Magnet Wire Market to Surpass US$ 43.12 Billion by 2028, Says The Brainy Insights
NEWARK, N.J., March 14, 2022 /PRNewswire/ -- As per the report published by the Brainy Insights, the global magnet wire market is anticipated to grow from USD 26.28 billion in 2020 to USD 43.12 billion by 2028, at a CAGR of 6.38% during the forecast period 2021-2028.
The increasing demand for electric vehicles and the advancement in technology in a magnetic wire are some of the factors fuelling the Magnet Wire market.
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The Aluminum and Copper magnetic wire are the most common magnetic wire that is widely used to make different kind of devices like speakers, inductors, electric guitar pickups, etc. The magnetic wire is in great demand by transport, infrastructure, automotive, and many other industrial sectors. Also, there is a surge in product demand in transformers, motors, home equipment, etc. This is propelling the magnetic wire market. The advancement of technologies in the magnetic wire has led to the making of many sound-related gadgets, which are working better than the older gadgets. The basic application of the magnetic wire is to interchange electrical energy with magnetic energy. There are different types of magnetic wire, and according to the requirement and operating conditions, a suitable wire is used in the winding of transformers, generators, headphones, loudspeakers coils, and many more. The increase in disposable income in developed and developing countries are also the reason for the surge in demand for electric vehicle. As there is a demand for the electric vehicle, to meet the demand, certainly there will be an increase in the production of the electric vehicle, which in turn is driving the magnetic wire market.
The fluctuation in the price of raw material would cause the fluctuation in the production of magnetic wire, which in turn decreases the production of a product by end-user industries. The price of the Magnet Wire will then rise as the demand increases and the production is reduced.
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Key players for the global Magnet Wire market include LS Cable & System, Elektrisola, REA Magnet Wire, Sumitomo Electric Industries, Ltd., Samdong Co., Ltd., LWW Group, IRCE S.p.A., TonglingJingda Special Magnet Wire Co., Ltd., Furukawa Electric Co., Ltd., and Fujikura Ltd. among others.
- The big players are now focused on the implementation of strategies like joint ventures, product innovations, mergers and acquisitions, partnerships, etc., to gain the market share and to strengthen its position in the global Magnet Wire industry.
- In February 2015, Furukawa Electric Co. Ltd. announced to acquire the commercial rights of power cable business from VISCAS Corporation. This helps the organization to be the key player in the global power infrastructure market.
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The copper segment is accounted for the highest market value of USD 16.13 Billion in 2020
The type segment is divided into copper and aluminum. The copper segment is accounted for the highest market value of USD 16.13 Billion in 2020. The better tensile strength and good conductivity, along with moisture-resistant, chemical and heat shock-resistant, makes it suitable in the application in the transportation and electrical & electronics industry.
The round segment accounted for USD 13.37 Billion of the market value in 2020
The shape segment includes round, rectangle, and square. The round segment accounted for USD 13.37 Billion of the market value in 2020. This is because of its easy availability and cheap cost.
The motor accounted for USD 11.19 Billion of market value in 2020
The application segment consists of motor, home appliance, transformer, and others. The motor accounted for USD 11.19 Billion of market value in 2020. The motors are widely used in the automotive industry and are also used in electric and electronic appliances. The surge in the production of electric vehicles has led to the increasing use of electric wire in the automotive industry.
The electrical & electronics segment accounted for USD 9.03 Billion of market value in 2020
The end-user segment consists of electrical & electronics, industrial, transportation, infrastructure, and others. The electrical & electronics segment accounted for USD 9.03 Billion of market value in 2020. They are widely used in many electronic products such as fans, inverters, trimmers, air conditioners, and many more.
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Regional Segment Analysis of the Magnet Wire Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analyzed for the Magnet Wire market include North America, Europe, South America, Asia Pacific, Middle East and Africa. Asia Pacific region has the highest market value of USD 11.40 Billion in 2020. The rise in the per capita income of the people of developing region like India and China have increased the sales of electric cars, which in turn is driving the Magnet Wire market. North America had the second-largest market value of USD 6.10 Billion in 2020. This is due to the increase in the production of electronic products in the region.
About the report:
The global Magnet Wire market is analyzed on the basis of value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining key insight into the market. The study includes porter's five forces model, attractiveness analysis, and competitor position grid analysis.
About The Brainy Insights:
The Brainy Insights is a market research company aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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SOURCE The Brainy Insights
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