Electrical Insulation Materials Market Size Expected to Reach USD 21.44 Bn By 2033

The global electrical insulation materials market size is calculated at USD 12.02 billion in 2024 and is expected to reach around USD 21.44 billion by 2033, expanding at a CAGR of 6.64% from 2024 to 2033.

Ottawa, May 16, 2024 (GLOBE NEWSWIRE) — According to Precedence Research, the global electrical insulation materials market size was valued at USD 11.27 billion in 2023, and is predicted to reach USD 20.10 billion by 2032. The electrical insulation materials market is driven by increasing demand for new products, beneficial properties of insulation, and government initiatives.

The electrical insulation materials market refers to the industry involved in the production, distribution, and sale of materials used to insulate electrical systems and components. Electrical insulation is an essential component of electrical systems that prevents the flow of electric currents or charges. Conductors, including metals like copper and nonmetallic materials like graphite, allow the electric current to travel in one or more directions.

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However, electrical insulation materials do not allow for the free flow of electric currents, making them poor conductors of electricity. Electrical insulation materials include glass, Styrofoam, mica, wax, porcelain, dry air, ceramics, rubber, plastic, Teflon, rubber, quartz, and asphalt. They are used in various applications, including circuit boards, high-voltage appliances, electric wire coating, cables, and electric pole coatings on roads.

Electrical Insulation Materials Market Key Insights

  • North America dominated the market with the largest revenue share of 35% in 2023.
  • Asia Pacific is expected to show notable growth in the global market during the projected period. 
  • By type, the thermoplastic segment has held a major revenue share of 34% in 2023.
  • By application, the power transformers segment has accounted for more than 27% of revenue share in 2023.
  • By application, the electrical motors and generators segment is expected to show notable growth during the projected period.

U.S. Electrical Insulation Materials Market Size and Growth 2024 to 2033

The U.S. electrical insulation materials market size accounted for USD 2.94 billion in 2024 and is anticipated to reach around USD 5.25 billion by 2033, expanding at a CAGR of 6.70% from 2024 to 2033.

Regional Insight

North America dominated the electrical insulation materials market in 2023. The growth of the market is hampered by strict environmental laws and sustainability concerns, as industries adopt environmentally friendly procedures and materials in response to rising global awareness regarding environmental impact, restricting the use of hazardous substances during production, use, and disposal.

Asia-Pacific is expected to witness remarkable growth in the global electrical insulation materials market, driven by energy consumption, urbanization, and rising infrastructure. The demand for renewable energy projects, high-voltage equipment, and technological breakthroughs, combined with severe safety standards and dependable power distribution systems, drives the market for efficient insulation materials.

  • For instance, in February 2024, a $673 million financial investment was obtained by Malaysia-based Ditrolic Energy to finance solar energy projects throughout Asia and the Pacific. The funding, acquired via an entity connected to BlackRock, will assist over 1GW of emerging market projects. Established in 2009, Ditrolic oversees over 450MW of solar assets located in Bangladesh, China, Malaysia, and Southeast Asia. The funds will be used to build utility-scale, commercial, and industrial solar assets, which will support the growth of its EnerLoop clean energy system

Electrical Insulation Materials Market Scope:

Report Coverage Details
CAGR  6.64% from 2024 to 2033
Electrical Insulation Materials Market Size in 2023 USD 11.27 Billion
Electrical Insulation Materials Market Size in 2024 USD 12.02 Billion
Electrical Insulation Materials Market Size by 2033 USD 21.44 Billion
U.S. Electrical Insulation Materials Market Size in 2024 USD 2.94 Billion
U.S. Electrical Insulation Materials Market Size by 2033 USD 5.25 Billion
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered Type, Application, and Regions
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Electrical Insulation Materials Market Highlights

Type insight

The thermoplastic segment dominated the electrical insulation materials market in 2023. Thermoplastic has many advantages, including versatility, ease of recycling, durability, high chemical resistance, electrical insulators, impact resistance, slip resistance, flexibility, corrosion resistance, metal adhesiveness, and a good aesthetic appearance.

However, its low melting point can be a drawback because low-quality materials soften when exposed to heat, while other types fracture when subjected to cold temperatures. Furthermore, thermoplastic can be more expensive than other thermosets and may be less robust or resistant to corrosion. Overall, thermoplastics have a wide range of uses in numerous industries.

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Application Insights

The power transformer segment dominated the electrical insulation materials market in 2023. To protect internal components from harm caused by electrical currents and voltage surges, transformers require adequate insulation. Insulating the core and coils with materials such as paper, oil, and resin ensures appropriate electricity transmission while preventing arcing and electrical failures. A well-insulated transformer can survive for decades with minimal performance degradation, lowering downtime and maintenance expenses. Insulation also maintains transformer safety by preventing electrical malfunctions and lowering the danger of harm to persons and equipment, which can result in short-circuit fires and severe transformer damage.

The electric motors and generators segment is expected to show remarkable growth during the forecast period. Electric motors provide various advantages, including great energy efficiency, accurate control, low maintenance, silent operation, application variety, compact size and weight, sustainability, regulatory compliance, and a long lifespan. They transform electrical energy into mechanical energy at more than 90% efficiency, lowering operating costs and improving production quality. They also provide fine control over speed and torque, making them excellent for applications such as machine tools, robotics, and automation systems. Electric motors create fewer exhaust emissions and trash, making them more environmentally friendly. They are also compact and lightweight, making them suitable for industries such as aerospace and automotive.

