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The global electrical insulation tape market size is projected to reach USD 15.2 billion by 2027. It is anticipated to gain momentum from the ever-increasing usage of e-commerce platforms for purchasing consumer electronics. Additionally, the rising disposable incomes of people worldwide would surge the demand for these insulation tapes as they are extensively used in the manufacturing of white goods. Fortune Business Insights™ published this information in a new report, titled, “Electrical Insulation Tape Market Size, Share & COVID-19 Impact Analysis, By Material (PVC, Glass cloth, PET, and Others), Application (Electrical & Electronics, Aerospace, Industrial and others), and Regional Forecast, 2020-2027.” The report further states that the market stood at USD 12.8 billion in 2019. But, it is set to exhibit a CAGR of 4.04% during the forecast period between 2020 to 2027.
Saint-Gobain Partners Up with Elbflorace to Develop Electric Race Car
In May 2020, Saint-Gobain, a multinational corporation headquartered in France, collaborated with Elbflorace Formula Student racing team based in Germany. The main aim of this partnership is to develop an electric Formula Student race car. The car will be used in a high competitive match that is held once every year. It consists of several student teams participating from all over the world. They design, develop, test, and race small-scale racing cars. The teams and their cars are judged in dynamic & static disciplines by a jury of supply, automotive, and motorsports industry experts.
Saint-Gobain will deliver electrical insulation tape to Elbflorace. These tapes play a crucial role in various electric vehicle (EV) and automotive applications, such as electrical insulation, car body exterior, sensors, heat shielding and thermal insulation, battery packs, and motors and generators. For the current project, the team will use these insulation tapes for cladding of the powertrain.
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Modernization of Electric Grids to Spur Growth
Since the beginning of the 21st century, the demand for energy has been growing rapidly. With the evolution of equipment and technologies, supporting the conventional electrical infrastructure and modernizing the existing grid have become vital. The governments of various countries are taking several initiatives to satiate the demand from the rising population by enhancing the electricity grids. This is further resulting in the high demand for transformers and electrical insulation tapes are used in them to address the optimum performance.
However, the usage of insulating adhesive solutions is increasing owing to their durable nature. They are mainly adopted in the industries manufacturing miniaturized electronics and gadgets. Also, low quality electrical insulation tape can easily catch fires and damage the property. Hence, alternate technologies are used instead of these tapes. This factor may hamper the electrical insulation tape market growth in the forthcoming years.
Key Companies Aim to Possess Diversified Portfolio to Gain Competitive Edge
The market houses numerous companies that are presently trying to extend their distribution channels for competing with the other enterprises. Some of them are also adopting the strategy of collaborations to gain a competitive edge. Apart from that, they are launching new electrical insulation tapes for diversifying their existing product portfolio.
Fortune Business Insights™ lists out the names of all the renowned manufacturers operating in the global market. They are as follows:
Further Report Findings-
The global market can be segmented into:
Value (USD Billion), Volume (Mn Sq. m)
Material; Application; and Geography