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Demand for electrical insulation material has been dominated by the infrastructure segment followed by transporation and manufacturing. Rising construction activities especially in emerging economies such as India and China along with growing urbanization fuel its requirement for electric insulation during the projected period. Usage of electrical insulation in power systems plays a part as well and this is projected to be the market’ s leading application with fast growing rate during the forecast period. A surge in electrical installation activities in developing countries, improved policy regulations related to electricity, and focus on increasing the rural areas’ access to electricity are major drivers of the electric insulation market during the forecast period.
Based on region, Asia Pacific was a prominent, rapidly expanding electrical insulation market globally and this trend is expected to continue during the estimated period. Rising population leads to a need for better industrial, residential, and commercial infrastructure which in turn elevates the demand for electricity. Modernization of electric transmission networks, government policies for electricity in rural areas, and growth of renewable energy are a few more causal factors. In Asia Pacific, China is considered to be an important market followed by India and South Korea. Middle East & Africa and Latin America are also likely to grow significantly during the forecast period.
This market for electrical insulation material is highly competitive due to the presence of a large numbers of local players who supply low-quality products at comparatively inexpensive pricing. Key players operating in the global electric insulation market include DuPont, ITW Formex, 3M, Nitto Denko Corporation, Krempel GmbH, and Haysite Reinforced Plastics.
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