The size of the electrical insulating materials industry is expected to register a CAGR of 6.6% between 2024 and 2032 driven by increasing demand for electricity.
SELBYVILLE, Delaware, May 22, 2024 (GLOBE NEWSWIRE) — The electrical insulation materials market will reach $19.8 billion by 2032, according to Recent study By Global Market Insights.
According to the International Energy Agency, the surge in sales has pushed the global population of electric vehicles to 26 million, representing a notable 60% increase compared to 2021. As concerns grow about climate change and air pollution, governments, consumers and automakers are embracing mobility. Electricity as a sustainable transportation solution. The electric vehicle market is experiencing tremendous growth, driven by advances in battery technology, supportive government policies, and growing awareness of environmental issues. With traditional automakers and new entrants alike investing heavily in electric vehicle development, demand for batteries, including dielectric materials, is on the rise. This trend could continue in the coming years as the world accelerates its transition towards cleaner, greener transportation alternatives.
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Thermosetting materials are gaining popularity
Thermosetting materials category will expand rapidly through 2032 because they provide excellent thermal and electrical insulation properties, making them suitable for a wide range of applications in the electrical and electronics industry. This material is highly resistant to heat, chemicals and environmental factors, ensuring long-term reliability and performance in difficult operating conditions. In addition, the versatility of thermosetting materials allows for customized formulations to meet specific performance requirements, such as flame retardancy, thermal stability, and mechanical strength. This adaptability allows manufacturers to tailor insulation solutions to suit diverse applications, thus expanding the market potential for thermosetting materials.
Battery apps to pave the path to healthy growth
The dielectric materials market size from the battery segment will witness significant growth until 2032, driven by the rapid expansion of the electric vehicle market and the growing adoption of rechargeable batteries in consumer electronic devices. Dielectric materials play a crucial role in enhancing the safety, reliability and efficiency of batteries, leading to their widespread use in automobiles, energy storage and portable electronic devices. Moreover, the booming market for energy storage systems (ESS) is driving demand for batteries in grid-scale applications, renewable energy integration, and backup power solutions. Dielectric materials enable efficient and reliable operation of battery systems in diverse ESS applications, supporting grid reliability and energy security.
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The Asia-Pacific region dominates the electrical insulation materials industry
The electrical insulation materials market in Asia Pacific will grow at a good pace until 2032, due to rapid industrialization, infrastructure development, and urbanization in countries such as China, India, and Japan. The region’s strong manufacturing sector, coupled with increasing investments in renewable energy projects, is driving demand for electrical insulation materials in applications such as transformers, motors, cables and electrical appliances. Moreover, government initiatives to modernize energy infrastructure and promote sustainable energy solutions are fueling market growth in the region.
Competitors in the electrical insulating materials market
Major players in the market include DuPont de Nemours, Inc., 3M Corporation, Hitachi Chemical Co., Ltd., Dow Corning Corporation, Huntsman Corporation, and Mitsui Chemicals, Inc. Their key strategies include product innovation and development to deliver advanced materials Highly efficient. Improved properties such as higher thermal resistance and enhanced electrical insulation capabilities. Companies are also focusing on strategic partnerships, collaborations and acquisitions to expand their product portfolio, expand into new geographic markets and strengthen their competitive position. Additionally, R&D investments, combined with a strong focus on customer engagement and service excellence, enable companies to meet evolving customer needs and stay ahead of market trends.
In May 2022, Krempel GmbH revealed that it had acquired the production and distribution rights for Nomex 910, a specialty insulating material initially developed by DuPont. Nomex 910, popular for its composition of high-quality cellulose pulp and web-like binders, serves as a key component for interlayer insulation in liquid-immersed transformers for distribution and small power transformers.
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