Forecast of the development prospects of the global insulation material industry in 2021

According to the data of market research company Market Watch, the global electrical insulating material market in 2018 was approximately 8.
56 billion U.
S.
dollars, and it is expected that by 2021, the global insulating material market will exceed 10 billion U.
S.
dollars
.
The rapid growth of the market is driven by the growth of global power demand and the expansion and modernization of transmission and distribution networks
.
The growth of global electricity demand will promote the expansion of the global electrical insulation material market.
According to the data of market research company Market Watch, the global electrical insulation material market size in 2018 is about 8.
56 billion U.
S.
dollars.
It is estimated that by 2021, the global insulation material market size Will exceed 10 billion U.
S.
dollars
.
The rapid growth of the market is driven by the growth of global power demand and the expansion and modernization of transmission and distribution networks
.
China and the United States account for nearly three-quarters of the global electrical insulation material market.
China is the largest electrical insulation material market with a 45% market share, followed by the United States with a 28% market share
.
China's insulation material industry is expected to develop rapidly.
The Asia-Pacific region is expected to dominate the global market due to the highly developed power sector and the recent rapid industrialization of China and India in the energy service sector
.
In the next 30 years, energy consumption in the Asia-Pacific region is expected to increase by 48%
.
According to data from the International Energy Agency, it is estimated that by 2023, China alone will contribute 30% of the world's energy growth
.
According to data from the International Energy Agency (IEA), the Asia-Pacific region has become the world's largest electricity consumption region due to its large population, rich resources, and numerous industries in China, India, South Korea and Japan
.
The increase in industrial power consumption and the growth of electronic and electrical products are expected to promote the development of the electronic insulation material market in the Asia-Pacific region in the next few years
.
Participants in insulating materials The main players in global insulating materials in 2020 are Hitachi (2%), Weidmann (2%) and Dupont (3%)
.
In 2026, the market size of insulating materials will exceed 13 billion U.
S.
dollars.
Due to the expansion of the power generation sector and the increase in electricity usage around the world, the demand for insulating materials has been steadily increasing. .
In recent years, the demand for electricity in Africa and other regions has increased significantly
.
It is preliminarily expected that the global insulation material market will maintain an average compound growth rate of more than 5.
5% in the next five years, and the market size will exceed 13 billion U.
S.
dollars by 2026
.