The global electrical insulation coating market is expected to reach USD 3.0 billion in 2024, according to a new report by Grand View Research, Inc. The demand for electricity is slated to grow at an estimated annual rate of over 2.5%. The electricity demand is anticipated to witness robust growth from non-OECD countries owing to economic and population growth. Other factors such as easy availability of raw materials, upcoming power generation projects particularly in Asia Pacific are anticipated to foster the market growth.
Raw material prices play a vital role in defining the overall costs of the final product. Currency fluctuations are expected to result in unstable raw material prices. The high cost of coating formulations is another factor which is anticipated to hinder the market growth. Regulations related to VOC (volatile organic compound) emission are expected to affect the demand for liquid based insulation coatings in the near future.
Liquid coatings emerged as the leading product segment and accounted for over 60% of global demand in 2015. However, gaining popularity of powder coatings for electrical insulation on account of stringent regulations in place is expected to increase its market share over the forecast period.
Full Research Report On Global Electrical Insulation Coatings Market By Grand View Research:
www.grandviewresearch.com/industry-analysis/electrical-insulation-coatings-market
Further key findings from the report suggest:
Browse More Reports Of This Category By Grand View Research:
www.grandviewresearch.com/industry/paints-coatings-and-printing-inks
Grand View Research has segmented the electrical insulation coating market on the basis of product, raw material and region:
Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)
Raw Material Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)
Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)
Access Press Release Of This Research Report By Grand View Research:
www.grandviewresearch.com/press-release/global-electrical-insulation-coatings-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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