Global Electrical Insulation Materials Market

Electrical Insulation Materials Market Size, Share, Growth Analysis, By Type(Thermoplastics, Thermosets, Ceramics, Fiber Glass), By Application(Power Transformers, Distribution Transformers, Electrical Motors & Generators, Wires & Cables), By Region - Industry Forecast 2024-2031


Report ID: SQMIG20D2251 | Region: Global | Published Date: May, 2024
Pages: 201 |Tables: 72 |Figures: 74

Electrical Insulation Materials Market Insights

Global Electrical Insulation Materials Market size was valued at USD 10.3 billion in 2022 and is poised to grow from USD 10.9 billion in 2023 to USD 18.31 billion by 2031, growing at a CAGR of 6.6% in the forecast period (2024-2031).

Electrical insulation materials are materials that are capable of impeding or cutting off the flow of current and providing safety from unwanted conductivity pathways. Rapid growth of the electrical industry and growing digitization are projected to be the key factors promoting the demand for electrical insulation materials over the coming years. Advancements in electrical technologies and the growing need for novel insulation materials are also projected to create new opportunities for electrical insulation materials providers in the future. Surging popularity of electric vehicles and the growing adoption of renewable energy are also key trends that could create new opportunities for electrical insulation materials companies in the future. However, raw material price volatility and stringent regulatory mandates are predicted to impede electrical insulation materials market development across the forecast period and beyond.

Market Snapshot - 2024-2031

Global Market Size

USD 10.3 billion

Largest Segment

Thermosets

Fastest Growth

Ceramics

Growth Rate

6.6% CAGR

Global Electrical Insulation Materials Market ($ Bn)
Country Share for Asia Pacific Region (%)

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Electrical Insulation Materials Market Segmental Analysis

The global electrical insulation materials market is segmented based on type, application, and region. In terms of type, the market is segmented into thermoplastics, thermosets, ceramics, fiber glass, mica, cellulose, cotton, and others. Based on application, the market is bifurcated into power transformers, distribution transformers, electrical motors & generators, wires & cables, switchgear, batteries, and others. Based on region, the market is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa.

Analysis by Type

Thermosets account for a substantial share of the global electrical insulation materials market at present. This dominance can be ascribed to the characteristic properties of thermosets such as high stability and strength. High temperature and voltage resistance of thermosets is also predicted to help this segment hold a major market share.

Meanwhile, the demand for ceramic electrical insulation materials is projected to increase at a rapid pace over the coming years. High use of ceramic as an insulator in the electrical industry for quite a while is making this segment an important one for the future.

Analysis by Application

Wires and cables are predicted to account for a prominent share of the global electrical insulation materials sales across the forecast period. The growing need for better insulated wires across different industry verticals is projected to bolster electrical insulation materials market growth via this segment over the coming years.

However, the demand for electrical insulation materials in electrical motors and generators is projected to soar high quickly across the forecast period and beyond. Growing use of motors in electric vehicles and a high demand for uninterrupted power supply via generators are key factors prompting market development through this segment.

Global Electrical Insulation Materials Market By Type, 2022 (%)

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Electrical Insulation Materials Market Regional Insights

Asia Pacific is slated to account for a dominant share of the global electrical insulation materials market owing to the presence of robust electronics and electrical manufacturing activity in countries such as China and Japan. High investments in infrastructure development and growing urbanization and industrialization are slated to catalyze the demand for electrical insulation materials in the Asia Pacific region over the coming years. India and South Korea are also slated to be rewarding markets for electrical insulation materials companies in the long run.

North America is slated to emerge as the fastest-growing market for electrical insulation materials in the world over the coming years. Rapid digitization and growing use of advanced electrical technologies are creating new opportunities for suppliers of electrical insulation materials in the North American region. Grid modernization and adoption of renewable energy sources are also slated to bolster the demand for electrical insulation materials going forward. The United States leads the electrical insulation materials sales outlook in this region followed by Canada.

Global Electrical Insulation Materials Market By Region, 2024-2031
  • Largest
  • Fastest

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Electrical Insulation Materials Market Dynamics

Drivers

Expanding Electrical Infrastructure

  • Urbanization and industrialization fueled by digitization have led to a high demand for developed electrical infrastructure around the world and efforts to establish the same are slated to drive sales of electrical insulation materials in the future.

Advancements in Electrical Tech

  • Electrical technology has come a long way since the 20th century and high investments in R&D are further fostering the creation of novel technologies, which require advanced insulation thereby driving electrical insulation materials market growth potential.

Restraints

Volatile Raw Material Pricing

  • Raw materials required to make electrical insulation materials are subject to various fluctuations in supply and demand, which in turn affects its prices. This volatility in raw material pricing could slow down electrical insulation materials market growth.

Regulatory Compliance

  • Electrical insulation materials should comply with stringent regulatory mandates issued by governments and regulatory bodies around the world, and this adds up to the costs and cuts into the profits of companies, which could hurt electrical insulation materials market development in the long run.

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Electrical Insulation Materials Market Competitive Landscape

Electrical insulation material manufacturers should invest in the R&D of novel materials to maximize their product portfolio and sales potential in the future. Collaborations and partnerships could help companies fast track their commercialization process and reduce time to market for their products. Companies can also opt for mergers and acquisitions if they wish to enhance their global market share and presence.

