Global Electrical Insulation Coating Market – Industry Trends and Forecast to 2029

Global Electrical Insulation Coating Market, By Product (Liquid, Powder), Raw Material (Epoxy, Polyetrafluoroethylene (PTFE), Ceramic, Oxy Ceramics, Others), End User (Automotive, Building and Construction, Construction Industry, Others) – Industry Trends and Forecast to 2029

Market Analysis and Size

The size of the global market for electrical insulation coatings is expected to increase significantly over the next few years. Future projects focused on capacity expansions and increased investment in power generation projects are the results of the increase in electricity demand. Another aspect that is projected to be crucial in supporting the growth is the expansion of the worldwide transmission and distribution industry.

Global electrical insulation coating market was valued at USD 2893.44 million in 2021 and is expected to reach USD 4474.31 million by 2029, registering a CAGR of 5.60% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.

Report Scope and Market Segmentation

Market Definition

Electrical insulation coatings consist of polymers, ceramics, or alloys used to insulate different lamination stacks in transformers, motors, relays, switches, sensors, and other electrical equipment. Both high voltage and low voltage applications are compatible with these coatings. These coatings are typically applied to metallic substrates, although they can also be applied to composite substrates.

Electrical Insulation Coating Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• High Demand for Electrical Insulation Coating

The market is being propelled by an increase in demand from end-user industries such building and construction, automotive, power generation, electronics, and electrical along with increasingly stringent laws and regulations from various governments. As a result, the market is estimated to have an accelerated growth over forecast period.

• Increasing Need For Sustainable Electronics

Another element impacting the market's expansion is the rising need for sustainable electronics and energy conversion. The order is anticipated to come primarily from developed countries. For instance, large-sized transformers have a high installed capacity in the United States. The market for electrical insulation coatings will increase due to the need to replace the outdated infrastructure with new connections due to the ageing of these transformers.

Furthermore, the rapid economic and population growth will further propel the electrical insulation coating market growth rate. The high electricity consumption in emerging and emerging economics will also drive market value growth. The expansion of end-use industries is projected to bolster the market's growth.

Opportunities

• Development of Coatings and Increasing Awareness

Furthermore, the market players are concentrating on developing various types of coatings depending on the application, required dielectric qualities, aesthetics, color, and regulatory compliance further extends profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the growing awareness about the benefits of electrical insulation coating will further expand the future growth of the electrical insulation coating market.

Restraints/Challenges

• High Costs

There is a need for high research and development investments to develop advanced products, which will create hindrances for the growth of the electrical insulation coating market.

• Unstable Raw Material Prices

The price of the raw materials is a major factor in determining the total cost of coating formulation. Therefore, the fluctuations in the prices of raw materials will pose a major challenge for the growth rate of the electrical insulation coating market.

This electrical insulation coating market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the electrical insulation coating market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Electrical Insulation Coating Market

The recent outbreak of coronavirus had a negative impact on the electrical insulation coating market. The ongoing COVID-19 epidemic caused turbulence in the world economy and substantially influenced several international economic sectors. The electrical insulation coatings industry experienced decreased demand throughout the aerospace, electrical and electronics, and automotive sectors, although it saw substantial penetration in the medical sector due to a shortage of labor and raw materials. This is due to their increasing use in ventilators and machinery that creates N95 facemasks. For instance, Axalta increased the supply of its Voltatex electrical insulating resins in April 2020 to hasten the production of life-saving equipment for its medical device customers to meet rising demand in hospitals.

Recent Development

•  In April 2021, AkzoNobel's Powder Coatings has made public aspirations to create cutting-edge technologies that will significantly benefit the automotive industry in the future. Through the use of the company's Resicoat and Interpon brands, this action furthered innovation by enabling the development of the next generation of e-mobility.
• In December 2021, Mascoat Ltd. and Verdia, Inc., two privately held suppliers of industrial specialty coatings, are acquired by Arsenal Capital Partners, a wealthy private equity group that specialises in investments in predominantly industrial growth companies.

Global Electrical Insulation Coating Market Scope

The electrical insulation coating market is segmented on the basis of product, raw material and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product

• Liquid
• Powder

 Raw Material

• Epoxy
• Polyetrafluoroethylene (PTFE)
• Ceramic
• Oxy Ceramics
• Others

 End User

• Automotive
• Building and Construction
• Construction Industry
• Others

Electrical Insulation Coating Market Regional Analysis/Insights

The electrical insulation coating market is analyzed and market size insights and trends are provided by country, product, raw material and end user as referenced above.

The countries covered in the electrical insulation coating market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the rapidly expanding electrical sector and increased developments across end-use industries such as research and medical, electronic within the region.

North America on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029, due to the increasing investment in infrastructure development in the region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Electrical Insulation Coating Market Share Analysis

The electrical insulation coating market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to electrical insulation coating market.

Some of the major players operating in the electrical insulation coating market are

• PPG Industries, Inc. (U.S.)
• Jotun (Norway)
• Axalta Coating System (U.S.)
• The Sherwin-Williams Company (U.S.)
• DOW (U.S.)
• Akzo Nobel N.V. (Netherlands)
• Kansai Paint Co., Ltd. (Japan)
• Nippon Paint Holdings Co., Ltd. (Japan)
• Carboline Company (U.S.)
• Sharpshell Industrial Solutions (South Africa)
• Arkem S.A. (France)
• Ashland Inc (U.S.)
• Mapei S.p.A (Italy)
• MUHU (China) Construction Materials Co., Ltd., (China)
• Holcim (Switzerland)
• Mascoat (U.S.)