The global electrical
insulation coating market is expected to reach USD 3.0 billion in
2024, according to a new report by Grand View Research, Inc. The demand for
electricity is slated to grow at an estimated annual rate of over 2.5%. The
electricity demand is anticipated to witness robust growth from non-OECD
countries owing to economic and population growth. Other factors such as easy
availability of raw materials, upcoming power generation projects particularly
in Asia Pacific are anticipated to foster the market growth.
Raw material prices play a vital role in defining the
overall costs of the final product. Currency fluctuations are expected to
result in unstable raw material prices. The high cost of coating formulations
is another factor which is anticipated to hinder the market growth. Regulations
related to VOC (volatile organic compound) emission are expected to affect the
demand for liquid based insulation coatings in the near future.
Liquid coatings emerged as the leading product segment
and accounted for over 60% of global demand in 2015. However, gaining
popularity of powder coatings for electrical insulation on account of stringent
regulations in place is expected to increase its market share over the forecast
period.
Browse full research report on Electrical Insulation Coatings Market: https://www.grandviewresearch.com/industry-analysis/electrical-insulation-coatings-market
Further
key findings from the report suggest:
- The global electrical insulation coating market demand exceeded 650
kilo tons in 2015 and is expected to exceed 900 kilo tons by 2024, growing
at a CAGR of 3.7% from 2016 to 2024
- Trends in powder coating industry have oriented towards development
of binders resulting in improved gloss retention and high UV
resistance
- Epoxies are known to have excellent dielectric properties,
dimensional stability, good shock and vibration resistance. The raw
material segment is expected to grow at an estimated CAGR of 5.0% from
2016 to 2024.
- Asia Pacific was the leading consumer with its share exceeding 50%
in 2015. Easy availability of key raw materials coupled with rapidly
growing electrical industry in China and India are likely to drive the
regional growth.
- Electrical insulation coatings industry is likely to witness
technological shift owing to strict VOC regulations. Various market
players have implemented different coating processes depending on the
geometry of the electrical components.
- Some key companies operating in the market include Axalta Coating
Systems, Elantas GmbH, 3M Company, PPG Industries, AkzoNobel N.V., and
Evonik Industries
Browse more reports of this category
by Grand View Research: https://www.grandviewresearch.com/industry/paints-coatings-and-printing-inks
Grand
View Research has segmented the electrical insulation coating market on the
basis of product, raw material and region:
Product
Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)
- Liquid
- Powder
Raw
Material Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)
- Epoxy
- PTFE(Polytetrafluoroethylene)
- Ceramic
- Others
Regional
Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)
- North America
- U.S.
- Europe
- Germany
- UK
- France
- Asia Pacific
- China
- India
- Japan
- Middle East
and Africa
- Saudi Arabia
- Central and
South America
- Brazil
About Grand View
Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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