Electrical Insulation Coating Market 2024 Projections, Trends and Forecast 2024
Electrical insulation coatings are formulated to offer high electric strength and safeguard against environmental factors in diverse electrical applications. These coatings excel in ultraviolet radiation resistance and tracking resistance, making them suitable for outdoor use even in harsh weather conditions. They also provide exceptional water repellency.
These coatings find application in various electrical components, including motors, generators, transformers, and sensors, particularly in electrical rotary equipment.
Electrical insulation coatings are widely utilized across different end-user industries, including power generation, industrial electrical machinery, automotive, aerospace, marine, building and construction, among others.
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Market Dynamics :
The global market for electrical insulation coatings is being propelled by the growing need for energy conservation in electrical power systems, driven by the imperative to prevent corrosion and comply with increasingly stringent governmental regulations and policies. Additionally, the expanding demand for electrical insulation coatings across various end-user sectors such as building and construction, automotive, power generation, and electrical and electronics industries worldwide is contributing to market growth.
Increasing Demand for Electrical Insulation Coatings across End-User Industries
The market is fueled by heightened demand from key end-user sectors such as building and construction, automotive, power generation, and electrical and electronics industries, bolstered by the implementation of rigorous regulations by numerous governments. For example, electrical insulation coatings play a vital role in safeguarding against electrical current flow, ensuring the safety of personnel in power plants and substations. The escalating global demand for electricity generation capacity, in response to the surge in global energy consumption, is further driving market growth. According to data from the Department of Economic and Social Affairs Statistics Division, the world's total energy supply (TES) increased by almost 60% from 1990 to 2016, reaching 568 EJ. This growth was particularly pronounced in Asia, where China's total energy supply nearly quadrupled during this period, accounting for 21% of the world's TES in 2016.
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Market Segmentation :
By Material : Acrylate Resins, Polyester resins, Polyurethane resins, Polytetrafluoroethylene (PTFE), Silicone resins, Epoxy resins, Alkyd resins, Ceramic.
By Form : Liquid, Powder.
By Surface : Metal, Composits.
By Application : Motors, Generators, Transformers, Electrical Rotary Equipment, Wires.
By End-User : Power Generation, Building &Construction, Aerospace, Automotive, Food Processing, Electronics and Electrical, Marine, Industrial, Healthcare.
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Competitive Landscape
Kansai Paint, The Fisher Barton Group, Elantas GmbH, Nippon Paint, AkzoNobel, Chemetall Group, Axalta Coating Systems, PPG Industries, Jotun Group, The Sherwin-Williams Company, Mascoat and among others.
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