Dry Transformer Insulation Companies

The dry transformer insulation market is projected to reach USD 1.21 billion by 2030 from USD 0.93 billion in 2025, at a CAGR of 5.5% during the forecast period. The dry transformer insulation market is projected to witness robust growth, driven by increased adoption in commercial and residential buildings where compactness, operational safety, and minimal maintenance are critical design priorities. Dry-type transformers, which utilize solid insulation rather than oil, are particularly well-suited for enclosed environments due to their non-flammable, oil-free construction—enhancing fire safety and reducing environmental risk. This growth is further accelerated by tightening global safety and environmental regulations, along with evolving sustainability mandates and green building certifications such as LEED. These frameworks are increasingly influencing procurement decisions, favoring technologies that align with long-term environmental and safety objectives. As power grids modernize and energy systems transition toward more distributed and renewable-based architectures, the demand for dry transformers is expected to scale accordingly. Their compatibility with decentralized energy infrastructure and renewable integration—such as solar and wind—makes them a strategic component in the evolution of smart grid ecosystems. Ongoing technological advancements to enhance the efficiency and sustainability of power distribution also reinforce the market shift toward dry transformer insulation solutions.

Dry Transformer Insulation Companies

The dry transformer insulation market is dominated by 3M (US), The Sherwin-Williams Company (US), PPG Industries, Inc. (US), DuPont (US), WEG (Brazil), Huntsman International LLC (US),  ALTANA AG (Germany), Krempel GmbH (Germany), PUCARO Electrical Insulation GmbH (Germany), and Kansai Altan (Turkey). These players have adopted product launches, deals, and expansions from January 2023 to April 2025 to expand their market share and global reach.

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In February 2025, Sherwin-Williams completed the acquisition of BASF’s Brazilian decorative paints business, a strategic move to strengthen its market footprint in South America. This acquisition reinforced Sherwin-Williams’ commitment to its regional customer base and underscored its leadership position within the broader coatings industry. While the transaction primarily involved decorative coatings, the benefits have extended across the company’s portfolio. Notably, Sherwin-Williams’ Industrial Coatings division—including formulations for dry transformer insulation—gained from enhanced innovation capabilities and expanded regional distribution infrastructure. The acquisition supports a more integrated market approach, leveraging synergies across product lines to drive long-term growth and operational efficiency in high-demand industrial segments.

In November 2024, WEG acquired Reivax, a prominent provider of control systems for power generation across hydro, solar, wind, thermal, and substation applications. This strategic acquisition significantly expanded WEG’s capabilities in delivering comprehensive, integrated power system solutions, particularly in renewable energy deployment and grid modernization initiatives. Reivax’s technologies align well with WEG’s dry-type transformer offerings, especially in applications demanding advanced control, reliability, and energy efficiency. The integration is expected to drive increased demand for high-performance transformer coatings engineered to withstand harsh environmental conditions—including elevated humidity, temperature, and voltage—where superior insulation properties and long-term durability are critical to operational integrity.

3M (US) is a global science company offering over 60,000 products to various industries. The most necessary part of 3M’s business is its commitment to innovation. 3M has three major business divisions: Safety and Industrial, Transportation and Electronics, and Consumer. Within the Safety & Industrial segment, 3M offers a broad portfolio of products, including personal protective equipment, industrial adhesives, abrasives, electrical solutions, and specialized coatings for dry-type transformers. These coatings play a critical role in safeguarding transformer components against harsh environmental conditions, enhancing their durability and operational efficiency. With manufacturing operations in over 70 countries and supported by a global network of R&D centers, 3M maintains a strong presence across key markets in North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The company strategically emphasizes sustainability, innovation, and market expansion. In 2024, 3M invested more than USD 1.1 billion in research and development, targeting the advancement of next-generation solutions, including eco-friendly coatings for dry transformers. 3M’s growth strategy is particularly focused on the energy and automotive sectors, where its transformer coating technologies are critical enablers of resilient and sustainable infrastructure. The company’s global manufacturing footprint and rigorous compliance with regional and international regulations enable it to deliver high-performance, environmentally responsible solutions to a diverse and evolving customer base.

