According to the Astute Analytica study on the global Mica Tape for Insulation Market, the size of the market will increase from US$ 167.2 Million in 2021 and is forecasted to reach US$ 200.1 Million by the year 2027. registering a remarkable compound annual growth rate (CAGR) of 3% from 2022 to 2027.
The segmentation section of the report focuses on every segment, along with highlighting the ones having a strong impact on the global mica tape for insulation market. The segmentation served as the foundation for finding businesses and examining their financial standings, product portfolios, and future growth potential. The second step entailed evaluating the core competencies and market shares of top firms in order to predict the degree of competition. A bottom-up method was used to assess the market’s overall size.
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Growth Influencers:
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.
Segments Overview:
The global mica tape for insulation market is a segmented 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.
Regional Overview:
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. North American and Latin American are also expected to demonstrate significant growth during the projected period.
Competitive Landscape
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, Jiaxing St New Materials Co., Ltd, 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:
• Market Penetration: Provides comprehensive information on the market offered by the prominent players
• Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
• Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
• Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global Mica tape for insulation market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
• Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The global Mica tape for insulation market report answers questions such as:
• What is the market size and forecast of the Global Mica tape for insulation Market?
• What are the inhibiting factors and impact of COVID-19 on the Global Mica tape for insulation Market during the assessment period?
• Which are the products/segments/applications/areas to invest in over the assessment period in the Global Mica tape for insulation Market?
• What is the competitive strategic window for opportunities in the Global Mica tape for insulation Market?
• What are the technology trends and regulatory frameworks in the Global Mica tape for insulation Market?
• What is the market share of the leading players in the Global Mica tape for insulation Market?
• What modes and strategic moves are considered favorable for entering the Global Mica tape for insulation Market?
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