Global Insulating Fittings Market to Grow at 4.6% CAGR, Reaching 411K Tons by 2030

IndexBox has just published a new report: World - Insulating Fittings For Electrical Purposes - Market Analysis, Forecast, Size, Trends And Insights.

The global market for insulating fittings for electrical purposes is on the rise, driven by increasing demand worldwide. Projections suggest a steady growth pattern with a CAGR of +4.6% in volume and +4.5% in value over the next six years, culminating in a market volume of 411K tons and a value of $8.3B by 2030.

Market Forecast

Driven by increasing demand for insulating fittings for electrical purposes worldwide, the market is expected to continue an upward consumption trend over the next six years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +4.6% for the period from 2024 to 2030, which is projected to bring the market volume to 411K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.5% for the period from 2024 to 2030, which is projected to bring the market value to $8.3B (in nominal wholesale prices) by the end of 2030.

Consumption

World Consumption of Insulating Fittings For Electrical Purposes

Global insulating fittings consumption was estimated at 314K tons in 2024, growing by 9% on 2023 figures. Overall, the total consumption indicated perceptible growth from 2013 to 2024: its volume increased at an average annual rate of +4.2% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption decreased by -21.5% against 2022 indices. Global consumption peaked at 401K tons in 2022; however, from 2023 to 2024, consumption failed to regain momentum.

The global insulating fittings market size expanded notably to $6.4B in 2024, with an increase of 12% against 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 continues to indicate a strong expansion. As a result, consumption attained the peak level of $7.5B. From 2023 to 2024, the growth of the global market remained at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2024 were the United States (51K tons), China (34K tons) and India (28K tons), together accounting for 36% of global consumption.

From 2013 to 2024, the biggest increases were recorded for the United States (with a CAGR of +10.2%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Japan ($3.1B) led the market, alone. The second position in the ranking was held by the United States ($411M). It was followed by the UK.

In Japan, the insulating fittings market expanded at an average annual rate of +13.5% over the period from 2013-2024. In the other countries, the average annual rates were as follows: the United States (+10.2% per year) and the UK (+8.7% per year).

In 2024, the highest levels of insulating fittings per capita consumption was registered in Saudi Arabia (491 kg per 1000 persons), followed by Turkey (167 kg per 1000 persons), the UK (162 kg per 1000 persons) and Japan (160 kg per 1000 persons), while the world average per capita consumption of insulating fittings was estimated at 39 kg per 1000 persons.

In Saudi Arabia, insulating fittings per capita consumption expanded at an average annual rate of +2.4% over the period from 2013-2024. In the other countries, the average annual rates were as follows: Turkey (+8.5% per year) and the UK (+5.6% per year).

Production

World Production of Insulating Fittings For Electrical Purposes

In 2024, the amount of insulating fittings for electrical purposes produced worldwide stood at 384K tons, surging by 14% on the previous year's figure. Over the period under review, the total production indicated a strong increase from 2013 to 2024: its volume increased at an average annual rate of +5.2% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, production decreased by -9.3% against 2022 indices. The pace of growth appeared the most rapid in 2022 with an increase of 55% against the previous year. As a result, production attained the peak volume of 424K tons. From 2023 to 2024, global production growth failed to regain momentum.

In value terms, insulating fittings production surged to $6.9B in 2024 estimated in export price. In general, production showed strong growth. The growth pace was the most rapid in 2022 with an increase of 56%. As a result, production attained the peak level of $7.8B. From 2023 to 2024, global production growth remained at a lower figure.

Production By Country

China (118K tons) remains the largest insulating fittings producing country worldwide, comprising approx. 31% of total volume. Moreover, insulating fittings production in China exceeded the figures recorded by the second-largest producer, Mexico (38K tons), threefold. The third position in this ranking was held by Thailand (32K tons), with an 8.3% share.

In China, insulating fittings production expanded at an average annual rate of +6.6% over the period from 2013-2024. In the other countries, the average annual rates were as follows: Mexico (+39.1% per year) and Thailand (+0.7% per year).

Imports

World Imports of Insulating Fittings For Electrical Purposes

In 2024, supplies from abroad of insulating fittings for electrical purposes was finally on the rise to reach 118K tons for the first time since 2021, thus ending a two-year declining trend. Over the period under review, imports continue to indicate a mild increase. The growth pace was the most rapid in 2015 with an increase of 79%. Global imports peaked at 198K tons in 2021; however, from 2022 to 2024, imports remained at a lower figure.

