Electrical Insulation Coatings Market in U.S to register phenomenal growth rate till 2026 | Elantas GmbH, PPG Industries, 3M Company, AkzoNobel N.V
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The leakage current cannot be detected by sight or smell, the consequences can only be noticed which necessitates the adoption of high-performance electric cable coatings. Considering their significance and heightened demand, electrical insulation coatings market is estimated to witness a commendable growth over the foreseeable future.
Manufacturers are taking consistent efforts to develop superior offerings with improved resistance and durability. They are taking up strategic initiatives such as mergers and acquisitions to enhance their product portfolio and serve large customer base.
To illustrate, in 2021, Axalta announced the acquisition of a prominent Chinese manufacturer of high-quality wire enamels, Anhui Shengran Insulating Materials Co., Ltd. According to the company, this initiative is expected to widen its product portfolio through the addition of new wire enamel products.
Electrical insulation coatings market come in different types such as PVC, rubber, plastic, ceramic, mica, RTV Silicon coatings, etc. Consistent efforts are being taken to develop enhanced coatings that can minimize the current leakage. Following are the some of the widely used coatings:
Polyvinyl Chloride (PVC) coating
PVC is one of the most widely used coatings in electric cables as it helps in reducing the internal stress and dielectric losses in electrical applications. They are largely used for replacing the ageing wires for proper functioning of electrical appliances. PVC cable coatings are considered as the most appropriate solution owing to their robustness, high conductivity insulation and cost effectiveness. In addition, they are more durable due to which they do not require replacement for a longer time.
RTV (Room temperature vulcanizing) Silicon coatings
RTV silicone coating with porcelain insulators offer a highly hydrophobic surface for the entire life of the insulator, thereby limiting the leakage current and eliminating flashovers due to contamination of insulators. This coating offers superior resistance against UV light, chemical contaminants, corona discharge, extreme temperatures and corrosive environments.
Electrical insulation coatings market have numerous applications in residential and commercial constructions, automotive parts, utility, etc. Out of these, the market is registering substantial gains from the automotive applications lately.
Rising demand from automotive sector
Several automotive parts involve the usage of electric cables which require proper insulation. With the introduction of electric vehicles in the market, demand for electric insulation coatings is increasing considerably. EV manufacturers need to incorporate an efficient electrical system that can reduce the dependency on internal combustion engine in order to enhance the fuel economy. This requires efficient electrical wiring that can facilitate effective system performance.
The drive systems of EVs comprise of electric motors and inverters that need to be connected with the AC and DC wiring harnesses. This is yet another system wherein electric insulation finds important application. Besides, these above-mentioned systems, there are several other parts and systems that necessitate the product adoption.
With tremendous infrastructure developments happening around the world along with advancements in almost every industrial sphere, the market is witnessing robust growth on the global level. There are however certain regions that are providing lucrative growth opportunities to the market and are of high strategic importance.
One of those regions is North America, on account of the following trends:
Development of electricity infrastructure
Growing electricity needs and supportive government initiatives in the region are the major factors leading to the development of electricity infrastructure and enhancement of existing grids in the region. This in turn is fueling the adoption of electrical insulation coatings as they serve as an indispensable part of these projects. Citing an instance, in 2021, the US government announced its plans of investing $100 billion towards building and upgrading the country’s aging electric grid with an aim of generating 100% carbon-free electricity by 2035.
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Growing popularity of Electric Vehicles
North America is reportedly a prominent hub for electric vehicles owing to shifting consumer inclination towards these vehicles. This is majorly due to the stringent emission norms in the region and growing awareness regarding the environmental concerns among residents.
Increasing adoption of these vehicles has evoked the demand for EV charging stations in the region which in turn has increased the demand for charging cables.
In 2021, the US government had announced its plans of establishing over half a million EV charging stations in the country as a part of its efforts to promote the adoption of electric vehicles. The regional electrical insulation coatings market is therefore, expected to observe huge demand from EV production as well as EV stations.
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