Press release
Electrical Insulation Coatings Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024
Electrical insulation coatings refer to products which are made from polymers, ceramics or alloys and are used for the insulation of various laminations stacks in transformers, motors, relays, switches, sensors, etc.
These coatings can be used in both high and low voltage applications. Generally, these coatings are applied to metallic substrate, but a composite substrate can also be coated.
Moreover, the manufacturers are now focusing on more advanced coatings with very high bond strength, high gloss, and UV resistance, coupled with focus on aligning with environmental standards regarding VOC (Volatile Organic Compounds).
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The global electrical insulation coating market is projected to expand with a moderate CAGR over the forecast period of 2016-2026
Global Electrical Insulation Coatings Market: Drivers and Restraints
The prime factor driving demand for electrical insulation coating can be directly correlated with rapid economic and population growth across the globe.
This has led to the rising demand for electricity and power generation, translating into increasing consumption of electrical insulation coating.
Increasing demand for electronics and energy conversion products is another prominent factor driving the demand for electrical insulation coatings. However, a major share of this demand is anticipated to come from developed nations.
Due to strict government regulation related to VOC (volatile organic compound) emissions, demand for powder based electrical insulation coating material is anticipated to rise significantly, in turn, fuelling more revenues in the global electrical insulation coating market.
Stringent government regulations and high cost are expected to be the most significant restraints on the growth of electrical insulation coatings industry.
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