Electrical Insulation Coating Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMFMCG2866 | Last Updated On: Jun 23 2022 | Available Formats

> Global Electrical Insulation Coating Market Expected to reach a high CAGR during the forecast period 2022-2029: DataM Intelligence

Global Electrical Insulation Coating Market is segmented By Material (Acrylate Resins, Polyester resins, Polyurethane resins, Polytetrafluoroethylene (PTFE), Silicone resins, Epoxy resins, Alkyd resins, Ceramic, Others), By Form (Liquid, Powder), By Surface (Metal, Composites), By Application (Motors, Generators, Transformers, Electrical Rotary Equipment, Wires, Others), By End-User (Power Generation, Building &Construction, Aerospace, Automotive, Food Processing, Electronics and Electrical, Marine, Industrial, Healthcare, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

The Global "Electrical Insulation Coating Market" is expected to grow at a high CAGR during the forecasting period (2022-2029).

Electrical insulation coatings are designed to impart high electric strength and provide protection against environmental impacts for various electrical applications. Coating provides excellent ultraviolet radiation resistance coupled with tracking resistance which is suitable for outdoor exposure in extreme weather conditions. The electrical insulation coating provides excellent water repellent properties. The electrical insulation coating is provided to several applications such as for electrical rotary equipment such as motors and generators, transformers and sensors.

Electrical insulation coating is substantially used in end-user industries such as power generation, industrial electrical machinery, automotive, aerospace, marine, building & construction and among others.

 

Market Dynamics

The global electrical insulation coatings are driven by rising demand for energy saving in the electrical power to prevent corrosion with growing strict policies, rules & regulations by governments has impelled the electrical insulation coating market. Further growing demand f electrical insulation coating in the end-user industries such as buildings &construction, automotive, power generation, electrical & electronics etc. around the globe have propelled the demand for this market.

Rising demand for the electrical coating insulation for the end-user industry such as building & construction, electrical & electronic etc. around the globe

The market is driven by the surge in the demand by the end-user industries such as building & construction, automotive, power generation, electronics& electrical with growing strict rules and regulations by several governments. For instance, electrical coating insulation helps to protect from the flow of electrical current to ensure the safety of the work crew used in power plants and substations. Increasing power plants capacity for electricity generation due to the surge in global energy demand have propelled the demand for this market. As per the Department of Economic and Social Affairs Statistics Division in 2016, the world’s total energy supply1 (TES) increased by almost 60% from 1990 to 2016, reaching 568 EJ. This growth was driven by Asia, where the Chinese total energy supply increased nearly fourfold during this period, accounting for 21% of world TES in 2016.

Growing demand for the energy saving in the electrical power to prevent corrosion with growing strict policies rules & regulations by governments

Further growing demand for the energy saving in the electrical power to prevent corrosion with growing strict policies rules & regulations by governments. For instance, the occupational safety and health administration (OSHA) the federal government agency has set electrical standards are based on the national electric code,  national fire protection association standards NFPA 70, and NFPA 70E, electrical safety requirements for employee workplaces. It created a massive demand for electrical insulation coating in the industrial sectors to facilitate safety and protection against hazardous events.

Growing demand for electrical insulation coating in the chemical industry, oil refineries with the help of advanced material launching by the leading players is expected to strengthen the market growth

Increasing launching of the advanced material based insulation for the electrical equipment and several industrial by the leading manufacturers have created a huge opportunity for the growth of the adhesive equipment market. Further growing demand and sale of consumer electronics and appliances have created a huge demand for the global electrical insulation coating market. For instance, as per the India Brand Equity Foundation Organization in 2019, the consumer electronics and appliances sale reached aroundUS$ 10.93 billion and is projected to reach around US$ 21 billion by 2025 in India.

COVID-19 Impact Analysis

The global electrical insulation coating market has shown slight declination due to theCovid-19  pandemic, as several leading manufacturing industries were closed. Several countries have restricted production activities during the covid-19 pandemic. Further, the growth of textile & apparel was also declined due to low demand in June 2020.

However, the demand for electrical insulation coating is slightly increased in August 2020, as several leading manufacturers started production. The leading manufacturers of electrical coating insulation have planned the investment for enhancing the production of automotive and electronics equipment due to growing demand.

Further increasing demand for medical devices during the covid-19 pandemic created a huge opportunity for the electrical insulation coating market. For instance 22nd April 2020, Axalta' has been Voltatex Electrical Insulating Resins for manufacturing ventilators, devices producing N95 face masks with increased the supply of its Voltatex electrical insulating resins to ensure its medical device customers are well equipped to rapidly-produce life-saving equipment, such as ventilator motors and N95 facemasks, which are in high demand by hospitals globally during the coronavirus pandemic. Further demand for electrical insulation coatings will increase as soon as the pandemic is over.

Segment Analysis

The global electrical insulation coating is segmented based on material, form, surface, application, end-user and region.

Rising demand in the automotive sector with the surge in the global sale of passenger vehicles have propelled the polyurethane resins market

In terms of material, the global electrical insulation coating is bifurcated into acrylate resins, polyester resins, polyurethane resins, polytetrafluoroethylene (PTFE), silicone resins, epoxy resins, alkyd resins, vinyl acetate, ceramic and others. Among these, polyurethane resins has the highest market share in 2019, owing to rising demand in the manufacturing facilities of consumer electronics, automotive components etc. As per the International Organization of Motor Vehicle Manufacturers, the global passenger vehicles sale reach around 67149196 units which propel the electrical insulation coating market required in the manufacturing of the automotive electrical components and wirings.

