Electrical Insulation Materials Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Electrical Insulation Materials Market Analysis
The market for electrical insulation material is expected to register at a CAGR of more than 6% globally during the forecast period.
The COVID-19 pandemic significantly influenced the market for electrical insulation materials, owing to worldwide limitations that affected most industries. However, the industries accelerated from 2021, thus increasing the demand for electrical insulation material. Therefore, the market will likely maintain a similar trajectory during the forecast period.
- The increasing safety precautions in electrical equipment are increasing the growth of the electrical insulation materials market throughout the forecast period. Moreover, the need for electricity transmission and distribution to various places in different regions worldwide is driving market growth.
- On the contrary, the high costs of electrical insulation materials are a significant factor hampering the market growth. It is also expected to be challenging for the global electrical insulation materials market.
- The increasing power generation activities in developing countries and the growing demand for electrical insulation materials in electric vehicles will likely be an opportunity for the market studied.
- Asia-pacific dominated the market for electrical insulation materials owing to the highly improved power sectors and rapid industrialization in emerging economies. At the same time, Asia-pacific is also expected to register the highest CAGR during the forecast period.
Electrical Insulation Materials Market Trends
Transmission and Cable Lines Application to Dominate the Market
- Electrical insulation materials don't allow electricity to pass through them. Electrical insulation materials are applied in transmission and cable lines, generators, electrical rotating machines, transmissions, and transformers.
- Transmission cables transport electricity from power production areas to various locations. Generators, transformers, and spinning machinery are part of the power generation industry. Insulation materials allow electricity to travel through transmission or cable lines without disruption or energy wastage.
- According to Power Technology, the top three most extended power transmission lines in the world as of 2021 were in Brazil. With a length of 2,543 km, the Belo Monte-Rio de Janeiro transmission line came in first, followed by the Rio Madeira transmission link and the Belo Monte-Estreito line.
- According to the US Department of Energy estimation, approximately 200 miles of electrical transmission lines will be covered in the United States in 2021. Projects with voltages of up to 230 KV accounted for nearly 52% of the total length completed that year.
- Projects with voltages of up to 230 KV traveled around 101 miles. The remaining 92 miles were covered by projects with voltages ranging from 230 to 345 KV.
- Many projects are underway to lay the transmission line for safe power transmission from one location to another. For example, PacifiCorp's Southeastern Idaho project, scheduled to be finished in April 2022, aimed to replace outdated transmission lines with newer ones to fulfill the region's rising demand for electrical power. The project required a multi-stage electrical system upgrade from Goshen Substation near Firth, Idaho, to Rexburg Substation in Rexburg, Idaho.
- The expansions, as mentioned above, in the transmission cables and the new projects substantially increased the demand for electrical insulation materials.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is expected to dominate the global market owing to the highly developed power sector, and rapid industrialization witnessed in China and India in the energy services sector recently.
- The region's electricity demand is expected to rise as household incomes increase and power consumption in various applications rises. Rotating electric machines that convert electrical energy into mechanical energy use insulation materials for better electricity transmission inside the machine parts without passing through materials.
- Two of China's power transmission lines are among the world's top five most extended transmission lines as of 2021. The first is the 2,090 km long Jinping-Sunan transmission line, ranked fourth worldwide, followed by the 1,980 km long Xiangjiaba-Shanghai transmission line.
- According to the Ministry of Power, Government of India, the country became one of the world's most extensive synchronous interconnected electricity grids with 4,63,758 circuit km of transmission line and 11,56,105 MVA of transformation capacity as of January 2023.
- The Ministry of Land, Infrastructure, Transport, and Tourism also stated in its report that in the fiscal year 2021, the value of orders for the construction of electric power lines received by 50 primary constructors in Japan amounted to approximately JPY 258.36 billion (~USD 2.35 billion). It, however, represents a decrease of 6.6% compared to the previous year.
- Electric insulating materials are also necessary for the electric vehicles business. Electrical insulation comprises non-conductive materials that regulate the electricity flow and safeguard sensitive components. It enables the safer adoption of these new technologies since they are adequately protected from electrical currents, preventing fires and guaranteeing that the electric energy stays on the appropriate path and does not interact with other components, resulting in short-circuiting.
- In addition, insulators safeguard EV onboard chargers, DC/DC converters, power electronics controllers, DC charging stations, and the battery management system. According to the Chinese Association of Automobile Manufacturers, sales of New Energy Vehicles surged by 93.4% in 2022 over 2021. Overall sales of new energy vehicles were roughly 6.8 million by the end of 2022, compared to only about 3.5 million sales for the entire year in 2021. This growth in EV production and sales in the country will undoubtedly raise market demand.
- Therefore, the increasing electricity usage in industries and the usage of the increasing material in EV production are expected to drive the market for electrical insulation material through the years to come in the Asia-Pacific region.
Electrical Insulation Materials Industry Overview
The electrical insulation material market is fragmented, with many players competing. Some major companies (not in particular order) are General Electric, Owens Corning, ABB, Siemens, and Huntsman.
