Magnet Wire Market Size Hit USD 37.46 Billion at a CAGR of 4.0 % in 2028 | LS Cable & System, Superior Essex
Technological advancements and rising demand from various end-use industries, such and industrial, transportation, electrical & electronics are encouraging the growth of the magnet wire market.
Market Size –
USD 27.50 Billion in 2020, Market Growth - CAGR of 4.0 %, Market Trends
– Rising demand from telecommunication industries
The Magnet
Wire Market is forecast to reach USD 37.46 Billion by 2028, according
to a new report by Reports and Data. Magnet wire, also known as enameled wire,
is made up of two types, which are copper or aluminum. It has a fragile layer
of insulation coating for generating electromagnetic fields when energized. It
is often used for creating coils in several applications including inductors,
transformers, motors, hard disk head actuators, speakers, and electromagnets.
It is mainly used for interchanging electrical energy with magnetic energy.
Moreover, magnet wire is shaped and is available in round, square, or
rectangular cross-section.
The expanding demand for transformers, motors, home device,
and reactors across the globe is driving the growth of the market. Also,
technological improvements in the electric industry for generating sounds in
devices such as sound bar, speakers, and headphones are further kindling market
growth. As a notable demand for high-end products at home and overseas, many organizations
began to enter the field of electrical industries. The Chinese magnet wire
industry is not only open to transition to high-end magnet wire products but
also engage in the resource-rich land and downstream industry chain as well.
The fluctuating cost of raw material such as aluminum and copper, on the other
hand, is expected to restrain the market growth. Also, the booming
telecommunication industry is forecasted to create possible opportunities
during the forecast period.
The Asia Pacific region is forecasted to register the
highest CAGR of 4.1% during the forecast period. Soaring demand from economies
such as Japan, China, and India are encouraging the market demand in the APAC
region. The largest consumer of magnet wires is China and is expected to
maintain its position in the future years. There is a growing demand for magnet
wire from transportation and electrical & electronics industries in the
region.
Key participants
include LS Cable & System, Superior Essex, Rea, Sumitomo Electric, Liljedahl,
Fujikura, Hitachi, IRCE, Magnekon, Condumex, Elektrisola, Von Roll, Alconex,
Jingda Citychamp Dartong, Shanghai Yuke, Roshow Technology, Shangfeng
Industrial, Tongling Copper Crown Electrical, HONGYUAN, Ronsen Super
Micro-Wire, Shenmao Magnet Wire, GOLD CUP ELECTRIC, and Tianjin Jing Wei
Electric Wire, among others
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a sample of the report @ https://www.reportsanddata.com/sample-enquiry-form/1451
Market Overview:
The research report
assesses the market dynamics, market landscape, company profiles, production
and manufacturing capacity, year-on-year growth rate, SWOT analysis, and
Porter’s Five Forces analysis. The report estimates the market size, market
growth, and provides an accurate forecast for the key segments of the market
for the forecast period of 2020-2028. The report also covers an in-depth
analysis of the key competitors of the market, along with their growth
strategies and business expansion plans.
The Magnet Wire Market
has been segmented into key regions of the world and offers an analysis of
growth rate, market share, market size, current and emerging trends, production
and consumption ratio, industrial chain analysis, demand and supply, import and
export, revenue contribution, and presence of key players in each region. A
country-wise analysis of the market is offered in the report to gain a better
understanding of the regional spread and progress of the Magnet Wire Market.
Further key findings from the report suggest
- The
wire is mostly fully tempered, electrolytically refined copper. Aluminum
magnet wire is used for large transformers and sometimes for motors.
- The
insulation is made of sturdy polymer film materials typically rather than
enamel.
- Aluminum
magnet wire type is expected to grow at a higher rate of 4.1% during the
forecasted period owing to its lightweight features and inexpensive
nature.
- Generally,
temperature classes are 105 °C, 130 °C, 155 °C, 180 °C, and 220 °C.
- At
lower temperatures, the service life of the wire is expected to be higher.
- 105
°C temperature segment is forecasted to grow at the highest rate of 4.2%
during the forecast period.
- The
temperature class shows the temperature of the wire at which it has a
20,000-hour service life.
- The
application in the home appliance is estimated to reach USD 12.75 billion
by 2028 at a CAGR of 4.1% during the forecast period.
- The
application in the motor segment is estimated to reach USD 15.58 billion
by 2028 at a CAGR of 4.1% during the forecast period.
- The
utilization of magnet wires in the motor application is increasing rapidly
due to the demand from automotive sectors.
- The
most prominent end-use industry of the market is the electrical &
electronics segment, which is estimated to reach USD 14.95 billion by 2028
at a CAGR of 4.1% during the forecast period.
- The
wires are mainly used in the form of a coil in several products such as
toys, fans, air conditioners, and other consumer electronics and
electrical industries.
- The
escalating usage of household appliances is responsible for the enhanced
market size in this segment.
To understand how our Magnet Wire Market can bring
difference to your business strategy:- https://www.reportsanddata.com/report-detail/magnet-wire-market
For the purpose of this report, Reports and Data have
segmented into the Magnet Wire Market on the basis of Shape, Temperature, Type,
End Users, Application and Region:
Shape Outlook (Volume, Kilo Tons, and Revenue, USD
Billion; 2020-2028)
- Round
Magnet Wire
- Rectangle
Magnet Wire
- Square
Magnet Wire
Temperature Outlook (Volume, Kilo Tons, and Revenue, USD
Billion; 2020-2028)
- 105
°C
- 130
°C
- 155
°C
- 180
°C
- 220
°C.
Type Outlook (Volume, Kilo Tons, and Revenue, USD
Billion; 2020-2028)
- Copper
- Aluminum
End Users Outlook (Volume, Kilo Tons, and Revenue, USD
Billion; 2020-2028)
- Electrical
& Electronics
- Industrial
- Transportation
- Infrastructure
- Others
Application Outlook (Volume, Kilo Tons, and Revenue, USD
Billion; 2020-2028)
- Motor
- Home
Appliance
- Transformer
- Others
Regional Outlook (Volume, Kilo Tons, and Revenue, USD
Billion; 2020-2028)
- North
America
- U.S.
- Europe
- UK
- France
- Asia
Pacific
- China
- India
- Japan
- MEA
- Latin
America
- Brazil
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Key Advantages of Magnet
Wire Report:
- Identification
and analysis of the market size and competition
- Qualitative
and quantitative analysis of the market data
- Data
validated by industry experts after extensive primary and secondary
research
- Extensive
regional analysis of the Magnet
Wire industry
- Profiling
of key players along with their business overview, business strategies, deals and
partnerships, and product portfolio
- SWOT and
Porter’s Five Forces Analysis for in-depth understanding of the
competitive landscape
- Feasibility
analysis and investment analysis to enable strategic investment decisions
- Analysis
of opportunities, drivers, restraints, challenges, risks, and limitations
Conclusively, all aspects of the Magnet Wire Market are
quantitatively as well qualitatively assessed to study the global as well as
regional market comparatively. This market study presents critical information
and factual data about the market providing an overall statistical study of
this market on the basis of market drivers, limitations and its future
prospects.
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