The Sherwin-Williams Company (US) is a leader in the research, development, manufacturing, and distribution of paints, coatings, and related products. With a workforce exceeding 60,000 employees across more than 120 countries, Sherwin-Williams serves the residential, commercial, industrial, and automotive sectors. The company operates through three primary segments: Paint Stores Group, Consumer Brands Group, and Performance Coatings Group. Notably, the Performance Coatings Group specializes in producing coatings for dry-type transformers, supported by a network of 225 branches in the US and 99 branches internationally, along with eleven manufacturing sites within a total of 34 global manufacturing facilities. Sherwin-Williams maintains a strong position in the coatings industry, particularly in developing tailored solutions for dry transformers. Its coatings are engineered to endure elevated operating temperatures, high humidity levels, and various environmental factors, delivering critical attributes such as electrical insulation, fire resistance, and moisture protection. These characteristics make them highly suitable for essential energy infrastructure.

PPG Industries, Inc. (US) is a prominent global leader in the production of paints, coatings, and specialty materials, delivering innovative and high-performance solutions designed to enhance and protect various surfaces. With operations spanning over 70 countries, PPG is structured into three primary segments: Performance Coatings, Industrial Coatings, and Global Architectural Coatings. Within the Industrial Coatings segment, PPG provides advanced coatings for original equipment manufacturers (OEMs) and has developed a dry-type transformer coating that meets stringent requirements for electrical insulation, fire resistance, and moisture resistance—vital attributes for energy and industrial applications. The Performance Coatings segment caters to diverse industries, including aerospace, automotive refinishing, and infrastructure, while the Global Architectural Coatings segment specializes in decorative paints and sealants under well-known brands such as PPG, GLIDDEN, TAUBMANS, and TIKKURILA. PPG’s established presence in the global coatings market is reinforced by a robust product portfolio and an extensive array of technologies. Notably, PPG’s high-performance powder coatings, including ENVIROCRON, POWERCRON, and Hi-Temp, are specifically formulated to meet the demanding thermal, electrical, and environmental requirements of dry transformers, ensuring suitability for industrial applications. To further enhance the performance of its powder coatings and better address customer needs for regional support, supply chain flexibility, and consistent quality, PPG has strategically expanded its powder coating facilities in the United States and South America.

Market Ranking

The dry transformer insulation market is characterized by intense competition, with five principal players collectively commanding 45–60% of the total market share. The Sherwin-Williams Company, DuPont, PPG Industries, and 3M are significant contributors to this market due to their technological advancements, diverse product offerings, and global presence. Sherwin-Williams has identified opportunities within the dry transformer insulation market. Through its Performance Coatings Group division, the company delivers high-performance coatings that provide dry-type transformers with superior thermal resistance, fire protection, and moisture control tailored for various applications. Their robust global manufacturing and distribution network ensures consistent product availability and exceptional customer support. DuPont stands as the market leader in the insulation material sector, and it is recognized for its innovative thermal endurance and electrical insulation solutions, including Nomex. OEM suppliers highly regard this product for its reliability and performance in demanding conditions. PPG Industries has developed a comprehensive portfolio of powder and liquid coatings within the dry insulation segment, featuring products such as ENVIROCRON and Hi-Temp that are known for their durability and environmental benefits. The company continues to invest in research and development, enhancing regional manufacturing capabilities to facilitate new product launches and ensuring its competitive relevance. 3M distinguishes itself through its extensive experience in advanced materials and specialty coatings. Their offerings significantly enhance the performance and longevity of dry transformers, positioning them as a key player in the market.

Related Reports:

Dry Transformer Insulation Market by Type (Coatings (Electrical Insulation, Fire-Resistance & Thermal Protection, Moisture & Environmental Protection), Solid Insulators (Electrical Insulation, Bushings & Terminals, Other)), Component (Winding, Core, Enclosure, Bushing, Spacers & Supporters), and Region - Global Forecast to 2030