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An electrical field is produced by magnet wire, an insulated electrical conductor that is usually made of copper or aluminum and coiled into a coil
LOS ANGELES, CALIFORNIA, UNITED STATES, August 11, 2022 /EINPresswire.com/ -- Magnet Wire Market Analysis and Size
Magnet wire is largely used across various end-use industries, which is a significant factor in the overall growth of the market. The uniformity and degree of insulation, heat resistance, good electrical characteristics such as insulation resistance and dielectric strength, resistance to chemicals, varnishes, and solvents, resistance to moisture and water, and hydrolytic degradation are just a few of the key advantages that magnet wires can provide. Great-end electric and electronic items for both industrial and domestic use are in high demand, which will help the business expand. Over the projection period, the demand for magnet wire applications will be driven by the consumer electronics industry's rapid expansion.
Global Magnet Wire Market was valued at USD 32.70 billion in 2021 and is expected to reach USD 50.18 billion by 2029, registering a CAGR of 5.50% during the forecast period of 2022-2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
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An electrical field is produced by magnet wire, an insulated electrical conductor that is usually made of copper or aluminum and coiled into a coil. It is a winding material, usually made of copper or aluminum, used to wind electromagnetic devices like motors and transformers. A thin layer of varnish known as enamel, fibrous polyester or fiberglass yarn, or a combination of both enamel and fibrous insulations may be used as insulation.
This section deals with understanding the market drivers, advantages, opportunities, restraints, and challenges. All of this is discussed in detail below:
Electric vehicles (EVs) contribute to a safer, cleaner, and more energy-efficient environment. It is anticipated that demand for hybrid and electric vehicles would increase significantly. The need for more electric chargers, improved technology, and rising affordability are the key causes of this surge in demand. The rise in electric vehicle sales is boosting magnet wire demand. Magnet wire is necessary for significant quantities for all kinds of electric cars. In addition to several other uses, these wires are utilized in electric motors, charging infrastructure, and bus bars. According to a study by Copper Development Association Inc., the stator windings of a pure electric car can use more than a mile of copper wiring. As a result, the growing production of electric and hybrid vehicles ultimately drives the demand for magnet wires.
The demand for magnet wire is rising across the globe due to the expansion of end-use industries. Magnet wire end-use industries, including the transportation, infrastructure, and power sectors, are expanding quickly in the area and are anticipated to significantly contribute to the need for magnet wires in the upcoming years. Moreover, the increasing tax incentives along with government stimulus packages will further propel the growth rate of the magnet wire market.
Research And Development And Advancement
Furthermore, the growth in research and development activities further enhances the applications of the product and extends profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the advancement in technology in magnetic wire will further expand the future growth of the magnet wire market.
The report provides a comprehensive analysis of company profiles listed below:
Hitachi Metals Ltd. (Japan) Sumitomo Electric Industries, Ltd. (Japan) Furukawa Electric Co., Ltd. (Japan) Fujikura Ltd. (Japan) Sam Dong (South Korea) LS Cable & System Ltd. (South Korea) Tongling Jingda Special Magnet Wire Co., Ltd. (China) Ningbo Jintian Copper (Group) Co., Ltd. (China) IRCE S.p.A (Italy) Von Roll (Switzerland) Ewwa (Sweden)
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A shift towards Compact Motors
The aluminum magnet wire utilization is negatively impacted since they take up more space than copper magnet wires as the demand for high efficiency, high-performance motors, and coils with space efficiency increases. The need for such motors stems from rising application industries like transportation, electrical, and electronics as well as the need to reduce energy and space usage. Magnet wire utilization in these applications is declining as a result of the rising demand for compact-sized applications.
In order to wind more winds into the armatures of motors and generators, the magnet wires utilized for winding purposes are constructed in a very thin strand. As a result, the magnet wires experience extreme temperature and tensional stress, which alters their physical characteristics in particular regions. The magnet wires' insulation begins to fracture as a result. This can also occur occasionally when the resin used to lacquer the wires is of poor quality. The insulations may come off of the wire strand and swell due to poor application or usage. Moreover, short-circuiting of wires inside motors and resulting equipment damage, causes damage to magnet wires, which affects their performance and years of expected operation. This magnet wire drawback will further challenge the growth rate of the magnet wire market.
This magnet wire market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the magnet wire market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.
Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.
COVID-19 Impact on Magnet Wire Market
The recent outbreak of coronavirus had a negative impact on the magnet wire market as the market largely affected end-use industries such as electrical and electronics, industrial, transportation, energy, automotive, residential, infrastructure, and others. The pandemic's negative and immediate effects have been noticed by transportation, one of the primary consumers of magnet wires. The shutdown across internal and international borders has had an impact on the electric and electronics industry. This has severely damaged the demand for magnet wires. Over the forecast period, the aforementioned determinants will weigh on the market's revenue trajectory.
Expected Impact of Economic Slowdown on the Pricing and Availability of Products
When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.
In March 2020, the polypropylene insulating material was successfully tested by LS Cable & System and KEPCO. In addition to being recyclable, this material produces fewer greenhouse gases. The business is concentrating on making the product commercially available based on the test results. It is the second business to produce commercially insulated cables and wires made of polypropylene. Compared to its older equivalent, XLPE, which has been on the market since the 1960s, the product also offers great functional efficiency and lower greenhouse gas generation.
Global Magnet Wire Market Scope
The magnet wire market is segmented on the basis of type, product type, material, shape, application, distribution channel, and end user. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Enamelled Wire Covered Conductor Wire
Polyamide-Imide (PAI) Polyimides (PI) Polyetherimide (PEI) Polyether Ether Ketone (PEEK) Others
Round Magnet Wire Round Bondable Magnet Wire Rectangle Magnet Wire Square Magnet Wire
Motor Home Appliance Transformer Others
E-Commerce Supermarkets/Hypermarkets Specialty Stores B2b/Third Party Distributors Others
Electrical and Electronics Industrial Transportation Energy Automotive Residential Infrastructure Others
Magnet Wire Market Regional Analysis/Insights
The magnet wire market is analyzed and market size insights and trends are provided by country, type, product type, material, shape, application, distribution channel, and end-user as referenced above.
The countries covered in the magnet wire market report are the U.S., Canada, and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of the Middle East and Africa (MEA) as a part of the Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth in this region is attributed to the increasing usage of magnet wire in the medical sector and the high demand for power transformers.
Key benefits of buying the report:
The report will help market leaders/new entrants in this market in the following ways:
This report segments the global magnet wire market comprehensively and provides the closest approximations of the revenues for the overall market and the sub-segments across different verticals and regions. The report helps stakeholders understand the pulse of the magnet wire market and provides them with information on key market drivers, restraints, challenges, and opportunities. This report will help stakeholders to understand competitors better and gain more insights to better their position in their businesses. The competitive landscape section includes the competitor ecosystem, new product development, agreement, and acquisitions
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