Electrical Insulation Materials Market Leaders
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General Electric
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Owens Corning
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ABB
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Siemens
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Huntsman
*Disclaimer: Major Players sorted in no particular order
Electrical Insulation Materials Market News
- May 2022: Krempel GmbH announced that Nomex 910, which DuPont previously developed, will now be produced and sold by Krempel. The product is a unique insulating material comprised of high-quality electrical grade cellulose pulp and web-like binders that can be used as interlayer insulation in liquid-immersed transformers for distribution and small power transformers.
- April 2022: Von Roll announced the expansion of its business of potting resins by expanding its production site in Italy, which will help the company in the automotive and electronics industries. Potting resins are essential in developing particularly high-performance batteries for electric cars.
Electrical Insulation Materials Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Drivers
- 4.1.1 Growing Demand from Transmission and Distribution Systems
- 4.1.2 Other Drivers
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4.2 Restraints
- 4.2.1 High Costs of Electrical Insulation Materials
- 4.2.2 Other Restraints
- 4.3 Industry Value Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
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5.1 Type
- 5.1.1 Glass Insulator
- 5.1.2 Porcelain Insulator
- 5.1.3 Polymer Insulator
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5.2 Voltage
- 5.2.1 Low Voltage
- 5.2.2 Medium Voltage
- 5.2.3 High Voltage
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5.3 Application
- 5.3.1 Transformers and Bushings
- 5.3.2 Cables and Transmission Lines
- 5.3.3 Rotating Machines
- 5.3.4 Surge Protector and Circuit Breaker
- 5.3.5 Others
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5.4 Geography
- 5.4.1 Asia-Pacific
- 5.4.1.1 China
- 5.4.1.2 India
- 5.4.1.3 Japan
- 5.4.1.4 South Korea
- 5.4.1.5 Rest of Asia-Pacific
- 5.4.2 North America
- 5.4.2.1 United States
- 5.4.2.2 Canada
- 5.4.2.3 Mexico
- 5.4.3 Europe
- 5.4.3.1 Germany
- 5.4.3.2 United Kingdom
- 5.4.3.3 France
- 5.4.3.4 Italy
- 5.4.3.5 Rest of Europe
- 5.4.4 South America
- 5.4.4.1 Brazil
- 5.4.4.2 Argentina
- 5.4.4.3 Rest of South America
- 5.4.5 Middle-East and Africa
- 5.4.5.1 Saudi Arabia
- 5.4.5.2 South Africa
- 5.4.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share (%)/Ranking Analysis**
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 ABB
- 6.4.2 BASF
- 6.4.3 Bharat Heavy Electricals Limited
- 6.4.4 General Electric
- 6.4.5 Huntsman
- 6.4.6 Knauf Insulation Group
- 6.4.7 Krempel GmbH
- 6.4.8 NGK Insulators
- 6.4.9 Owens Corning
- 6.4.10 Siemens
- 6.4.11 Toshiba
- 6.4.12 Von Roll
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Increasing Power Generation Activities in Developing Countries
- 7.2 Growing Demand for Electrical Insulation Materials in Electric Vehicles
- 7.3 Other Opportunities
Electrical Insulation Materials Industry Segmentation
Electrical insulation materials are the type of materials that prevent electricity from passing through them and, hence, safeguard electrical devices from excessive voltages. Electrical insulation materials are used in various electrical devices, including generators, rotating machines, shackles, pin insulators, transmissions, and transformers. The electrical insulation material market is segmented by type, voltage, application, and geography. By type, the market is segmented into glass insulators, porcelain insulators, and polymer insulators. By voltage, the market is segmented into low voltage, medium voltage, and high voltage. By application, the market is segmented into transformers and bushings, cables and transmission lines, rotating machines, surge protectors and circuit breakers, and other applications. The report also covers the market size and forecasts for electrical insulation materials in 15 countries across major regions. The market sizing and forecasts are done for each segment based on revenue ( USD million).
| Type | Glass Insulator | |
| Porcelain Insulator | ||
| Polymer Insulator | ||
| Voltage | Low Voltage | |
| Medium Voltage | ||
| High Voltage | ||
| Application | Transformers and Bushings | |
| Cables and Transmission Lines | ||
| Rotating Machines | ||
| Surge Protector and Circuit Breaker | ||
| Others | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| France | ||
| Italy | ||
| Rest of Europe | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America | ||
| Geography | Middle-East and Africa | Saudi Arabia |
| South Africa | ||
| Rest of Middle-East and Africa |
Electrical Insulation Materials Market Research FAQs
What is the current Electrical Insulation Material Market size?
The Electrical Insulation Material Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)
Who are the key players in Electrical Insulation Material Market?
General Electric, Owens Corning, ABB, Siemens and Huntsman are the major companies operating in the Electrical Insulation Material Market.
Which is the fastest growing region in Electrical Insulation Material Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Electrical Insulation Material Market?
In 2024, the Asia Pacific accounts for the largest market share in Electrical Insulation Material Market.
What years does this Electrical Insulation Material Market cover?
The report covers the Electrical Insulation Material Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Electrical Insulation Material Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Electrical Insulation Material Industry Report
Statistics for the 2024 Electrical Insulation Material market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Electrical Insulation Material analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