Top Player’s Company Profiles

  • Nitto Denko Corporation
  • Nikkan Industries Co., Ltd
  • Vitar Insulation Manufacturers Ltd.
  • Weidmann Holding AG
  • 3M Company
  • Miki Tokushu Paper MFG. CO., LTD.
  • Furukawa Electric Power Systems Co., Ltd.
  • E. I. DuPont de Nemours and Company
  • The Dow Chemical Company
  • Sichuan Dongfang Insulating Material Co., Ltd.
  • Dalian Insulator Group Co., Ltd.
  • Showa Denko Materials Co., Ltd.
  • KREMPEL GmbH
  • Dr. Dietrich Müller GmbH
  • Fralock Innovative Materials Manufacturing & Automation
  • Haysite Reinforced Plastics
  • ITW Formex
  • Elantas GmbH
  • Suzhou Taihu Electric New Materials Co., Ltd.

Recent Developments

  • In July 2023, Tesa, a renowned provider of adhesive products, announced the launch of its new electrical insulation tape. Tesa 61395 is a new tape made with high performance material for better adhesion and insulation.
  • In September 2023, Avery Dennison, a leading supplier of adhesive solutions based in the United States, launched a new line of electrical insulation tapes.
  • In May 2022, Krempel GmbH announced it would produce and sell Nomex 910 developed by DuPont. The product is a unique insulating material designed for use in liquid-immersed transformers.

Electrical Insulation Materials Key Market Trends

  • Adoption of Sustainability: Electrical insulation materials companies should focus on utilizing sustainable and eco-friendly materials to comply with modern sustainability mandates and evolving consumer preferences. Companies can incorporate sustainable practices in their production and distribution processes to make the most of this trend.

Electrical Insulation Materials Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

As per Skyquest analysis, rapidly expanding electrical industry and advancements in electrical technology are slated to bolster the demand for electrical insulation materials over the coming years. High investments in new electrical infrastructure development are also slated to benefit market growth. However, raw material price volatility is projected to constrain electrical insulation materials market growth potential in the future. Asia Pacific region is slated to hold sway over global sales of electrical insulation materials owing to rapid urbanization and the presence of robust electrical manufacturing industry. Adoption of sustainability is a key trend that will create new opportunities for electrical insulation materials providers.

Report Metric Details
Market size value in 2022 USD 10.3 billion
Market size value in 2031 USD 18.31 billion
Growth Rate 6.6%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Thermoplastics, Thermosets, Ceramics, Fiber Glass, Mica, Cellulose, Cotton, and Others
  • Application
    • Power Transformers, Distribution Transformers, Electrical Motors & Generators, Wires & Cables, Switchgear, Batteries, and Others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Nitto Denko Corporation
  • Nikkan Industries Co., Ltd
  • Vitar Insulation Manufacturers Ltd.
  • Weidmann Holding AG
  • 3M Company
  • Miki Tokushu Paper MFG. CO., LTD.
  • Furukawa Electric Power Systems Co., Ltd.
  • E. I. DuPont de Nemours and Company
  • The Dow Chemical Company
  • Sichuan Dongfang Insulating Material Co., Ltd.
  • Dalian Insulator Group Co., Ltd.
  • Showa Denko Materials Co., Ltd.
  • KREMPEL GmbH
  • Dr. Dietrich Müller GmbH
  • Fralock Innovative Materials Manufacturing & Automation
  • Haysite Reinforced Plastics
  • ITW Formex
  • Elantas GmbH
  • Suzhou Taihu Electric New Materials Co., Ltd.
Customization scope

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  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Electrical Insulation Materials Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Electrical Insulation Materials Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Electrical Insulation Materials Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Electrical Insulation Materials Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Electrical Insulation Materials Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Electrical Insulation Materials Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Electrical Insulation Materials Market size was valued at USD 10.3 billion in 2022 and is poised to grow from USD 10.9 billion in 2023 to USD 18.31 billion by 2031, growing at a CAGR of 6.6% in the forecast period (2024-2031).

Electrical insulation material manufacturers should invest in the R&D of novel materials to maximize their product portfolio and sales potential in the future. Collaborations and partnerships could help companies fast track their commercialization process and reduce time to market for their products. Companies can also opt for mergers and acquisitions if they wish to enhance their market share and presence. 'Nitto Denko Corporation', 'Nikkan Industries Co., Ltd', 'Vitar Insulation Manufacturers Ltd.', 'Weidmann Holding AG', '3M Company', 'Miki Tokushu Paper MFG. CO., LTD.', 'Furukawa Electric Power Systems Co., Ltd.', 'E. I. DuPont de Nemours and Company', 'The Dow Chemical Company', 'Sichuan Dongfang Insulating Material Co., Ltd.', 'Dalian Insulator Group Co., Ltd.', 'Showa Denko Materials Co., Ltd.', 'KREMPEL GmbH', 'Dr. Dietrich Müller GmbH', 'Fralock Innovative Materials Manufacturing & Automation', 'Haysite Reinforced Plastics', 'ITW Formex', 'Elantas GmbH', 'Suzhou Taihu Electric New Materials Co., Ltd.'

Urbanization and industrialization fueled by digitization have led to a high demand for developed electrical infrastructure around the world and efforts to establish the same are slated to drive sales of electrical insulation materials in the future.

Adoption of Sustainability: Electrical insulation materials companies should focus on utilizing sustainable and eco-friendly materials to comply with modern sustainability mandates and evolving consumer preferences. Companies can incorporate sustainable practices in their production and distribution processes to make the most of this trend.

Asia Pacific is slated to account for a dominant share of the electrical insulation materials market owing to the presence of robust electronics and electrical manufacturing activity in countries such as China and Japan. High investments in infrastructure development and growing urbanization and industrialization are slated to catalyze the demand for electrical insulation materials in the Asia Pacific region over the coming years. India and South Korea are also slated to be rewarding markets for electrical insulation materials companies in the long run.

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