Electrical Insulation Materials Market worth $14.3 billion by 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, Sept. 23, 2022 /PRNewswire/ -- Electrical Insulation Materials Market size is projected to grow from USD 10.6 billion in 2022 to USD 14.3 billion by 2027, at a CAGR of 6.2% between 2022 and 2027, according to a new report by MarketsandMarkets™. Electrical insulation materials are used in electrical systems to prevent unwanted flow of current to the earth from the supporting points. These materials have different properties and thus exhibit unique abilities. Electrical insulation materials prevent or limit the flow of current on their surfaces due to low conductivity. 

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The thermoplastics segment is estimated to lead the electrical insulation materials market during the forecast period.

Based on type, the thermoplastics based electrical insulation materials accounted for the largest market share in 2021 and is projected to grow at a CAGR of 6.3% in terms of value, during the forecast period. Some of the important thermoplastics are PE, PP, and PVC. These materials are available in different forms - crystalline, amorphous, and semi-crystalline. Due to the rising energy consumption from developing economies such as India and China, the demand for thermoplastics is expanding throughout the Asia Pacific region. The rise in demand for thermoplastics for electrical insulation can also be attributed to their low cost, easy manufacturing process, and availability.

The power systems application is expected to have the fastest growth in the electrical insulation materials market during the forecast period.

Based on application, the power systems segment in the electrical insulation materials market accounted for the fastest growth in 2021 with a CAGR of 6.5%, in terms of value, during the forecast period. This is attributed to the growing demand for electrical insulation materials in power systems such as generators, relays, and power electronics due to the necessity of these materials for the optimum operating efficiency of equipment. Rapid urbanization in emerging economies, modernization of aging electricity infrastructure in developed economies, and growing population are also leading to the high demand for electrical insulation materials.

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These are useful when safety is to be provided from open electric systems or the flow of current is to be regulated. The rising use of electrical insulation materials owing to high growth in automation in construction industry and rise in sales of electric vehicles (EVs), drives the electrical insulation materials market.

Asia Pacific is expected to be the largest market for electrical insulation materials during the forecast period.

Asia Pacific leads the overall electrical insulation materials market in terms of both value and volume, followed by North America and Europe. The increasing population, urbanization, industrialization, and the availability of low-cost raw materials and labor, coupled with increasing domestic demand, makes Asia Pacific an attractive investment destination for electrical insulation materials manufacturers. These are some of the factors expected to drive the electrical insulation materials market in this region.

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The key players in this market are DuPont (US), Elantas (Germany), Krempel GMBH (Germany), Nitto Denko (Japan), Von Roll(Switzerland), ITW Formex (US), 3M (US), Haysite Reinforced Plastics (US), Vitar (China), Tesa SE (Germany), Teijin DuPont Films (Japan), and NGK Insulator (Japan).

DuPont is a leading integrated science and engineering company. DuPont's product line includes construction materials, medical devices & materials, fibers & nonwovens, water solutions, electronic solutions, adhesives, and resins. The company delivers innovative solutions through three business segments: Electronics & Industrial, Mobility & Materials, and Water & Protection. It provides electrical insulation materials through the Water & Protection business segment under the brand name Nomex. It offers its products to various industries such as automotive, building construction, energy, printing & packaging, and safety &protection.

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