Magnet Wire Market to Perceive Prominent Growth of USD 52.94 Billion by 2030, Size, Share, Trends, Demand, Segmentation and Competitive Analysis
MELBOURNE, Australia, Jan. 18, 2023 /PRNewswire/ -- Data Bridge Market Research has recently published a Report, titled, "Magnet Wire Market" The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. The wide-ranging Magnet Wire market report underlines the primary and secondary drivers, market share, possible sales volume, leading segments and geographical analysis. Other key market parameters range from industry outlook with respect to critical success factors (CSFs), industry dynamics that mainly covers drivers and restraints, market segmentation & value chain analysis, key opportunities, application and technology outlook, regional or geographical insight, country-level analysis, key company profiles, competitive landscape, to company market share analysis. Global Magnet Wire market document carries out an evaluation of the growth rate and the market value of Magnet Wire industry based on market dynamics and growth inducing factors.
Data Bridge Market Research analyses that the magnet wire market is expected to reach USD 52.94 billion by 2030, which is USD 34.49 billion in 2022, registering a CAGR of 5.50% during the forecast period of 2023 to 2030. 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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Market Overview:
Magnet wire is an aluminium (Al) or copper (Cu) wire which is coated with a very thin layer of insulation. It is used in the construction of transformers, hard disk head actuators, electromagnets, electric guitar pickups, inductors, motors, generators, speakers and other applications that need tight coils of insulated wire.
Magnet wire is basically used in numerous end-use industries, which is a substantial factor in the growth for the market globally. The heat resistance, uniformity and degree of insulation, good electrical characteristics such as resistance to chemicals, varnishes, insulation resistance and dielectric strength and solvents, hydrolytic degradation and resistance to moisture and water are just a few of the major advantages that magnet wires can provide. Moreover, the demand for magnet wire applications will be driven by the rapid expansion of consumer electronics industry's during the forecast period.
Opportunities for Players:
- Numerous benefits associated with magnet wire
Magnet wires' benefits include heat resistance, uniformity & degree of insulation, good electrical characteristics such as resistance to chemicals, varnishes & solvents, resistance to moisture & water, insulation resistance and dielectric strength and hydrolytic degradation. A notable demand for high-end electric and electronic products for residential and industrial purposes will favor industry growth. Moreover, swift development of the consumer electronics sector will create numerous opportunities for magnet wire market over the forecast period.
- Increasing penetration toward renewable energy
Growing penetration toward renewable energy among consumers and market players is expected to deliver lucrative opportunities for market growth. As per the analysis of Global Wind Energy Council (GWEC), the global cumulative wind capacity is anticipated to reach 731.9 GW by 2020, a rise of 22.5% from 2018.
Some of the major players operating in the Magnet Wire market are:
- 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)
Recent Development
- In 2021, Essex Furukawa presented Sight Machine Inc. as the manufacturing productivity platform for its plants in the U.S, China and Germany. Sight Machine's manufacturing productivity platform provides real results in sustainability, efficiency and quality.
- In 2021, LS Cable and System is presently targeting to strengthen its presence in the global market for electric vehicle parts and components, with major focus on high-voltage and lightweight and aluminium wires. The cable manufacturing plant of LS Group accounts that the company is now exclusively supply magnet wires for Hyundai Motor's.
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The report provides insights on the following pointers:
Market Penetration: Comprehensive information on the product portfolios of the top players in the Magnet Wire market
Product Development/Innovation: Detailed insights on upcoming technologies, R&D activities, and product launches in the market
Competitive Assessment: In-depth assessment of the market strategies, and geographic and business segments of the leading players in the market
Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies
Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Magnet Wire Market
Market Dynamics: Magnet Wire Market
Drivers
- Growth and expansion of electric vehicles
The electric vehicles (EV) are highly contribute to a cleaner, safer and more energy-efficient environment. It is projected that demand for the hybrid and electric vehicles would surge considerably. The need for improved technology, more electric chargers and increasing affordability are the major causes of this surge in demand of magnet wire. The increase in electric vehicle sales is boosting the demand for the magnet wire. Magnet wire is necessary in different quantities for all types of electric cars. In addition to numerous other usages, these wires are used in charging infrastructure, electric motors and bus bars. According to a study by Copper Development Association Inc., the stator windings of a pure electric car can use approx. more than a mile of copper wiring. As a result of this, the increasing production of hybrid and electric vehicles ultimately drives the growth of the magnet wires market.
- Surging usage of magnet wire in motors
Motors are widely used in several industries such as transportation, manufacturing and electronics. The motors have ability to convert electrical current into mechanical power. Furthermore, magnet wires are utilized as winding coils in the motors due to their better dielectric strength, thermal resistance and insulation resistance. Furthermore, these characteristics make them suitable for manufacturing motors for automobile applications comprising sunroof motors, wiper motors, door motors, ventilation motors, seat adjustment motors, solenoids and other automotive parts.
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- The report covers all the primary mergers & acquisitions, alliances, and collaborations that have generated additional opportunities for market players or in some cases, challenges
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Key Industry Segmentation: Magnet Wire Market
By Type
- Copper
- Aluminium
By Product Type
- Enamelled Wire
- Covered Conductor Wire
By Material
- Polyamide-Imide (PAI)
- Polyimides (PI)
- Polyetherimide (PEI)
- Polyether Ether Ketone (PEEK)
By Shape
- Round Magnet Wire
- Round Bondable Magnet Wire
- Rectangle Magnet Wire
- Square Magnet Wire
By Application
- Motor
- Home Appliance
- Transformer
By Distribution Channel
- E-Commerce
- Supermarkets/Hypermarkets
- Specialty Stores
- B2b/Third Party Distributors
By End-User
- Electrical and Electronics
- Industrial
- Transportation
- Energy
- Automotive
- Residential
- Infrastructure
Regional Analysis/Insights: Magnet Wire Market
The countries covered in the magnet wire market report are 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, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America is expected to dominate the magnet wire market in terms of revenue growth and market share. The market growth is attributed to the high demand for power transformers and growing usage of magnet wire in the medical sector within the region.
Asia-Pacific is expected to be the fastest developing region during the forecast period of 2023-2030 owing to the development of the electrical and electronics and automotive industries in Japan, China, and India. China is driving the growth of the Asia-Pacific magnet wire market owing to its cutting-edge and efficient production of electronics products by using these materials at the highest calibre.
Table of Contents:
- Introduction
- Market Segmentation
- Executive Summary
- Premium Insights
- Global Magnet Wire Market: Regulations
- Market Overview
- Global Magnet Wire Market, By Type
- Global Magnet Wire Market, By Product Type
- Global Magnet Wire Market, By Material
- Global Magnet Wire Market, By Shape
- Global Magnet Wire Market, By Application
- Global Magnet Wire Market, By End User
- Global Magnet Wire Market, By Distribution Channel
- Global Magnet Wire Market, By Region
- Global Magnet Wire Market: Company Landscape
- SWOT Analyses
- Company Profile
- Questionnaires
- Related Reports
To Check the Complete Table of contents, click here @ https://www.databridgemarketresearch.com/toc/?dbmr=global-magnet-wire-market
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