The Global mica tape for insulation market is expected to grow from US$ 167.2 Million in 2021 to US$ 200.1 Million by the end of 2025 at a Compound Annual Growth Rate (CAGR) of 3%%.
Astute Analytica compiled this research report after collecting inputs from various industrial experts. The market was researched through various research tools that focuses on market determinants with widely researched other market elements. Market sizing and market estimation are some of the key elements that are considered in the research report. Market analysis consist of combination of quantitative and qualitative market analysis of the data with the help of various statistical tools.
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Increasing application of mica electrical insulation in consumer electronics
Mica tape is quite commonly used in everyday appliances and consumer electronics. Since the product is very easy to shape, it is apt for mass production of components. This also allows electronic manufacturers to ensure meeting the strict safety standards, associated with consumer electronics. Furthermore, mica tape’s versatility is also suited for small form factors, which is required, as demand for greater performance in consumer electronics needs to be balanced with considerations regarding weight, design, and size.
Favorable government initiatives to promote the semiconductor industry
Various government initiatives to develop the semiconductor industry are expected to drive market growth. For instance, in the Union Budget of 2017-18, the government of India increased the allocation for incentive schemes, such as the Modified Special Incentive Package Scheme (M-SIPS) and the Electronic Department Fund (EDF), to USD 111 million. To ensure further investments, reduce dependence on imports, and create employment opportunities, the government amended the M-SIPS in 2020 and approved new incentives for investors, worth USD 1.47 billion. Such initiatives by government organizations to boost the semiconductor industry are expected to drive the market growth of mica tape for the insulation market.
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Growing usage of mica products in the aerospace sector
Mica products are extensively used in the aerospace industry for thermal as well as electrical insulation. The element is perfectly suitable as an ideal insulation material for the aerospace industry since it is lightweight. Furthermore, exceptionally thin and lightweight mica sheets can withstand temperatures as high as 900 degrees Celsius. Insulation of thrust reversal system, high-temperature fire protection of black box in case of unexpected events, flame retardant barrier for aircraft body, and electric & thermal insulation of aircraft battery, are some of the most common applications of mica tape in the aerospace industry.
The global mica tape for insulation market is segmented the product.
By Product • Phlogopite • Muscovite • Synthetic Mica
The muscovite segment held the largest share of more than 54%. Muscovite is also known as Indian ruby mica or muscovite mica and is used as a dielectric in capacitors. The product is widely used in manufacturing capacitors for calibration standards, which contributes to its high market share.
On a regional basis, the global Mica tape for insulation market is segmented into North America, Europe, Asia Pacific, Middle East, Africa, and South America.
The Asia Pacific region held the largest market share in the global market. High demand from the established production hub of electronics and electrical devices & motors in countries such as Japan, India, and China, is anticipated to boost the market growth. The region is also expected to grow at the fastest growth rate over the forecast period.
The European market is expected to hold the second-largest market share owing to the presence of major market players in the region. The North American and Latin American are also expected to demonstrate significant growth during the projected period.
Key players operating in the global Mica tape for insulation market include Axim, Mica Corp, Brantingham & Carroll International, Ltd. (BCI Insulation), Chhaperia International Company, Cogebi AS, Dongguan Yat Mica Industrial Limited, Elecom Tape Co., Ltd., Electrolock Inc., Elkem ASA, Final Advanced Materials Sàrl, Glory Mica Co., Ltd, Isovolta AG, Mica Tape for Insulation Market Jyoti Hi-tech, India, Micatapes Europe SPRL, Nippon Rika Kogyosho Co., Ltd., Okabe Mica Co., Ltd., Pamica Group Electrical Ltd., Pittsburgh Electrical Insulation, Ruby Mica Co. Ltd., Sakti Mica Manufacturing Co., Shanghai Haiying Insulation Glass Fiber Co., Ltd., Shaoxing Kaichen Mica Material Co., Ltd., Shenzhen Ktyu Insulating Co., Ltd., Sichuan Meifeng Group Co., Ltd., Sweco Inc., Von Roll Holding AG, and other such prominent players.
The cumulative market share of the six major players is near about 40%. These market players are involved in collaborations, mergers & acquisitions, and new product launches to strengthen their market presence. For instance, in May 2021, Mica Corporation expanded its global distribution network to support growth factors in Pakistan. The company extended its market presence through this development.
The global Mica tape for insulation market report provides insights on the below pointers:
The global Mica tape for insulation market report answers questions such as:
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