Electrical Insulation Coatings Market To Reach $3.7 Billion By 2030

Electrical Insulation Coatings Market Growth & Trends

The global electrical insulation coating market is expected to reach USD 3.7 billion in 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.7% from 2023 to 2030. The electricity demand is anticipated to witness robust growth from non-OECD countries owing to economic and population growth. Other factors such as easy availability of raw materials, upcoming power generation projects particularly in Asia Pacific are anticipated to foster the market growth.

Raw material prices play a vital role in defining the overall costs of the final product. Currency fluctuations are expected to result in unstable raw material prices. The high cost of coating formulations is another factor which is anticipated to hinder the market growth. Regulations related to VOC (volatile organic compound) emission are expected to affect the demand for liquid based insulation coatings in the near future.

Liquid coatings emerged as the leading product segment and accounted for over 60% of global demand in 2015. However, gaining popularity of powder coatings for electrical insulation on account of stringent regulations in place is expected to increase its market share over the forecast period.

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Electrical Insulation Coatings Market Report Highlights

• Electrical insulation coatings are largely available in liquid form. Liquid coatings offer ease of application, enabling efficient and consistent coverage on various surfaces. Their fluidity allows for seamless adhesion, reducing the risk of air gaps and ensuring better electrical insulation performance.

• The powder segment is expected to grow at the fastest CAGR of 4.8% during the forecast period. Powder coatings offer superior durability and resistance to wear, making them ideal for applications in harsh environments.

• Epoxies are used in powdered as well as resin forms. Due to high dielectric properties, epoxy powder coatings help in negating high voltage spikes, especially when used in cable insulations. The epoxy segment accounted for the largest revenue share of 51.7% in 2022 and is estimated to register the fastest CAGR of 5.0% over the forecast period.

• Asia Pacific accounted for the largest revenue share of 51.6% in 2022 and is expected to grow at the fastest CAGR of 5.2% during the forecast period. This can be attributed to rapid urbanization, increasing investment in infrastructure development, and robust economic growth in India and China.

• Electrical insulation coatings industry is likely to witness technological shift owing to strict VOC regulations. Various market players have implemented different coating processes depending on the geometry of the electrical components.

Electrical Insulation Coatings Market Segmentation

Grand View Research has segmented the global electrical insulation coatings market based on product, raw material, and region:

Electrical Insulation Coatings Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Liquid

• Powder

Electrical Insulation Coatings Raw Material Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Epoxy

• PTFE

• Ceramic

• Others

Electrical Insulation Coatings Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • Russia

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

• Central and South America

  • Brazil

  • Argentina

• Middle East and Africa

  • Saudi Arabia

  • South Africa

List of Key Players of Electrical Insulation Coatings Market

• Evonik Industries AG

• 3M

• PPG Industries, Inc.

• Thermal Spray Coatings (A Fisher Barton Company)

• GfE Gesellschaft für Elektrometallurgie mbH

• ELANTAS PDG, Inc.

• GLS Coatings Ltd.

• SK FORMULATIONS INDIA PVT. LTD.

• PTFE Applied Coatings

• Axalta Coating Systems, LLC

• Akzo Nobel N.V.