Global Magnet Wire Market, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2029
“Global Magnet Wire Market” is an upcoming market research report by MarketResearch.biz. Various data and information on the global magnet wire market such as market trends, drivers, restraints, revenue details, growth opportunities, recent developments, competitive landscape, and details of key players are included in the report. The presentation of both projected and historical revenue details in the report provides an in-depth understanding of the potential in the global market currently and over the forecast period. The report also provides detailed and insightful profiles of the top players in the global market. Research findings and conclusions are verified by industry experts before we present them in the report. The global magnet wire market research report is segmented based on material, product, end-use, and regions and countries.
Magnet wire, which is also called winding wire, is widely used in energy transforming applications. This insulated electrical conductor is wound around a coil and energized to create an electromagnetic field for these energy transforming applications. Magnetic wire is generally made from aluminum or copper and is utilized in motors, transformers, generators, inductors, hard disk head actuators, speakers, and other electromagnetic equipment. Magnet wires are divided into covered conductor wire, enameled wire, and combinations thereof.
Increasing demand for magnet wire from the energy sector is the key factor driving market growth. Increasing population and consumer disposable income in developing economies such as China, India, and Southeast Asia have led to increase in demand for electricity. This increasing demand for electricity is projected to create a significant demand for power transformers, which, in turn, is expected to drive growth of the global magnet wire market over the forecast period. Moreover, Demand for magnet wire in the global market has been increasing due to increasing penetration of electric vehicles in the global automotive industry. Magnet wire is widely used in traction motors, belt started generators, and generative braking systems in electric vehicles. The stringent regulations by governments especially in North America and Europe about CO2 emission are projected to fuel production of electric vehicles and positively affect growth of the global magnet wire market over the forecast period. The basic raw material used to manufacture magnet wire is copper rod. Major companies produce this raw material in-house, which enables these companies to maintain good quality of the raw material and reduce manufacturing cost. One of the key applications of magnet wire is wind turbines in the energy sector. Increasing penetration of renewable energy is projected to create opportunities for the global market growth over the forecast period.
Global Magnet Wire Market Segment Analysis:
By Material: Among the material segments, the copper segment is projected to dominate the global market in terms of revenue share. This dominance is expected to continue over the forecast period. This can be attributed to overall better chemical, physical, and mechanical properties of copper than aluminum. Copper is known for its better conductivity than aluminum. Most of the motor manufacturers prefer copper as applications of copper magnet wire enhance electrical energy efficiency of motors.
By Product: The round wire segment is projected to contribute largest revenue share among the product segments over the forecast period in the global magnet wire market. This can be attributed to its extensive utilization of it in residential applications such as electronics and electric motors in household appliances. In addition, easy availability and low cost of the product, compared to flat winding wire, are attributed to this growth of the segment.
Global Magnet Wire Market Regional Analysis:
The Asia Pacific market among the regional markets is projected to dominate the market in terms of revenue contribution to the global magnet wire market over the forecast period. This can be attributed to the developing economies such as China and India witnessing migration of various end-product manufacturing companies due to low manufacturing and labor cost.
Global Magnet Wire Market Segmentation:
- Round wire
- Flat wire
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2020 Estimated Year 2021 Forecast Period 2021–2030 Revenue in US$
- Furukawa Electric Co., Ltd.
- Irce S.P.A
- LS Group
- REA Magnet Wire
- Tongling Jingda Special Magnet Wire Co., Ltd.
- Sumitomo Electric Industries, Ltd.
- LWW Group
- Samdong Co., Ltd.
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