Similarly, acrylate resins, polyester resins, polytetrafluoroethylene (PTFE), silicone resins, epoxy resins, alkyd resins, vinyl acetate, ceramic segments are also growing at a faster pace owing to the surge in the launching of the new advanced double-layer coatings by the leading players. For instance on 2nd July 2020, X-Mol launched self-adjusting polytetrafluoroethylene (PTFE)/TiO2 organic-inorganic double-layer coatings using thermal field and gradient pressure with the addition of titanium alloy. It created a massive demand for the electrical insulation coating market.

In terms of form, the global electrical insulation coating market is divided into liquid and powder forms. Among these, liquid form has the highest market share owing to its demand in the manufacturing facilities of several electrical cables, wires and rotary motors. As a liquid form of the coating is more eco-friendly and has low cost than other types of the coating. It also possesses wear resistance which makes it suitable for harsh environmental conditions. Several leading players are launching new coatings for electrical insulation used in the automotive, building & construction sector and among other industries. For instance, in 2018, Covestro, one of the world’s largest polymer manufacturers launched a wide range of smart and sustainable polyurethane (PU) coatings for the construction, footwear, automobile,  and furniture industries at the Paint India 2018 exhibition.

Based on the surface, the global electrical insulation coating is divided into metals and composites. Among these, the composites segment has the highest market share in 2019, this is primarily due to its low cost, high thermal conductivity and suitability for a wide range of applications in the automotive and electrical & electronics sector.

Industrialization and urbanization around the globe have propelled the transformer segmental growth around the globe

Increasing manufacturing facilities of electronics goods, chemical factories in the developing countries coupled with growing urbanization have propelled the demand for the transformer segmental growth. For instance, as per our world data in 2017, the global urban population reached around 4.1 billion and is growing in rapid space. It created a huge demand for the transformers require to supply the electricity in urban areas.

Increasing marine projects with the surge in government investment and initiatives have propelled the demand for the electrical insulation coating market

Based on the end-user, the global electrical insulation coating market is divided into Power Generation, Building & construction, aerospace, automotive, food processing, electronics & electrical, marine, industrial and others. Among this marine segment has the highest market share in 2019, this is primarily due to increasing government investment and projects in the marine environment.

For instance, in 2017the European Commission invested aroundUS$ 17.8 million in new maritime projects to accelerate the deployment of a sustainable blue economy across the EU and the Mediterranean. As electrical insulation coating provides a corrosion-resistant, water repellent in the application of the marine project. Insulation electrical coating provides a thermal barrier and anti-condensation capabilities for the shipboard construction industry.

Geographical Analysis

Asia-Pacific region holds the largest market share global Electrical Insulation Coating Market

Asia-Pacific region is dominating the global electrical insulation coating market accounted for the largest market share in 2019, due to the presence of several manufacturing companies, growing industrialization and rising investment by the leading players in this region followed by North America and Europe.

Further increasing government and private companies investing in the Asia-Pacific region for several projects have propelled the demand for the electrical insulation coating market in this region. For instance, on 26th Sept 2019, SAExploration invested aroundUS$ 28 million in the Ocean-Bottom Marine Project in the Asia Pacific.

Similarly, North America is also growing at the fastest speed owing to the presence of advanced technology with growing building & infrastructure development projects. For instance, Trump's Government has provided the plan with an investment of US$2 trillion for the United States infrastructure development for the overall growth of the region's industry in 2019. It created a massive demand for the electrical insulation coatings require in this region followed by Europe.

Competitive Landscape

The electrical insulation coating Market is moderately competitive with the presence of local as well as global companies.  Some of the key players which are contributing to the growth of the market include Kansai Paint, The Fisher Barton Group, Elantas GmbH, Nippon Paint, AkzoNobel, Chemetall Group, Axalta Coating Systems, PPG Industries, Jotun Group, The Sherwin-Williams Company, Mascoat and among others.

The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the Electrical Insulation Coating Market globally.  For instance, on 25th Sept 2020, AkzoNobel has increased the production capacity of the powder coatings at the Italian site. The Company planned to invest around 23 million to increase the production capacity of automotive and building coatings.

Akzo Nobel N.V.:

Overview: Akzo Nobel N.V. is a Dutch multinational company that manufactures paints and performance coatings for both industry and consumers around the globe. The Company was founded in 1792 and headquartered in Amsterdam, Noord Holland with a presence in more than 150 countries, and employed approximately 46,000 people.

Product Portfolio: The Company has a product portfolio of electrical coating insulation that includes:

  • Coil coating: Coil coating is a continuous and highly automated process for coating metal before fabrication. In one continuous process, a coil of metal, up to 72 inches wide moving up to 700 feet per minute, is unwound and both the top and bottom sides are cleaned, chemically treated, primed, oven cured, top coated, oven cured again, rewound and packaged for shipment
    • Features: Coil coating provides beautiful topcoats, durable surfaces, innovative applications, green benefits, and cost savings as compared to other substrates and other coating options

Key Development: In 2019, AkzoNobel one of the leading residential and commercial coatings manufacturers expanded its production capacity in the groundbreaking of a 500,000-square-foot that is in the 37-acre with an investment of around US$55 million.

Trending Topics

Electrically Conductive Coating Market

Acoustic Insulation Market

Electrically Conductive Adhesive Market

Did not find what you were looking for?Every 7 out of 10 customers request tailored reports. Get yours today!
We collate your requirements.
Our global research team is put into action.
We deliver, and make sure your endeavour is a success!

Buy This Report

Discount Applied



25% discount offer

Note*: For "Bundle/Bulk" Subscription of Reports,
please contact: [email protected]

Get your free sample proposal with a single click!

linkedinpinterest