Electrical Insulator Market

The global market for electrical insulators is expected to see growth in both consumption and production over the next eight years, with forecasted increases in volume and value terms by 2030. Despite some fluctuations, the market has shown overall growth trends in both consumption and production from 2012 to 2022. China remains a key player in production and exports, while the United States leads in imports. Overall, the market is anticipated to see continued growth in the near future.

Market Forecast

Driven by increasing demand for electrical insulators worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +4.4% for the period from 2022 to 2030, which is projected to bring the market volume to 24B units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.9% for the period from 2022 to 2030, which is projected to bring the market value to $12.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Electrical Insulators

In 2022, global electrical insulator consumption shrank to 17B units, which is down by -8.8% against the year before. The total consumption volume increased at an average annual rate of +2.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, global consumption hit record highs at 20B units in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

The global electrical insulator market value contracted to $8.2B in 2022, approximately mirroring the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the market value increased by 9.6%. As a result, consumption reached the peak level of $9.8B. From 2018 to 2022, the growth of the global market failed to regain momentum.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (3B units), India (1.6B units) and the United States (1.6B units), together comprising 35% of global consumption. Turkey, Japan, Russia, Germany, Brazil, Nigeria, Italy, Mexico, South Korea and Poland lagged somewhat behind, together comprising a further 34%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Turkey (with a CAGR of +20.2%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Japan ($1.9B) led the market, alone. The second position in the ranking was held by the United States ($868M). It was followed by China.

From 2012 to 2022, the average annual rate of growth in terms of value in Japan was relatively modest. In the other countries, the average annual rates were as follows: the United States (-0.3% per year) and China (+2.0% per year).

In 2022, the highest levels of electrical insulator per capita consumption was registered in Turkey (17 units per person), followed by Germany (7.6 units per person), Poland (7.5 units per person) and Italy (7.2 units per person), while the world average per capita consumption of electrical insulator was estimated at 2.2 units per person.

In Turkey, electrical insulator per capita consumption increased at an average annual rate of +18.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Germany (+4.6% per year) and Poland (+7.0% per year).

Production

World Production of Electrical Insulators

In 2022, global production of electrical insulators contracted slightly to 17B units, reducing by -2.2% on 2021. The total output volume increased at an average annual rate of +3.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2017 with an increase of 33%. As a result, production attained the peak volume of 19B units. From 2018 to 2022, global production growth remained at a lower figure.

In value terms, electrical insulator production expanded to $7.9B in 2022 estimated in export price. In general, production, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 13% against the previous year. As a result, production attained the peak level of $9.2B. From 2018 to 2022, global production growth remained at a somewhat lower figure.

Production By Country

China (5.8B units) remains the largest electrical insulator producing country worldwide, comprising approx. 35% of total volume. Moreover, electrical insulator production in China exceeded the figures recorded by the second-largest producer, Turkey (1.5B units), fourfold. The third position in this ranking was taken by India (1.1B units), with a 6.3% share.

In China, electrical insulator production increased at an average annual rate of +3.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Turkey (+20.4% per year) and India (+4.4% per year).

Imports

World Imports of Electrical Insulators

In 2022, purchases abroad of electrical insulators decreased by -10.4% to 7.5B units for the first time since 2018, thus ending a three-year rising trend. The total import volume increased at an average annual rate of +2.6% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations in certain years. The growth pace was the most rapid in 2013 when imports increased by 16% against the previous year. Global imports peaked at 8.4B units in 2021, and then contracted in the following year.

In value terms, electrical insulator imports expanded modestly to $2.6B in 2022. In general, imports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when imports increased by 7.1%. Global imports peaked at $2.8B in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports By Country

India (1.1B units) and the United States (0.9B units) represented roughly 27% of total imports in 2022. Nigeria (429M units) held a 5.7% share (based on physical terms) of total imports, which put it in second place, followed by Italy (5.1%). Germany (333M units), Mexico (306M units), Spain (228M units), the Philippines (163M units), Tanzania (151M units), France (145M units), Brazil (125M units), South Korea (122M units) and Thailand (121M units) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Tanzania (with a CAGR of +18.4%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($432M) constitutes the largest market for imported electrical insulators worldwide, comprising 17% of global imports. The second position in the ranking was taken by Germany ($127M), with a 5% share of global imports. It was followed by Mexico, with a 4.3% share.

From 2012 to 2022, the average annual growth rate of value in the United States stood at +2.8%. The remaining importing countries recorded the following average annual rates of imports growth: Germany (+0.2% per year) and Mexico (-0.7% per year).

Import Prices By Country

In 2022, the average electrical insulator import price amounted to $0.3 per unit, with an increase of 14% against the previous year. Overall, the import price, however, continues to indicate a noticeable downturn. The most prominent rate of growth was recorded in 2018 an increase of 14% against the previous year. Global import price peaked at $0.5 per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United States ($0.5 per unit), while India ($0.1 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+4.7%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Electrical Insulators

In 2022, shipments abroad of electrical insulators increased by 6.6% to 7B units, rising for the second consecutive year after three years of decline. The total export volume increased at an average annual rate of +3.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of 55%. The global exports peaked in 2022 and are expected to retain growth in the near future.

In value terms, electrical insulator exports stood at $2.4B in 2022. Overall, exports, however, continue to indicate a relatively flat trend pattern. Over the period under review, the global exports attained the peak figure at $2.5B in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports By Country

China was the main exporting country with an export of about 3B units, which finished at 43% of total exports. India (588M units) ranks second in terms of the total exports with an 8.4% share, followed by Italy (5.4%) and Mexico (4.9%). Germany (304M units), Poland (246M units), the United States (232M units), the Czech Republic (168M units), Portugal (165M units), Malaysia (139M units), South Korea (137M units), Canada (121M units) and Taiwan (Chinese) (111M units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to electrical insulator exports from China stood at +5.2%. At the same time, Taiwan (Chinese) (+19.4%), Mexico (+16.9%), Canada (+14.1%), India (+12.6%), South Korea (+9.9%), the Czech Republic (+9.7%), Malaysia (+4.3%), Portugal (+3.9%) and Italy (+3.3%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing exporter exported in the world, with a CAGR of +19.4% from 2012-2022. Poland experienced a relatively flat trend pattern. By contrast, Germany (-1.3%) and the United States (-4.4%) illustrated a downward trend over the same period. While the share of China (+6.9 p.p.), India (+4.9 p.p.) and Mexico (+3.4 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Poland (-1.7 p.p.), Germany (-2.6 p.p.) and the United States (-4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($639M) remains the largest electrical insulator supplier worldwide, comprising 26% of global exports. The second position in the ranking was taken by the United States ($256M), with an 11% share of global exports. It was followed by Germany, with an 8.9% share.

In China, electrical insulator exports increased at an average annual rate of +1.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (+1.7% per year) and Germany (-3.0% per year).

Export Prices By Country

The average electrical insulator export price stood at $0.3 per unit in 2022, therefore, remained relatively stable against the previous year. Over the period under review, the export price, however, recorded a pronounced curtailment. The most prominent rate of growth was recorded in 2016 an increase of 37%. As a result, the export price attained the peak level of $0.6 per unit. From 2017 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United States ($1.1 per unit), while South Korea ($0.1 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+6.4%), while the other global leaders experienced mixed trends in the export price figures.

Source: IndexBox Market Intelligence Platform