Market Dynamics

Driver

Environmental benefits fueling the growth of the market

Environmental concern is a major driver for the electrical insulation materials market. Insulating systems can help to minimize greenhouse gas emissions by lowering energy consumption and the usage of fossil fuels. This reduces pollution levels such as particulates, VOCs, CEs, NOX, SOX, carbon monoxide, and mercury. Insulation also boosts the efficiency of pollution control devices.

Carbon dioxide and sulfur dioxide are key contributors to global warming; therefore, insulation is critical in protecting the environment. Insulation is not commonly connected with pollution reduction, yet it can reduce all pollutants caused by energy generation. Insulation is a key benefit in today’s green environment, especially with improved energy savings and the availability of emission-reducing techniques.

Restraint

Low thermal stress resistance

High-voltage powertrains in electric cars (EVs) cause insulation stress, which leads to premature failure. Electric motors with high power densities put significant thermal stress on insulating materials. Efficient thermal management is critical for both insulation integrity and motor performance. Mechanical shocks, vibrations, and exposure to chemicals, moisture, and temperature changes can all deteriorate insulation materials, reducing their efficiency. These elements have the potential to degrade insulating characteristics.

Browse More Insights:

  • Elastomers Market: The global elastomers market size was valued at USD 97.99 billion in 2022 and it is expected to surpass around USD 186.54 billion by 2032 with a registered CAGR of 6.70% from 2023 to 2032.
  • Polymers Market: The global polymers market size reached USD 716.83 billion in 2022 and is expected to reach around USD 1,207.11 billion by the end of 2032, growing at a compound annual growth rate (CAGR) of 5.4% from 2023 to 2032.
  • Specialty Polymer Market: The global specialty polymer market size was estimated at USD 78 billion in 2022 and is projected to hit around USD 149.88 billion by 2032, progressing at a CAGR of 6.8% from 2023 to 2032.
  • Synthetic Rubber Market: The global synthetic rubber market size was estimated at USD 36.87 billion in 2023 and is expected to hit around USD 59.69 billion by 2032 with a registered CAGR of 5.5% during the forecast period 2023 to 2032.
  • Flexible Hybrid Electronics Market: The global flexible hybrid electronics market size was estimated at USD 125 million in 2022 and is expected to reach around USD 376.26 million by 2032 with an increased CAGR of 11.7% during the forecast period 2023 to 2032.

Opportunity

Development of novel insulating material

Researchers are looking at new materials for electrical insulation and packaging that effectively remove heat. The electrical infrastructure, which can carry thousands of amps of current, is critical to millions of homes and businesses. However, the main issue highlighted is that increasing thermal conductivity alone is insufficient. A more comprehensive understanding of materials, particularly multifunctional materials, is required to meet electrical, thermal, and mechanical needs.

To accomplish the required lifespan, performance, and dependability, materials must have high electrical resistance, extreme temperature tolerance, mechanical stress management, and moisture resistance. There has never been a full examination of these novel nanomaterials, and therefore, there is a great opportunity for the electrical insulation materials market to develop future materials in terms of engineering and reliability.

Recent Developments

  • In April 2024, CRP Technology, a 3D printing service bureau, proved that its Windform materials, which are constructed of glass fiber-reinforced thermoplastic, have demonstrated good electrical insulation capability. The Windform materials, intended for selective laser sintering, have a dielectric constant of about four and can sustain peak voltages of at least 2.5 kV/mm.
  • in April 2024, Australian engineers devised a novel method for making power-pole insulators resistant to fire and electrical sparking to prevent deadly pole-top fires and reduce blackouts. These flames pose a huge challenge for power suppliers and communities globally, with the 2020 Royal Commission on National Natural Disaster Arrangements stating that 280,000 customers lost power during Black Summer fires due to insulator and pole failures.

Electrical Insulation Materials Market Key Players

  • Shurtape Technologies, LLC (U.S.)
  • 3M Company (U.S.)
  • Nitto Denko Corporation (Japan)
  • Shanghai Yongguan Adhesive Products Corp., Ltd. (China)
  • Tesa SE (Germany)
  • Coroplast Fritz Müller GmbH & Co. KG (Germany)
  • Intertape Polymer Group Inc. (Canada)
  • Achem Technology Corporation (Taiwan)
  • Avery Dennison Corporation (U.S.)
  • HellermannTyton Group PLC (UK)
  • Scapa Group plc (UK)
  • Teraoka Seisakusho Co., Ltd. (Japan)
  • Guangzhou Broadya Adhesive Products Co., Ltd. (China)
  • Shanghai Huaxiang Adhesive Products Co., Ltd. (China)
  • PPM Industries S.p.A. (Italy)
  • Advance Tapes International Ltd. (UK)
  • Pro Tapes & Specialties, Inc. (U.S.)

Market Segmentation

By Type

  • Thermoplastic
  • Thermosets
  • Epoxy Resin
  • Silicone Rubber
  • Polyimide
  • Ceramics
  • Fiberglass
  • Mica
  • Others

By Application

  • Power Transformers
  • Distribution Transformers
  • Electrical motors and Generators
  • Wires and Cables
  • Switchgear
  • Batteries
  • Circuit Breakers
  • Others

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

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