrical insulation properties, making them suitable for a wide range of applications in the electrical and electronics industry. These materials exhibit high resistance to heat, chemicals, and environmental factors, ensuring long-term reliability and performance in demanding operating conditions. Additionally, the versatility of thermosets allows for customized formulations to meet specific performance requirements, such as flame retardancy, thermal stability, and mechanical strength. This adaptability enables manufacturers to tailor insulation solutions to diverse applications, thus expanding the market potential for thermoset materials.
Battery applications to pave a healthy growth pathway
The electrical insulation materials market size from battery segment will witness significant growth till 2032, driven by the rapid expansion of the electric vehicle (EV) market and the increasing adoption of rechargeable batteries in consumer electronics. Electrical insulation materials play a crucial role in enhancing the safety, reliability, and efficiency of batteries, thereby driving their widespread use in automotive, energy storage, and portable electronic devices. Furthermore, the burgeoning market for energy storage systems (ESS) is driving the demand for batteries in grid-scale applications, renewable energy integration, and backup power solutions. Electrical insulation materials enable the efficient and reliable operation of battery systems in diverse ESS applications, supporting grid reliability and energy security.
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APAC to Dominate the Electrical Insulation Materials Industry
Asia Pacific Electrical Insulation Materials market will grow at a decent pace till 2032, owing to rapid industrialization, infrastructure development, and urbanization in countries such as China, India, and Japan. The region's robust manufacturing sector, coupled with the increasing investments in renewable energy projects, is driving the demand for electrical insulation materials in applications such as transformers, motors, cables, and electrical appliances. Furthermore, government initiatives to modernize power infrastructure and promote sustainable energy solutions are further fueling market growth in the region.
Electrical Insulation Materials Market Competitors
Major companies in the market include DuPont de Nemours, Inc., 3M Company, Hitachi Chemical Co., Ltd., Dow Corning Corporation, Huntsman Corporation, and Mitsui Chemicals, Inc. Their main strategies include product innovation and development to introduce advanced materials with enhanced properties such as higher thermal resistance and improved electrical insulation capabilities. Companies are also focusing on strategic partnerships, collaborations, and acquisitions to broaden their product portfolios, expand into new geographic markets, and strengthen their competitive position. Additionally, R&D investments, coupled with a strong emphasis on customer engagement and service excellence, are enabling companies to address evolving customer needs and stay ahead of market trends.
In May 2022, Krempel GmbH unveiled its acquisition of the production and distribution rights for Nomex 910, a specialized insulating material initially developed by DuPont. Nomex 910, renowned for its composition of high-grade cellulose pulp and web-like binders, serves as a key interlayer insulation component in liquid-immersed transformers for distribution and small power transformers.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
