The Enamelled Wire Segment is Estimated to Dominate the Magnet Wire Market

 

 Electrical magnet wires are widely utilized in the automobile sector, and as electric cars are becoming more popular, they are becoming increasingly essential in automotive electronics. Therefore, the application of magnetic wires across the various industries has increased the global magnet wire market demand, which will aid the global magnet wire market to expand rapidly over forecast period.

Data Bridge Market Research analyses that the Magnet Wire Market is expected to grow at a CAGR of 7.3% in the forecast period of 2021 to 2028 and is expected to reach USD 44,778.59 million by 2028. Additionally, the investment in technology improves the processes and methods for manufacturing magnetic wires leading to much efficient operation within the unit. Embracing technological advancements within the production process enables stress-free operations focused on overall productivity and profitability trends.

Key Findings of the Study

  • The magnet wire market is anticipated to reach a value of USD 44,778.59 million by 2028, with a CAGR of around 7.3% during the forecast period from 2021 to 2028.
  • Asia Pacific dominated the magnet wire market in 2021 due to the because of the high production rate of e-vehicles especially in China and Japan within the forecasted period.
  • In 2021, the enamelled wire segment is expected to dominate the global magnet wire market with a 77.14% market share as it has high durability and excellent chemical features compared to other product types.
  • The magnet wire market was adversely affected by COVID-19 outbreak due to the various challenges emerged for the market due to COVID-19.
  • North America is expected to register lucrative growth over the forecast period due to the increasing usage of magnet wire in the medical sector.

The Growth in The Consumer Electronics Sector will cushion The Market's Growth Rate

Consumer electronics basically encompass various gadgets used for entertainment, communication, and recreation, such as mobile phones, TVs, and circuit boards. The electronic manufacturing services (EMS) remain a very active market, driven primarily by the consumer electronics and communications industries. EMS providers are increasingly embracing innovative and strategic business models along with an increased demand for transparent conductive films. Magnetic wires play a very important role in providing durability and increasing the voltage capacity of electrical devices. The increasing demand from end-users, especially in consumer electronics, has forced OEMs to continuously introduce new products to the market, which is expected to boost the overall growth of the market.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2021 to 2028

Base Year

2020

Historic Years

2019 (Customizable to 2019 - 2014)

Quantitative Units

Revenue in USD Million, Volumes in Units, Pricing in USD

Segments Covered

By Type (Copper, Aluminum, Others), Product Type (Enamelled Wire and Covered Conductor Wire), Material (Polyamide-Imide (PAI), Polyimides (PI), Polyetherimide (PEI) And Polyether Ether Ketone (PEEK), Others), Shape (Round Magnet Wire, Round Bondable Magnet Wire, Rectangle Magnet Wire, Square Magnet Wire), Application (Motor, Home Appliance, Transformer, Others), Distribution Channel (E-Commerce, Supermarks/Hypermarkets, Specialty Stores, B2b/Third Party Distributors and Others), End-User (Electrical and Electronics, Industrial, Transportation, Energy, Automotive, Residential, Infrastructure, Others)

Countries Covered

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.

Market Players Covered

 LS Cable & System Ltd. (South Korea), ACEBSA (U.S.),Tongling Jingda Special Magnet Wire Co., Ltd. (China), Ederfil Becker (Spain), Sumitomo Electric Industries., Ltd. (Japan), Precision Wires (India), Hitachi Metals Ltd. (Japan), Samdong (South Korea), FURUKAWA Electric Co. Ltd. (Japan), IRCE S.p.A (Italy), Fujikura Ltd. (Japan), ElsewedyElectric  (Egypt), Von Roll (Switzerland) and Dahrén Group (Sweden)

Data Points Covered in Report

The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.

Segment Analysis:

The magnet wire market is segmented on the basis of type, product type, material, shape, application, distribution channel, and end-user.

  • On the basis of type, the global magnet wire market is segmented into copper wire, aluminum wire and others. The copper wire segment is expected to dominate the global magnet wire market with a 61.28% market share.

In 2021, the copper wire segment is expected to dominate the market with a 61.28% market share

In 2021, the copper wire segment is expected to dominate the global magnet wire market with a 61.28% market share as it has superior physical and technological properties compared to other types such as they are very strong and have high resistance power, they have a low melting temperature that helps maintain the softness of any product, possess high energy density. They are easily chemically strengthened to provide hard surfaces which increase its demand adoption across the globe.

  • On the basis of product type, the global magnet wire market is segmented into enamelled wire and covered conductor wire. In 2021, enamelled wire segment is expected to dominate the global magnet wire market with a 77.14% market share as it has high durability, excellent chemical features compared to other product types, high resistance capacity that helps sustain the temperature balance of any product, good stability power and it involves low power loss and is chemically resilient, which further leads to its increased demand.
  • On the basis of material, the global magnet wire market is segmented into polyamide-imide (PAI), polyimides (PI), polyetherimide (PEI), polyether ether ketone (PEEK) and others. In 2021, the polyether ether ketone (PEEK) segment is expected to dominate the global magnet wire market with a 33.96% market share as polyether ether ketone (PEEK) has various advantages such as good compatibility, high dimensional stability, good thermal conductivity, good mechanical property and even high-temperature stability which increases its demand globally.
  • On the basis of shape, the global magnet wire market is segmented into round magnet wire, round bondable magnet wire, rectangle magnet wire and square magnet wire. The round magnet wire segment is expected to dominate the global magnet wire market with a 36.75% market share.

