Market Research Report
Global Electrical Insulation Coating Market - 2020-2027
|Published by||DataM Intelligence||Product code||974573|
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|Global Electrical Insulation Coating Market - 2020-2027|
|Published: December 4, 2020||Content info:||
The global electrical insulation coating size was worth US$ XX billion in 2019 and is estimated to reach US$ XX billion by 2027, growing at a CAGR of XX % during the forecast period (2020-2027).
Electrical insulation coatings are designed to impart high electric strength and provide protection against environmental impacts for various electrical applications. Coating provides excellent ultra violet radiation resistance coupled with tracking resistance which is suitable for outdoor exposure in extreme weather conditions. The electrical insulation coating provides excellent water repellent properties. The electrical insulation coating is provided to several applications such as for electrical rotary equipments such as motors and generators, transformers and sensors.
Electrical insulation coating is substantially used in end-user industries such as power generation, industrial electrical machinery, automotive, aerospace, marine, building & construction and among others.
The global electrical insulation coatings is driven by rising demand for the energy saving in the electrical power to prevent corrosion with growing strict policies, rules & regulations by governments has impelled the electrical insulation coating market. Further growing demand f electrical insulation coating in the end-user industries such as buildings &construction, automotive, power generation, electrical & electronics etc. around the globe have propelled the demand for this market.
The market is driven by surge in the demand by the end-user undustries such as building & construction, automotive, power genertation, electronics& electrical with growingstrict rules and regulations by several government. For instance electrical coating insulation helps to protect from the flow of electrical current to ensure the safety of the work crew used in power plants and substations. Increasing power plants capacity of the electricity genearation due to surge in global energy demand have propelled the demand for this market. As per the Department of Economic and Social Affairs Statistics Division in 2016, world's total energy supply1 (TES) increased by almost 60% from 1990 to 2016, reaching 568 EJ. This growth was driven by Asia, where Chinese total energy supply increased nearly fourfold during this period, accounting for 21% of world TES in 2016.
Further growing demand for the energy saving in the electrical power to prevent corrosion with growing strict policies rules & regulations by governments. For instance occupational safety and health administration (OSHA) the fedearal government agency has set electrical standards are based on the national electric code, national fire protection association standards NFPA 70,, and NFPA 70E, electrical safety requirements for employee workplaces. It created massive demand for the electrical insulation coating in the industrial sectors to facilitate the safety and protection against the hazardous events.
Increasing launching of the advanced material based insulation for the electrical equipments and several industrial by the leading manufacturers have created huge opportunity for the growth of the adhesive equipments market. Further growing demand and sale of the consumer electromics and appliences have created huge demand for global electrical insulation coating market. For instance as per the India Brand Equity Foundation Organization in 2019, the consumer electronics and appliences sale reached to aroundUS$ 10.93 billion and is projected to reach around US$ 21 billion by 2025 in India.
The global electrical insulation coating market has shown slight declination due to the Covid-19 pandemic, as several leading manufacturing industries were closed. Several countries have restricted production activities during the covid-19 pandemic. Further the growth of the textile & apperal was also declined due low demand in the Month of June 2020.
However, the demand for the electrical insulation coating is slightly increased in August 2020, as several leading manufacturer started production. The leading manufacturers of the electrical coating insulation have planned the investment for enhancing the production of the automotive and electronics equipment due to growing demand.
Further increasing demand of the medical devices during the covid-19 pandemic created huge opportunity for the electrical insulation coating market. For instance 22nd April 2020, Axalta' has been Voltatex Electrical Insulating Resins for manufacturing ventilators, devices producing N95 face masks with increased the supply of its Voltatex electrical insulating resins to ensure its medical device customers are well equipped to rapidly-produce life-saving equipment, such as ventilator motors and N95 facemasks, which are in high demand by hospitals globally during the coronavirus pandemic. Further demand of electrical insulation coatings will increase as soon as pandemic over.
The global electrical insulation coatingis segmented based on material, form, surface, application, end-user and region.
