Global electrical insulation materials market is expected to witness a steady growth over the forecast period. Demand for electrical insulation materials is expected to be driven primarily by the growth in demand from construction industry, especially in developing economies in Asia Pacific region such as China and India.
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Electrical insulation is resistance to the flow of electric charge. Electrical insulation materials isolate individual components which are at different electrical potentials.
The primary function of an electrical insulator is to support or separate electrical conductors without allowing current to flow through them. Conventionally, glass and ceramics were the most prominently used electrical insulation materials However, over the recent past, polymer based electrical insulation materials have accounted for a significant share in overall global electrical insulation materials market.
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Electrical Insulation Materials Market: Drivers and restraints
Moreover, the steady growth in re-insulation market across developed economies of North America and Europe is also expected to fuel the growth of global electrical insulation materials market during forecast period. Besides, increasing demand for consumer electronics and allied products is another factor that is expected to drive growth of global electrical insulation materials market.
Also, increasing investments towards installation of transmission lines across developing regions is another factor that is expected to positively impact global electrical insulation materials market over forecast period.
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Electrical Insulation Materials Market: Segmentation
The electrical insulation materialsmarket can be segmented based on material types as:
Consumption of polymer based and Composite materials for electrical insulation is expected to witness a relatively faster growth rate during forecast period. These materials are lighter in weight and exhibit favourable properties such as high mechanical strength and electrical resistance, capacity to withstand and deliver consistent performance in harsh climatic conditions and exhibit relatively more effective voltage endurance as compared to that of ceramics and some of the other materials.
The electrical insulation materials market can be segmented based on applications as:
- Cables and Transmission Lines
- Transformer components
- Circuit boards
- High voltage circuit breakers
The electrical insulation materials market can be segmented based on end use industry as:
- Others (Utilities)
The electrical insulation materials market can be segmented based on voltage as:
- Low Voltage
- Medium Voltage
- High Voltage
Electrical insulation materials market: Region wise outlook
Global electrical insulation materials market can be broadly classified based on geography into seven key segments as North America, Latin America, Western Europe, Eastern Europe, Asia – Pacific, Japan, Middle – East and Africa. Out of all these segments, Asia-Pacific has the highest market share.Increase in the Transmission and distribution line related investments is expected to drive the demand for the electric insulation materials especially in Asia-Pacific and MEA regions during forecast period.
Electrical insulation materials market: Key market players
Some of the key players identified in the electrical insulation materials market are:
- BASF SE
- Huntsman Corporation
- Knauf Insulation Group
- Owens Corning
- Fletcher Insulation
- GAF Materials Corporation
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