Electrical Insulation Coatings Market: Overview
Electrical insulation coatings refer to products which are made from polymers, ceramics or alloys and are used for the insulation of various laminations stacks in transformers, motors, relays, switches, sensors, etc. These coatings can be used in both high and low voltage applications. Generally, these coatings are applied to metallic substrate, but a composite substrate can also be coated. Moreover, the manufacturers are now focusing on more advanced coatings with very high bond strength, high gloss, and UV resistance, coupled with focus on aligning with environmental standards regarding VOC (Volatile Organic Compounds).
The global electrical insulation coating market is projected to expand with a moderate CAGR over the forecast period of 2016-2026
Global Electrical Insulation Coatings Market: Drivers and Restraints
The prime factor driving demand for electrical insulation coating can be directly correlated with rapid economic and population growth across the globe. This has led to the rising demand for electricity and power generation, translating into increasing consumption of electrical insulation coating. Increasing demand for electronics and energy conversion products is another prominent factor driving the demand for electrical insulation coatings. However, a major share of this demand is anticipated to come from developed nations. Due to strict government regulation related to VOC (volatile organic compound) emissions, demand for powder based electrical insulation coating material is anticipated to rise significantly, in turn, fuelling more revenues in the global electrical insulation coating market.
Stringent government regulations and high cost are expected to be the most significant restraints on the growth of electrical insulation coatings industry.
Global Electrical Insulation Coatings Market: Segmentation
On the basis of type,
On the basis of raw material,
- Oxy Ceramics
- Others (Metals, alloys, etc.)
On the basis of substrate,
- Metallic Substrates
- Composite Structures
On the basis of end use industry,
- Energy Conversion
Global Electrical Insulation Coatings Market: Region Wise Outlook
The global electric insulation coatings market is segmented into the seven key regions: North America, Latin America, Western Europe, and Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and Middle East and Africa (MEA). APEJ is anticipated to dominate the global market for electrical insulation coatings, owing to rising demand for electrical products from India and China. Moreover, a key deciding constraint in the global electrical insulation coating market is availability of raw material, on which again Asia Pacific caters a significant advantage, further fuelling manufacturers to focus on the region. Amid presence of vast industrial sector in North America, the region stood next in line in terms of demand for electrical insulation coating products. Western Europe and Japan also account for a significant share of demand for electrical insulation coating, however, the regions are anticipated to grow slowly over the forecast period. The Middle East & Africa and Eastern Europe region are also projected to execute an impressive growth in demand for electrical insulation coatings.
Global Electrical Coatings Market: Key Players
- 3M Company
- PPG Industries
- AkzoNobel N.V.
- Evonik Industries
- Axalta Coating Systems
- Elantas GmbH
- The Fisher Barton Group
- Aremco Products Inc.
- Chemetall Group
- Fluoro Precision Coatings
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.