Mica Tape for Insulation Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2027

Global Mica Tape for Insulation Market is estimated to witness a rise in its revenue from US$ 167.2 Mn in 2021 to US$ 200.1 Mn by 2027. The market is registering growth at a CAGR of 3% over the forecast period 2022-2027. Mica tape is mainly used in the electronic and electrical industries. High-quality block mica is processed so that it is possible to create gauge glasses of high-pressure steam boilers. This can be done because of the high flexibility, transparency, and resistance to heat and the chemical attack nature of mica tapes. Mica sheets are used to provide structure for heating wire (such as in Kanthal or Nichrome) and can withstand up to 900 °C (1,650 °F). The various advantages of mica tapes are good dielectric strength, thermal conductivity, excellent tensile strength, anti-shock capabilities, and low dissipation factor among others.  

The market is majorly driven by factors such as the surging utilization of mica tapes in wind power generators, the growing trend of building thermal insulation, and the rising application of mica tape for high-voltage coils and traction motors. Mica tapes are extensively gaining huge traction in wind power generators over other products, due to their improved electrical field strength and heat-resistant properties. Moreover, wind power generators are also facing the issues of voltage fluctuation and harmonic distortion. In this situation, mica tape is used to reduce the total harmonic distortion (THD) and improve the power quality. Further, mica tapes are extensively utilized in building thermal insulation systems which are also propelling the market growth, as thermal insulation is considered one of the most efficient ways to save energy in residential and commercial buildings. 

In addition, thick mica tape is largely used for taping armature and field coils of traction motors (in cases where glass tape is not employed) and for taping the starter coils of H.V. alternators. Nearly all high-voltage coils utilize mica tape, especially muscovite mica tapes, due to their higher electrical purity. Further, mica tapes, which utilize electrical insulation, heat resistance, and unique design are ideal for manufacturing electric vehicles and this is expected to provide an opportunity for market expansion. Its heat-tolerance capabilities have a prominent role as separators in storage units for the new high-energy lithium-ion batteries used in EVs.

However, the easy availability of alternatives such as acrylate polymers, polyester, phenolic, and vulcanized fiber among others is hampering the market growth. Also, natural mica and its related products have a significant presence of toxic minerals and materials, such as arsenic, mercury, and can lead which can cause health issues among humans, this factor is also hindering the market growth. 

Key Insights of the Report: 

• The latest study published by Astute Analytica analyzes the Global Mica Tape for Insulation Market for the study period of 2017-2027; where the historical years are 2017-2020, the base year is 2021, and the forecast period is 2022-2027.
• The research report offers a detailed study of market determinants including market drivers, restraints, opportunities, and trends; along with an attractive presentation in the form of impact analysis to gain a simpler and easy comparison view of all market determinants.
• The research study is a compilation of 14 chapters distributed across 191 pages with 27 lists of tables and 66 lists of figures.
• The various segmentations considered to analyze the market are based on product, application, industry vertical, and region.
• The market estimates are presented in terms of value (US$ Mn).
• Along with market estimations, the market study was conducted based on various economic models such as PESTLE and Porter’s five force models.
• A detailed value chain analysis of the industry was conducted. It includes raw material providers, mica tape manufacturers, distributors, and end-users.
• The competitive dashboard section includes analysis based on the Concentration Ratio (CR), based on market size, and the market presence of key companies.

Key Takeaways from the Global Mica Tape for Insulation Market Report:

• Based on the product, the muscovite segment holds the highest share in the mica tape for insulation market in 2021. Muscovite mica has excellent dielectric strength ensuring low power loss, making it the most used mica in electrical and electronic devices. The synthetic mica registers the highest annual growth rate over the projection period.
• In terms of application, the thermal insulation segment leads the Global Mica Tape for Insulation Market in 2021 and registers the highest CAGR over the forecast period. This is attributed to the growing demand for mica tapes in thermal insulation due to their properties such as dielectric strength, thermal conductivity, excellent tensile strength, anti-shock capabilities, and low dissipation factor among others.
• Based on industry vertical, the industrial/traction motor & coils segment has the highest market share in 2021. This is because all high-voltage coils utilize mica tape, especially muscovite mica tapes, due to their higher electrical purity. However, the wind power/renewable energy segment has the highest CAGR over the projection period.
• The Asia Pacific dominates the Global Mica Tape for Insulation Market in 2021 and is further estimated to continue its dominance over the forecast period 2022-2027. The growth in the Asia Pacific is attributed to the rising number of electric vehicles in countries such as China, India, and Japan. Further, the growing application of mica tapes across various industries such as electrical and electronics, paint & coatings, and automotive among others is propelling the market growth in the region.

Competitive Landscape

The key players in the Global Mica Tape for Insulation Market are Cogebi AS, Isovolta AG, Nippon Rika Kogyosho Co., Ltd., Pamica Group Electrical Ltd., Von Roll Holding AG, and Jiaxing St New Materials Co. Ltd among others. Many companies are operating in the global Mica Tape for Insulation Market. Through extensive research, it is found that big players have adopted various competitive strategies such as product development and collaboration with the OEMs in order to have a grip on the stabilized global market scenarios. Further, the leading companies are expanding their geographical boundaries by acquiring small brands and domestic companies.

Segmentation Overview

The following are the different segments of the Global Mica Tape for Insulation Market:

By Product segment the Global Mica Tape for Insulation Market is sub-segmented into:

• Phlogopite
• Muscovite
• Synthetic Mica

By Application segment the Global Mica Tape for Insulation Market is sub-segmented into:

• Electrical Insulation
• Thermal Insulation

By Industry Vertical segment the Global Mica Tape for Insulation Market is sub-segmented into:

• Industrial / Traction Motor & Coils
• Transformer Manufacturing
• Locomotive
• Wind power/Renewable Energy
• Generator Manufacturing

By Region segment the Global Mica Tape for Insulation Market is sub-segmented into:

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • The U.K.
  • Germany
  • France
  • Italy
  • Spain
  • Poland
  • Russia
  • Rest of Europe
• Asia Pacific 
  • China
  • India
  • Japan
  • Australia & New Zealand
  • ASEAN
  • Rest of Asia Pacific
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• South America
  • Argentina
  • Brazil
  • Rest of South America