The Report Electrical Insulation Coatings Market Analysis By Product (Liquid, Powder), By
Raw Material (Epoxy, Polytetrafluoroethylene (PTFE), Ceramic) And Segment
Forecasts To 2024
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.
Access Research Report of Electrical Insulation Coating
Market @ 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
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
·
Europe
·
Asia Pacific
·
Middle East and Africa
·
Central and South America
Access Press Release of
Electrical Insulation Coating Market@ www.grandviewresearch.com/press-release/global-electrical-insulation-coatings-market
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.
For More Information: www.grandviewresearch.com
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