The demand for electricity is slated to grow at an estimated annual rate of over 2.5%. The electricity demand is anticipated to witness robust growth from non-OECD countries owing to economic and population growth. Other factors such as easy availability of raw materials, upcoming power generation projects particularly in Asia Pacific are anticipated to foster the market growth. The Global Electrical Insulation Coating Market is expected to reach USD 3.0 billion in 2024, according to a new report by Grand View Research, Inc. Raw material prices play a vital role in defining the overall costs of the final product. Currency fluctuations are expected to result in unstable raw material prices. The high cost of coating formulations is another factor which is anticipated to hinder the market growth. Regulations related to VOC (volatile organic compound) emission are expected to affect the demand for liquid based insulation coatings in the near future. Liquid coatings emerged as the lea