In value terms, insulating fittings imports expanded to $1.2B in 2024. The total import value increased at an average annual rate of +2.1% from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 when imports increased by 25% against the previous year. As a result, imports attained the peak of $1.3B. From 2022 to 2024, the growth of global imports failed to regain momentum.

Imports By Country

In 2024, the United States (35K tons) represented the major importer of insulating fittings for electrical purposes, mixing up 29% of total imports. It was distantly followed by Saudi Arabia (13K tons) and the Philippines (8.7K tons), together constituting an 18% share of total imports. The following importers - South Korea (4.4K tons), Mexico (3.8K tons), India (3.3K tons), Malaysia (3.1K tons), Indonesia (2.5K tons), Germany (2.2K tons) and Nigeria (2.2K tons) - together made up 18% of total imports.

The United States was also the fastest-growing in terms of the insulating fittings for electrical purposes imports, with a CAGR of +10.6% from 2013 to 2024. At the same time, India (+4.4%), Germany (+1.5%), South Korea (+1.4%) and Saudi Arabia (+1.0%) displayed positive paces of growth. Malaysia and the Philippines experienced a relatively flat trend pattern. By contrast, Nigeria (-3.0%), Indonesia (-3.8%) and Mexico (-4.0%) illustrated a downward trend over the same period. The United States (+18 p.p.) significantly strengthened its position in terms of the global imports, while Indonesia and Mexico saw its share reduced by -1.7% and -2.7% from 2013 to 2024, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($253M) constitutes the largest market for imported insulating fittings for electrical purposes worldwide, comprising 21% of global imports. The second position in the ranking was taken by South Korea ($66M), with a 5.4% share of global imports. It was followed by Mexico, with a 5.4% share.

In the United States, insulating fittings imports increased at an average annual rate of +10.6% over the period from 2013-2024. In the other countries, the average annual rates were as follows: South Korea (+7.0% per year) and Mexico (+3.1% per year).

Import Prices By Country

The average insulating fittings import price stood at $10,350 per ton in 2024, waning by -2.8% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of 107%. Global import price peaked at $11,497 per ton in 2018; however, from 2019 to 2024, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Germany ($19,006 per ton), while the Philippines ($2,140 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Mexico (+7.4%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Insulating Fittings For Electrical Purposes

In 2024, shipments abroad of insulating fittings for electrical purposes increased by 18% to 188K tons, rising for the fourth consecutive year after three years of decline. Overall, total exports indicated a measured increase from 2013 to 2024: its volume increased at an average annual rate of +4.1% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, exports increased by +101.4% against 2020 indices. The most prominent rate of growth was recorded in 2017 when exports increased by 58%. The global exports peaked in 2024 and are likely to see steady growth in the immediate term.

In value terms, insulating fittings exports fell to $1.3B in 2024. Over the period under review, total exports indicated a temperate expansion from 2013 to 2024: its value increased at an average annual rate of +3.0% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, exports decreased by -8.2% against 2022 indices. The most prominent rate of growth was recorded in 2017 with an increase of 15% against the previous year. Over the period under review, the global exports hit record highs at $1.4B in 2022; however, from 2023 to 2024, the exports failed to regain momentum.

Exports By Country

China was the key exporter of insulating fittings for electrical purposes in the world, with the volume of exports reaching 84K tons, which was near 45% of total exports in 2024. Mexico (37K tons) held a 20% share (based on physical terms) of total exports, which put it in second place, followed by Thailand (18%). India (6.1K tons), the United States (5.9K tons) and Portugal (3.1K tons) took a relatively small share of total exports.

From 2013 to 2024, average annual rates of growth with regard to insulating fittings exports from China stood at +9.8%. At the same time, Mexico (+29.4%), Portugal (+25.0%) and Thailand (+1.5%) displayed positive paces of growth. Moreover, Mexico emerged as the fastest-growing exporter exported in the world, with a CAGR of +29.4% from 2013-2024. By contrast, India (-8.3%) and the United States (-11.1%) illustrated a downward trend over the same period. From 2013 to 2024, the share of China and Mexico increased by +20 and +18 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest insulating fittings supplying countries worldwide were China ($400M), the United States ($270M) and Mexico ($87M), with a combined 58% share of global exports.

Mexico, with a CAGR of +17.7%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2024, the average insulating fittings export price amounted to $6,973 per ton, dropping by -16.9% against the previous year. In general, the export price recorded a mild shrinkage. The pace of growth was the most pronounced in 2016 when the average export price increased by 50%. The global export price peaked at $13,899 per ton in 2020; however, from 2021 to 2024, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2024, amid the top suppliers, the country with the highest price was the United States ($45,961 per ton), while Thailand ($1,694 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by the United States (+17.6%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform