PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515442
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515442
Electrical Materials Market size was valued at USD 4,581.2 Million in 2023, expanding at a CAGR of 11.50% from 2024 to 2032.
Every construction project that involves linking commercial, residential, or industrial structures to an electrical power source needs electric materials as fundamental components and building blocks. An industrial complex or a modest domestic circuit may have electrical components of different sizes. For these materials, the lowest possible electrical conductivity should be attained. In addition to being utilized in the creation of conductors for all kinds of windings found in apparatus, electrical machinery, and gadgets, they are also employed in the distribution and transmission of electrical energy.
Electrical Materials Market- Market Dynamics
Growing Demand for Electric Vehicles to Propel Market Growth
The market for electrical materials is anticipated to develop in the future due to the increase in the production of electric vehicles (EVs). A car with an electric motor that can run on a battery and receive external charging is referred to as an electric vehicle. Since different electrical materials are thought to be the main components of electric vehicles, the market for these materials will grow as the number of electric vehicles increases and more of them are required. For instance, the Global EV Outlook 2022 study states that sales of electric vehicles (EVs) reached a record high of 6.6 million in 2022, having doubled from the year before. In addition, global sales of electric vehicles increased from 2,980,000 to 6,600,000 in 2021. Thus, the market for electrical materials is expanding as a result of the growing demand for electric vehicles.
Electrical Materials Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 11.50% over the forecast period (2024-2032)
Based on type segmentation, the light switches category was predicted to show maximum market share in the year 2023
Based on technology segmentation, the commercial category was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Electrical Materials Market is segmented on the basis of Type, Technology, and Region.
The market is divided into the following categories based on type: Circuit Breakers, Light Switches, Plugs & Sockets, Voltage Switcher, Cable Management, Cable Duct, Electrical Conduit, and Others. The light switches category dominates the market. When controlling electrical outlets, lights, or permanently connected devices, light switches are most commonly utilized in electrical wiring. Another aspect that appears to be beneficial for market expansion is the growing ubiquity of smart light switches-switching off lights and other appliances at home while not in use is made easier with smart switches, making them a more efficient use of energy. Consequently, more money and efforts are spared.
The market is divided into three categories based on technology: Industrial, Commercial and Domestic. The commercial category dominates the market and is likely to maintain its dominance during the forecast period. The end-user industry for the electrical materials market consists of numerous commercial establishments, such as retail stores, hospitals, hotels, offices, and other public spaces. In the business world, electrical components are used for a wide range of applications, such as cables, lights, power distribution, HVAC systems, communication networks, and other electrical apparatus. The business sector's need for electrical materials is fueled by factors such as rising disposable income, rapid urbanization, and growing awareness of energy efficiency.
Electrical Materials Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Over the course of the forecast period, North America is anticipated to hold the greatest share of the global market for electrical materials. The growing expenditure on infrastructure development, which includes building out power networks and updating outdated electrical systems, is one important factor. Additionally, the need for sophisticated electrical materials with the ability to handle increasing efficiency and integration with smart grid technology has increased due to the quick adoption of renewable energy sources like solar and wind power.
In addition, the electrical materials market is anticipated to expand at the fastest rate in the world during the projected period in Asia Pacific. Electrical material manufacturers find the region to be a desirable investment destination due to the abundance of inexpensive labor and raw materials, as well as the growing domestic demand in the power production sector. Some of the factors that will propel the market for electrical materials in this region are the increasing population, urbanization, and industrialization.
Leading businesses that hold a substantial share of the global electrical materials market are DuPont (US), Elantas (Germany), Krempel GMBH (Germany), Nitto (Japan), and others. The leading companies in the global electrical materials market employ a range of strategies, such as product development, alliances, launches, and agreements, to influence the market's growth.
April 2021: For an unknown sum, CMC Materials, a critical materials manufacturer and supplier with headquarters in the US, purchased International Test Solutions. Through the acquisition, CMC Materials can now provide its clients with even more essential, game-changing solutions to help them tackle their most challenging issues. US-based International Test Solutions produces customized cleaning solutions for the semiconductor industry.
GLOBAL ELECTRICAL MATERIALS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
DuPont (US)
Elantas (Germany)
Krempel GMBH (Germany)
Nitto (Japan)
Von Roll (Switzerland)
ITW Formex (US)
3M (US)
Haysite Reinforced Plastics (US)
Vitar (China)
Tesa SE (Germany)
Teijin DuPont Films (Japan)
NGK Insulator (Japan)
Others