In 2021, the round magnet wire segment is expected to dominate the market with a 36.75% market share

In 2021, the round magnet wire segment is expected to dominate the global magnet wire market with a 36.75% market share as round magnet wire has a good insulating effect. It is easier to wind and has a long life also very light weighted. Additionally, the round magnet wire has high conductivity and is used for high-frequency signal transmission, increasing its demand globally.

  • On the basis of application, the global magnet wire market is segmented into motor, home appliance, transformer and others. In 2021, the motor segment is expected to dominate the global magnet wire market with a 48.16% market share as offers good chemical properties, provide high resistivity, greater temperature stability and in motors the magnet wire consists of a solid oxide film which makes it suitable for insulation and are used to provide heat resistivity inside the appliance, which increases its demand globally.
  • On the basis of distribution channel, the global magnet wire market is segmented into E-commerce, supermarkets/hypermarkets, speciality stores, B2B/third party distributors and others. In 2021, the B2B/third party distributors segment is expected to dominate the global magnet wire market with a 49.95% market share as it helps reduce cost while boosting revenue ad it speeds up the process for buyers by enabling fast delivery option which increases its demand across the globe. B2B allow businesses to acquire, analyze and measure core data far more easily. Additionally, the B2B also removes paper-based processes, reduces the time and resources required for administration, and allows firms to reach out to a wider customer base and attract more buyers, aiding in maximizing sales, which increases its demand across the globe.
  • On the basis of end-user, the global magnet wire market is segmented into electrical and electronics, industrial, transportation, infrastructure, energy, automotive, residential and others. In 2021, the electrical and electronics segment is expected to dominate the global magnet wire market with a 29.22% market share due to factors such as an increase in the construction of energy plants, growth in the demand for more microprocessors for commercial purposes, increased production of smartphones and cables and surge in the construction of railways.

Major Players

Data Bridge Market Research recognizes the following companies as the major magnet wire market players in magnet wire market are LS Cable & System Ltd. (South Korea), ACEBSA (U.S.), FURUKAWA Electric Co. Ltd. (Japan), IRCE S.p.A (Italy), Fujikura Ltd. (Japan), ElsewedyElectric  (Egypt), Von Roll (Switzerland) and Dahrén Group (Sweden).

Market Development

  • In June 2021, Sumitomo Electric Industries, Ltd. obtained SBTi certification for its GHG emission reduction targets and supported TCFD recommendations. With the certification, the company has gained an excellent reputation regarding environment conservation all over the world.
  • In March 2021, Hitachi Metals, Ltd. launched a new website to introduce Medical fine-gauge cable globally for minimally invasive devices. The launch has helped the company to attract more customers from different regions and strengthen its position globally.
  • In September 2020, the next-generation carbon fiber-based electrical harnesses were formally commercialised by LS Cable & System. These harnesses are thought to be more flexible and stronger than steel. They provide lightweight solutions for the end-use industry by reducing the overall weight of the cable system by 10-20% when compared to traditional cable systems. This electrical harness has applications in the fields of electric vehicles, energy, and transportation.
  • In April 2021, Fujikura Co., Ltd. launched a large diameter optical fiber cleaver CT105+ series. With the debut of the CT105+ series, Fujikura Co., Ltd. is happy to announce the newest phase in the development of the large diameter cleaver. Large diameter optical fibres are commonly used by fibre laser producers who demand high-power optical energy transmission. It is vital to set the optimal optical fibre clamping force and tension during cleaving in order to get a proper cleaving angle for big diameter optical fibres. The new big diameter optical fibre cleaver has a feature that automatically detects the optimal clamping force for the optical fibre. As a result, a high-precision optical fibre clamping force can be established in less time than before.
  • In March 2020, the polypropylene insulating material was successfully tested by LS Cable & System in collaboration with KEPCO. This material is recyclable and produces fewer greenhouse gases. The corporation is concentrating on commercializing the product based on the test results. It is the second company to make insulated cables and wires made of polypropylene commercially. In comparison to its older equivalent, XLPE, which has been on the market since the 1960s, the product has a high functional efficiency and produces fewer greenhouse gases.

Regional Analysis

Geographically, 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.

As per Data Bridge Market Research analysis:

Asia-Pacific is the dominant region in magnet wire market during the forecast period 2021 - 2028

In 2021, Asia-Pacific dominated the magnet wire market and will continue to dominate the magnet wire market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. This is due to the easy and advanced production of electronics devices with high-quality material and the high production rate of e-vehicles especially in China and Japan in this region.

North America is estimated to be the fastest growing region in magnet wire market the forecast period 2021 - 2028

North America is expected to grow during the forecast period due to the increasing usage of magnet wire in the medical sector and high demand for power transformers within the region.

COVID-19 Impact Analysis

The emergence of COVID-19 largely impacted the chemicals and materials industry. COVID-19 has had a detrimental impact on magnet wire demand around the world due to a drop in demand from numerous end-use sectors. The imposition of various lockdown, social and travel restrictions by government authorities to curb the diseases, led to various challenges for the market. As one of the largest consumers of magnet wires, Transportation has seen the pandemic's negative and rapid effects. The travel restrictions led to supply chain disruptions (such as supply chain disruptions such as raw material delays or non-arrival, delayed finance flows, and rising absenteeism among production line employees, resulting in lower demand and consumption) which also hampered the market largely. There was decline in workforce and various other operations were halted. The power and electronics industries have suffered as a result of the international and domestic border closures. This has had a adverse impact on the growth of the magnet wires market.

However, with declining COVID-19 cases across the globe, various restrictions will gradually relax and pave the way for the market’s growth. Also, the magnet wire demand is increasing worldwide as many end-use industries recover. The electrical and electronics business is beginning to recover as COVID-19-related limitations fade

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