Industrial insulation refer to products which are made from polymers, ceramics or alloys and are used for the insulation of various laminations stacks in transformers, motors, relays, switches, sensors, etc. These coatings can be used in both high and low voltage applications. Generally, these coatings are applied to metallic substrate, but a composite substrate can also be coated. Moreover, the manufacturers are now focusing on more advanced coatings with very high bond strength, high gloss, and UV resistance, coupled with focus on aligning with environmental standards regarding VOC (Volatile Organic Compounds). Industrial insulation coatings are most vital in the various electrical equipment such as transformers, electric motors as well as machineries and automotive parts etc. Electrical insulation coatings are primarily designed to impart the high dielectric strength for various electrical applications. Industrial insulation coatings are also termed as dielectric coatings, these types of coatings are not only utilized for the electrical and electronics industry but are also utilized for vehicle and machineries. Industrial insulation poses various electrical and physical properties such as good moisture protection, corrosion resistance, abrasion resistance, fire retardation and also prevents the apparatus from electrical leakages and short circuits. Relatively high price of insulation coatings is a major restraint for the market.

Market scope and Structure Analysis

COVID-19 Impact Analysis 

• The coronavirus's unfavorable global effects are already evident, and they will have a big impact on the industrial insulation market in 2020.
• The World Health Organization has declared a public health emergency after the COVID-19 virus outbreak in December 2019. The disease has spread to over 100 nations and resulted in massive deaths all across the world. Exports & Imports, global manufacturing, tourism, and financial sectors have all been heavily damaged.
• The downward pressure on the global economy, which had previously shown signs of improvement, has escalated once more. The outbreak of the virus has added danger factors to the international economy's already sluggish development. Many international groups have stated that the global economy is experiencing its most difficult moment since the financial crisis.
• The lockdown has resulted in hampering the imports and exports of various goods. Also, the uncertainty created in the market in the consumers’ buying pattern has resulted in hampering of the industrial insulation market.

Top Impacting Factors

Rising electricity demand has resulted in upcoming projects focused on capacity expansions, along with increasing investment in power generation projects. Positive growth of the global transmission and distribution market is another factor anticipated to play a vital role in supporting the growth. Apart from the electrical equipment’s, electrical insulation coatings are also utilized for the crimper wheels, engine components, corona rolls, cable channels etc. This type of coatings is utilized in the products which are made up of ceramics, polymers and are used for insulation of lamination stacks in sensors, transformers etc. Due to strict government regulation related to VOC (volatile organic compound) emissions, demand for powder based electrical insulation coating material is anticipated to rise significantly, in turn, fueling more revenues in the global electrical insulation coating market.

Market trends

• Increasing need for heat, electricity, and sound insulation in various industries is a major driver of the market.
• The growing need for insulation of substrates for protection and enhanced performance is driving the demand for insulation coatings. Thermal insulation coatings not only provide protection/insulation against heat but also help in energy savings. The implementation of various regulations and directives are expected to drive the demand for insulation coating.
• Growing end-use industries in emerging markets of APAC countries is a key aspect of the market growth.
• Rising population and rapid industrialization in the emerging economies of APAC and the Middle East & Africa are increasing the manufacturing output and leading to a rise in the consumption of construction materials and automobiles. This trend is expected to drive the insulation coatings market. Environmental norms on volatile organic compounds (VOC) in coatings are expected to be more stringent during the forecast period in Asian countries. The development of environmentally friendly products to meet these specific requirements could further boost the demand.
• Growing concerns regarding environment by various governmental institutions are also helping the market to prosper.
• In sync with the global trend of sustainability and energy conservation, manufacturers across the globe are involved in the development of energy efficient electrical products. Further, energy efficiency regulations from organizations such as U.S. Department of Energy and European Commission, are expected to push the development of efficient electrical equipment; consequently, driving the demand growth for electrical insulation coatings in the near future.

Key Benefits of the Report

• This study presents the analytical depiction of the industrial insulation market industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the industrial insulation market share.
• The current market is quantitatively analyzed from 2020 to 2030 to highlight industrial insulation market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed industrial insulation market analysis based on competitive 

 Key Market Segments

 
Key Market Players

• Temp-Coat LLC
• SK Formulations
• Lincoln Industries
• The Bayou Company
• LLC, SPI coatings
• Cool Shield International Pvt, Ltd
• Delta T & Protective Products
• NPP Engineering
• Excel Enterprise
• Mathur Corr-Tech Pvt. Ltd.

 
Other Key Market Players

• General Coatings Manufacturing Corp