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 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.
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 Industry 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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