Global Electrical Insulation Materials Market Analysis & Forecast
The global electrical insulation materials market was pegged at 4,700 KT in 2016. In terms of volume, the global electrical insulation materials market is projected to reach 8,797 KT by the end of 2027, expanding at a CAGR of 5.8% over the forecast period (2017–2027). In terms of value, the global electrical insulation materials market is anticipated to reach US$ 19.9 Bn by 2027 end, exhibiting a CAGR of 6.7% over the forecast period.
APEJ is expected to exhibit promising growth in the global electrical insulation materials market, registering a CAGR of 7.6% over the forecast period. Driven by sales growth of electrical insulation materials across various applications, the APEJ market is expected to witness a sustainable growth rate over the coming years.
Electrical insulation materials applications have been witnessing considerable demand in Asian countries such as China, India and ASEAN. This demand is fuelled by rising capital investments in setting up large scale infrastructure projects and subsequent development of electricity generation, transmission and distribution in the region. Besides, large scale investments in the industrial sector are also expected to drive demand for electrical insulation materials through 2027.
Electrical insulation materials have been finding significant applications in wires & cables, motors & generators, transformers and other applications, with rising demand from the power sector. APEJ and North America are important regions in terms of the power sector at a global level and are anticipated to grow further in the near future with regard to the industry; which in turn is expected to create significant opportunities for growth of the regional electrical insulation materials market over the forecast period.
However, factors such as high costs of electrical insulation materials have been restraining market revenue growth, and are anticipated to pose a significant challenge to the global electrical insulation materials market in the near future.
Performance analysis of market segments
On the basis of material, the electrical insulation materials market is segmented into thermoplastics, epoxy resins, ceramics, fibre glass composites and others. Thermoplastics segment is projected to account for a major share of the global electrical insulation materials market through 2027.
Growth of the thermoplastics segment is estimated to remain high over the forecast period, and is expected to account for approximately 48.3% of the total market share in terms of volume by 2027. Expanding at a healthy growth rate, the thermoplastics segment is expected to create significant growth opportunities over the coming years.
Among applications, the wires & cables segment is anticipated to consistently represent a dominant share over the forecast period. By value, this segment is expected to reach a market value of about US$ 4.4 Bn by the end of 2027. The demand for generators & motors is expected to remain moderate to high across different regions. On the other hand, the transformers segment is projected to exhibit a significant growth rate through the forecast period.
Market analysis of key segments by material type
Thermoplastics: Expanding at a CAGR of 7.0% over the forecast period, the segment is anticipated to create an incremental $ opportunity of US$ 4.1 Bn by 2027 end
Epoxy Resins: Epoxy resins segment is expected to reach a market value of US$ 3.8 Bn by 2027 end
Ceramics: This segment is expected to grow at a CAGR of 5.7% between the years 2017 and 2027
Fibre Glass Composites: Expanding at a CAGR of 6.6% between 2017 and 2027, this segment anticipated to reach a market value of US$ 4.4 Bn by 2027 end
Others: This segment is expected to grow at a CAGR of 6.1% between the years 2017 and 2027
Key Segments Covered
The global electrical insulation materials market is segmented as follows:
- By Material
- By Application
- By Region
On the basis of material, the market is segmented into the following:
- Thermoplastics
- Epoxy Resins
- Ceramics
- Fibre Glass Composites
- Others
On the basis of application, the market is segmented into the following:
- Wires & Cables
- Motors & Generators
- Transformers
- Others
Regions covered in the report are as follows:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Japan
- Middle East & Africa (MEA)
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by - Sudip Saha, Managing Director and Co-Founder of Future Market Insights
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