Construction: Magnet Wire Market Share, Size, Analysis, Growth, Trends and Forecast by 2027

Friday, July 30, 2021

Magnet Wire Market Share, Size, Analysis, Growth, Trends and Forecast by 2027

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.

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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.

Competitive Analysis

LS Cable & System Ltd (South Korea), MWS Wire Industries (US), Elektrisola (Germany), REA Magnet Wire (US), Irce SPA (Italy), Samdong Co., Ltd (South Korea), Hitachi Metals, Ltd (Japan), Tongling Jingda Special Magnet Wire Co Ltd (China), Sumitomo Electric Industries Ltd (Japan), FurUKawa Electric Co Ltd (Japan), G. K. Winding Wires Limited (India), LWW Group (Sweden), Condumex Inc (US), and Fujikura Ltd (Japan) are some of the key players in the global magnetic wire market.

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.

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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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