August 23, 2022 07:53 ET | Source: Exactitude Consultancy Exactitude Consultancy

Luton, Bedfordshire, United Kingdom, Aug. 23, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Electrical Insulation Coating Market.

Electrical insulation coating market was valued at USD 8.4 billion in 2021 and is expected to reach USD 14.31 billion by 2029, registering a CAGR of 6.1% during the forecast period of 2022-2029.

Electrical insulation coatings are essential in a variety of electrical equipment such as transformers, electric motors, machineries, and automotive parts, among others. Electrical insulation coatings are primarily intended to provide high dielectric strength for a wide range of electrical applications. Electrical insulation coatings, also known as dielectric coatings, are used not only in the electrical and electronics industries, but also in automobiles and machinery.

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Insulation coatings are more expensive because surface preparation is required prior to application to prevent corrosion. This procedure may also include priming and curing. High-temperature ceramic coatings are coated using thermal spray technology. Thermal spray technologies are more expensive. Some of the coatings necessitate process downtime, which may increase the cost. Because traditional thermal insulation is cost-effective, all of these factors are driving up demand for it.

The Asia Pacific region held the largest share of the global Electrical insulation coating market

Rising population and rapid industrialization in APAC and the Middle East and Africa’s emerging economies are increasing manufacturing output and driving up demand for construction materials and automobiles. This pattern is expected to fuel the insulation coatings market. Environmental standards for volatile organic compounds (VOC) in coatings are expected to become more stringent in Asian countries. The development of environmentally friendly products to meet these specific requirements may increase demand even further.

Development of Coatings and Increasing Awareness

Furthermore, the market players are concentrating on developing various types of coatings depending on the application, required dielectric qualities, aesthetics, color, and regulatory compliance further extends profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the growing awareness about the benefits of electrical insulation coating will further expand the future growth of the electrical insulation coating market.

Electrical insulation coating Market Report Scope

Top Players Analyzed in the Report are:

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Key Market Segments: Electrical Insulation Coatings Market

Electrical Insulation Coatings Market by Product Type, 2022-2029, (USD Million)

Electrical Insulation Coatings Market by End-Use, 2022-2029, (USD Million)

Electrical Insulation Coatings Market by Region, 2022-2029, (USD Million)

Electrical Insulation Coating Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

High Demand for Electrical Insulation Coating

The market is being propelled by an increase in demand from end-user industries such building and construction, automotive, power generation, electronics, and electrical along with increasingly stringent laws and regulations from various governments. As a result, the market is estimated to have an accelerated growth over forecast period.

Increasing Need for Sustainable Electronics

Another element impacting the market's expansion is the rising need for sustainable electronics and energy conversion. The order is anticipated to come primarily from developed countries. For instance, large-sized transformers have a high installed capacity in the United States. The market for electrical insulation coatings will increase due to the need to replace the outdated infrastructure with new connections due to the ageing of these transformers.

Furthermore, the rapid economic and population growth will further propel the electrical insulation coating market growth rate. The high electricity consumption in emerging and emerging economics will also drive market value growth. The expansion of end-use industries is projected to bolster the market's growth.

There is a need for high research and development investments to develop advanced products, which will create hindrances for the growth of the electrical insulation coating market.

The price of the raw materials is a major factor in determining the total cost of coating formulation. Therefore, the fluctuations in the prices of raw materials will pose a major challenge for the growth rate of the electrical insulation coating market.

Key questions answered in the report:

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