Electrical Insulation Materials Market to Represent a Significant Expansion at 6.7% CAGR During 2017-2027
The global electrical insulation materials market is greatly influenced by the use of thermoplastic electrical insulation materials. Thermoplastics segment accounts for a high market share in terms of volume as compared to other materials. Moreover, growth in the wire & cable market is expected to influence the electrical insulation materials market positively, marking high growth rate of the sector in developed as well developing countries. This is expected to create strong growth opportunities for electrical insulation materials manufacturers. Geographical expansions in new regions in the form of creating sales and distribution networks and establishing local manufacturing infrastructure could provide stability as well as growth opportunities for manufacturers in terms of revenue generation.
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However, the global electrical insulation materials market is expected to face some challenges. High costs of electrical insulation materials are a prime challenge for electrical insulation materials manufacturers that may impact the demand for electrical insulation materials, thus in turn restricting revenue growth of the global electrical insulation materials market.
The electrical insulation materials market is segmented on the basis of material into thermoplastics, epoxy resins, ceramics, fibre glass composites and others. It is also segmented on the basis of application into wires & cables, motors & generators, transformers and others.
On the basis of material, the thermoplastics segment is anticipated to continue to dominate the market in terms of value over the forecast period.
Thermoplastics material type segment is estimated to grow at a CAGR of 7.0% over the forecast period. The segment is expected to represent a total incremental opportunity of US$ 4.1 Bn between 2017 and 2027.
The ceramics segment is expected to grow at a CAGR of 5.7% in terms of value.
On the basis of application, the wires & cables segment is anticipated to continue to dominate the market in terms of value over the forecast period.
Regional Market Projections
APEJ is the leading market for electrical insulation materials accounting for over 35% market share in terms of revenue in the global electrical insulation materials market by the end of 2017. Japan is expected to expand at a moderate CAGR in the electrical insulation materials market through 2027. The China electrical insulation materials market is projected to hold significant market share in terms of value in the APEJ electrical insulation materials market over the forecast period, exhibiting a CAGR of 7.0% over the forecast period. Consumption of electrical insulation materials in Western Europe is expected to increase to 1,452 kilotons by 2027 end.
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The report highlights some of the key companies operating in the global electrical insulation materials market such as Nitto Denko Corporation, 3M, E. I. du Pont de Nemours and Company, The Dow Chemical Company, Hitachi Chemical Co., Ltd., Elantas GmbH, ITW Formex and Krempel GmbH. Top market players have been focussing on acquisitions of small and established players to strengthen their presence in the global electrical insulation materials market. Key market players have also been focussing on developing an effective sales and distribution infrastructure and manufacturing sites across regions to augment sales and cater to local demand.
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