In terms of material, the global electrical insulation coating is bifurcated into acrylate resins, polyester resins, polyurethane resins, polytetrafluoroethylene (PTFE), silicone resins, epoxy resins, alkyd resins, vinyl acetate, ceramic and others. Among this, polyurethane resins has the highest market share in 2019, owing to rising demand in the manufacturing facilities of the consumer electronics, automotive components etc. As per the International Organization of Motor Vehicle Manufacturers, the global passenger vehicles sale reache to around 67149196 number of units which propels the electrical insulation coating market require in the manufacturing of the automotive electrical components and wirings.
Similalry, acrylate resins, polyester resins, polytetrafluoroethylene (PTFE), silicone resins, epoxy resins, alkyd resins, vinyl acetate, ceramic segments are also growing at faster pace owing to surge in launching of the new advanced double layer coatings by the leading players. For instance on 2nd July 2020, X-Mol launched self-adjusting polytetrafluoroethylene (PTFE)/TiO2 organic-inorganic double-layer coatings using thermal field and gradient pressure with addition of titanium alloy. It created massive demand for the electrical insulation coating market.
In terms of form, the global electrical insulation coating market is divided into liquid and powder form. Among this, liquid form has the highest market share owing to its demand in the manufacturing facilities of several electrical cables, wires and rotory motors. As liquid form of the coating is more eco-friendly and has low cost than other type of the coating. It also posses wear resistance which makes it suitable for harsh environmental conditions. Several leading players are launching new coatings for electrical insulation used in automotive, building & construction sector and among other industries. For instance in 2018, Covestro, one of the world's largest polymer manufacturer launched a wide range of smart and sustainable polyurethane (PU) coatings for the construction, footwear, automobile, and furniture industries at Paint India 2018 exhibition.
Based on surface, the global electrical insulation coating is divided into metals and composites. Among this, composites segment has the highest market share in 2019, this is primarily due to its low cost, high thermal conductivity and suitables for wide range of applications in automotives and electrical & electronics sector.
Increasing manufacturing facilities of the electronics goods, chemical factories in the developing countries coupled with growing urbanization have propelled the demand for the transformer segmental growth. For instance as per the in our world data in 2017, the global urban population reached to around 4.1 billion and is growing at rapid space. It created huge demand for the transformers require to supply the electricity in urban areas.
Based on the end-user, the global electrical insulation coating market is divided into Power Generation, Building & construction, aerospace, automotive, food processing, electronics & electrical, marine, industrial and others. Among this marine segment has the highest market share in 2019, this is primarily due to increasing government investment and projests in the marine environment.
For instance in 2017 the European Commission invested aroundUS$ 17.8 million in new maritime projectsto accelerate the deployment of a sustainable blue economy across the EU and the Mediterranean. As electrical insulation coating provides corrosion resistant, water repellent in the marine projects application. Insulation electrical coating provides a thermal barrier and anti-condensation capabilities for shipboard construction industry.
Asia-Pacific region is dominating the global electrical insulation coating market accounted for the largest market share in 2019, due to presence of several manufacturing companies, growing industrialization and rising investment by the leading playersin this region followed by North America and Europe.
Further increasing government and private companies investment in the Asia-Pacific region for several projects have propelled the demand for the electrical insulation coating market in this region.For instance on 26th Sept 2019, SAExploration invested aroundUS$ 28 million in the Ocean-Bottom Marine Project in Asia Pacific.
Similarly, North America is also growing at fastest speed owing to presence of the presence of the advanced technology with growing building & infrastructure development projects. For instance Trump's Government have provided the plan with investment of US$2 trillion for the United States infrastructure development for the overall growth of the region's industry in 2019. It created massive demand for the electrical insulation coatings require in this region followed by Europe.
The electrical insulation coating Market is moderately competitive with the presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Kansai Paint, The Fisher Barton Group, Elantas GmbH, Nippon Paint, AkzoNobel, Chemetall Group, Axalta Coating Systems, PPG Industries, Jotun Group, The Sherwin-Williams Company, Mascoat and among others.
The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the Electrical Insulation Coating Market globally. For instance, on 25th Sept 2020, AkzoNobel have increased the production capacity of the powder coatings at Italian site. The Company planned to invest around 23 million increase the production capacity of automotive and building coatings.
The global Electrical Insulation Coating Market report would provide an access to an approx. 79 market data table, 76 figures and 230 pages.
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