Market Overview
Magnet wire is an insulated wire used for interchanging electrical
energy with magnetic energy. These wires are used in a broad range of applications
including generators, alternators, field windings, starting motors, electronic
coils, windings of radio frequency, as ballasts in special transformers, small
transformers, small devices and controls, measurement windings, low power
motors, and open small motors. Magnetic wires exhibit various significant
properties which make them applicable in the applications mentioned above.
These include uniformity and degree of insulation, good electrical
characteristics such as dielectric strength and insulation resistance, heat
resistance, resistance to solvents, chemicals, and varnishes, resistance to
hydrolytic degradation, and resistance to water and moisture. The increasing
use of magnetic wires in the medical industry in the intravascular ultrasound imaging
systems, intracardiac ablation catheters and systems, intracardiac mapping
catheters, and cardiac rhythm products is expected to propel the growth of the
global market during the forecast period.
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Competitive Analysis
·
LS Cable & System Ltd
·
MWS Wire Industries
·
Elektrisola
·
REA Magnet Wire
·
Irce SPA
·
Samdong Co., Ltd
·
Hitachi Metals, Ltd
·
Tongling Jingda Special Magnet Wire
Co Ltd
·
Sumitomo Electric Industries Ltd
·
FurUKawa Electric Co Ltd
·
G. K. Winding Wires Limited
·
LWW Group
·
Condumex Inc
·
Fujikura Ltd
Market
Segmentation
The global magnetic wire market has
been segmented on the basis of type, form, application, end-use industry, and
region.
By type, the global magnetic wire market has been categorized into
copper and aluminum. The copper segment was the leading type segment in 2018
owing to its excellent conductivity and breakdown potential than most other
materials. In addition, it also offers superior resistance to heat, shock,
moisture, and chemicals, and have lesser cross-section area as compared to
aluminum.
Based on form, the global magnetic wire market has been divided
into round magnet wires, rectangular magnet wires, square magnet wire, and
round bondable magnet wire. Round magnetic wires are used in a wide range of
applications such as transformers, motors, and engines. Significant growth of
the industrial sector in the emerging economies and rising need for energy
efficiency is expected to favor the growth of the segment in the coming years.
By application, the global magnetic wire market has been
classified into transformers, motors, inductors, generators, and others. The
motors segment held the largest share of the application segment in 2018 and is
projected to exhibit significant growth during the forecast period. This is
mainly attributed to the increasing use of magnetic wire-based electric motors
in the automobiles. High performance coupled with a less carbon footprint are
the key benefits offered by the product in the automobiles.
Based on end-use industry, the global magnet wire market has been
segmented into electrical & electronics, medical, aerospace, automotive,
telecommunication, and others. The electronics & electrical industry
accounted for the largest share of the market in 2018 owing to the widespread
use of magnetic wires in various electronic appliances and equipment.
Regional Analysis
Asia-Pacific, North America, Europe, Latin America, and the Middle
East & Africa are the five key regions studied for the global magnetic wire
market. Asia-Pacific accounted for the largest market share of the global
magnetic wire market in 2018. China is one of the major consumers of magnetic
wire on account of the presence of extensive electronics manufacturing
ecosystem in the country. In addition, the automotive sector in the region is
witnessing significant growth which is driving demand for the product in the
regional market.
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