The electrical insulation materials industry is expected to increase from US$ 10.70 billion in 2023 to US$ 20.28 billion by 2033.
Increasing Demand from the Electronics and Electrical Industries
Electric motor insulation materials provide resistance to electric current. Electric motor insulation processes include wire insulation, slot and phase insulation, winding impregnation, sleeve insulation, and winding leads insulation.
The thermal properties of insulation materials used in electric motors are classified globally. Cotton, silk, and paper are examples of Class A insulating materials. Mica, glass fiber, and asbestos are examples of Class B insulating materials. Class C insulating materials include mica, porcelain, glass, and quartz.
Electronics are vital components of modern civilization, assisting with smooth operation or survival. Electrical insulation materials are required for the production of shockproof electronic devices. This includes electric vehicles, televisions, washing machines, mobile phones, and other equipment. The rising EV sectors have a direct impact on market growth because insulation is required in cables, batteries, and other things.
Electrical insulating materials are in high demand in the building, automobile, medical, communications, electronics, and manufacturing industries. To provide shock resistance for electric equipment and to manufacture goods that fulfill benchmark criteria. As a result, the global electrical insulating materials market is expected to grow throughout the forecast period.
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Trends and Technological Advancement
Ongoing research and development initiatives throughout the world are propelling the industry toward viable development. To ensure the optimal and sensible use of resources. These circumstances may increase the demand for renewable energy, boosting the demand for insulating materials such as HVDC cable and others.
Key Points from the Market
- The market is expected to surpass US$ 20.28 billion by 2033.
- The market is being boosted by rising demand for lightweight and energy-efficient electrical insulating materials.
- The electrical insulation materials market is expected to register a CAGR of 6.6% during the forecast period 2023 to 2033.
- North America dominated the electrical insulation materials market.
Key Development in the Electrical Insulation Materials Market
- May 2022 – Krempel GmbH stated that Nomex 910, an insulating material will be manufactured, and distributed by Krempel. It was previously created by DuPont. The product is a one-of-a-kind insulating material made of high-quality electrical grade cellulose pulp and web-like binders. It can be utilized as interlayer insulation in distribution and small power transformers with liquid-immersed transformers.
- April 2022 – Von Roll announced the growth of its potting resin business by expanding its production plant in Italy. This may benefit the company in the automotive and electronics industries. Potting resins are critical in the development of high-performance batteries for electric vehicles.
- EXEGER Sweden AB aims to collaborate with the Japanese ceramic technology business NGK INSULATORS, LTD in 2021. Through this collaboration, both companies may increase their respective manufacturing capacity and competencies. It also allows both companies to bring goods to market in a variety of disciplines. Including the IoT and electronic devices such as e-shelf labels, sensors, and remote controls.
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Top Key Player in the Global Industry
- Nitto Denko Corporation
- 3M Company
- E. I. DuPont de Nemours and Company
- The Dow Chemical Company
- Showa Denko Materials Co., Ltd.
- KREMPEL GmbH
- ITW Formex
- Elantas GmbH
- Nikkan Industries Co., Ltd
- Dr. Dietrich Müller GmbH
- Fralock Innovative Materials Manufacturing & Automation
- Haysite Reinforced Plastics
- Miki Tokushu Paper MFG. CO., LTD.
- Furukawa Electric Power Systems Co., Ltd.
- Vitar Insulation Manufacturers Ltd.
Key Segmentation
By Material Type:
- Thermoplastics
- Thermosets
- Ceramics
- Fiber Glass
- Mica
- Cellulose
- Cotton
- Others
By Application:
- Power Transformer
- Distribution Transformers
- Electrical Motors & Generators
- Wires & Cables
- Switchgear
- Batteries
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- The Middle East and Africa
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