The global electrical insulation materials market size is projected to grow from USD 10.6 billion in 2022 to USD 14.3 billion by 2027, at a CAGR of 6.2% between 2022 and 2027. Rising demand from emerging markets, increased demand of electricity, growing demand for electrical vehicles and growth of renewable energy are driving the market for electrical insulation materials.
The increase in demand for electrical insulation materials due to technology advancements in end-use industries and the growing industrial development in the emerging economies, such as APAC, are driving the market. The key players in this market are DuPont (US), Elantas (Germany), Krempel GMBH (Germany), Nitto (Japan), Von roll(Switzerland), ITW Formex (US), 3M (US), Haysite Reinforced Plastics (US), Vitar (China), Tesa SE (Germany), Tejin Dupont Films (Japan), NGK Insulator (Japan). These players have adopted various strategies such as merger & acquisition, new product launches and investment & expansion in order to strengthen their market position. For instance, in January 2020, Elantas acquired Hubber Group India, the company acquired the wire enamel activities of Huber Group India that achieved sales in a one-digit million-euro range in 2018. The products which were taken over are being manufactured at the Ankleshwar production site of Elantas Beck India Ltd.
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DuPont is a leading integrated science and engineering company. DuPont’s product line includes construction materials, medical devices & materials, fibers & nonwovens, water solutions, electronic solutions, adhesives, and resins. The company delivers innovative solutions through three business segments: Electronics & Industrial, Mobility & Materials, and Water & Protection. It provides electrical insulation materials through the Water & Protection business segment under the brand name Nomex. It offers its products to various industries such as automotive, building construction, energy, printing & packaging, and safety &protection.
DuPont operates in more than 40 countries across North America, Asia Pacific, Europe & Middle East, South America, and Africa.
Elantas is a member of Altana group, which develops high-level technologies, solutions, and products. It is a specialist for liquid insulation materials for the electrical & electronics industry. The group offers a broad portfolio of wire enamels, impregnating resins and varnishes, casting & potting materials, flexible electrical insulation materials, conformal coatings, and adhesives & sealants. The company offers electrical insulation materials through the Wire Enamels and Impregnating Materials business lines. Its electrical insulation materials are used in electric motors, generators, transformers, capacitors, computers, PCBs, and power electronics, among others. Elantas operates with 12 manufacturing sites across Brazil, China, India, Malaysia, Italy, Germany, the UK, and the US.
Electrical Insulation Materials Market by Type (Thermoplastics, Epoxy Resins, Ceramics), Application (Power Systems, Electronic Systems, Cables & Transmission Lines, Domestic Portable Appliances), and Region - Global Forecast to 2027
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