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