The growing market for electric vehicles is expected to enhance the demand for magnetic cables in the transportation industry. The demand for magnetic wire from the electrical and electronics industry is expected to increase due to developments in this sector.
New York, March 28, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Magnetic Wire Market by Type, Shape, Application, End-Use Industry, Region – Global Forecast to 2026” – https://www.reportlinker.com/p05754139/?utm_source=GNW
On the other hand, the fluctuating cost of raw materials is a major factor that inhibits the growth of the market. The raw materials required are mainly copper and aluminum. The price of magnet wires can vary depending on the type, availability and quality of raw materials available from foundries. Sourcing high-quality copper and aluminum as raw material has become difficult due to declining output from mines as prices have fallen too low since the outbreak of the pandemic. This situation is causing an increase in the demand for quality raw materials, which in turn increases the demand for high quality magnet wires.
Magnet wires are aluminum or copper wires that are insulated with various enamels and coatings. Depending on the application areas, polyamideimide, polyester, polyester(imide), polyurethane, mica or fiberglass yarn are used as insulation material.
These insulating materials provide magnetic cables with properties such as resistance to heat and humidity and offer excellent dielectric and thermal resistance.
The COVID-19 outbreak drastically affected the magnet wire market, for which many manufacturers had to suspend their production. The supply chain disruption caused by COVID-19 severely affected business in key markets globally.
Forced by the pandemic-influenced lockdown, businesses had to operate at reduced capacity. Post-pandemic, companies are increasing their production capacities to meet market demands and are expected to be driven by various government policies to improve infrastructure and industrial sectors.
Aluminum magnet wires are the fastest growing type of magnet wire market in terms of value.
Aluminum magnet wires are projected to record the highest CAGR in terms of value between 2021 and 2026. Aluminum magnet wires are used in applications for their various properties, such as high mechanical strength, abrasion resistance, and high dielectric performance.
Aluminum magnet wires are inexpensive compared to copper magnet wires. They are lightweight in nature, resulting in a reduction in coil weight.
These cables are preferred in transformer applications in the power industry. Aluminum magnet wires are generally used in areas where the size of the equipment is not a restriction as it would require 5-6 times larger cross-sectional area compared to copper magnet wires.
Round shaped magnet wires are the fastest growing type of magnet wires, in terms of value.
The round-shaped segment is expected to record high growth during the forecast years. Round magnet wires are widely used for their high mechanical strength and compact size, winding ability, abrasion resistance (as they are edgeless), along with superior flexibility.
They find their application in electric motors, generators, utility distribution transformers, and electric coils in electronic devices.
Round magnetic cables have a much lower tendency to twist and kink compared to rectangular and square magnetic cables. This is one of the main reasons for its use, as twisted cables can lead to mechanical failure in various applications.
Another reason for the increased use of round shaped magnet wire is its compactness.
Motoring is the fastest growing magnet wire application, in terms of value.
Motors find their applications in various end-use industries such as transportation, manufacturing, and electronics. Magnet wire consumption is expected to be driven by growth in demand for electric vehicles, urbanization, and industrial and infrastructure developments around the world.
The electric motor has the ability to convert electrical current into mechanical power. The motor uses magnet wires as winding coils due to its various properties such as insulation resistance, superior dielectric strength, and thermal resistance.
These properties make them suitable for the manufacture of motors for various applications in the automotive industry, such as door motors, ventilation motors, sunroof motors, windshield wiper motors, solenoids, seat adjustment motors, and other automotive parts. Motors are also used in various industrial purposes where rotational motion is needed.
The electrical and electronics industry is the fastest growing magnet wire end-use industry, in terms of value.
The electrical and electronics industry is expected to grow at the highest CAGR during the forecast period. Electronics is the leading industry in the consumption of magnetic cables.
The growth of urbanization throughout the world, technological advances and the increase in the purchasing power of the population are the main reasons for the increase in consumption in the electronics segment. Developments in the industrial and transportation segments have a great impact on the consumption of magnet wire worldwide. .
Post-pandemic incentives and industrial development policies of various governments are expected to have a positive impact on the magnet wire market.
As COVID-19 related restrictions ease, the market for electrical and electronic products is beginning to see an uptick. The recovery of various end-use industries is driving the demand for magnetic cables around the world.
APAC is the fastest growing magnet wire market.
APAC is the largest market for magnetic cables. Major international players are exploring opportunities in the region due to cheap labor, raw materials, and high demand from various end-use industries, such as electricity and electronics, industry, transportation, infrastructure, and others.
However, COVID-19 affected the whole world disastrously, and APAC is one of the most affected regions globally. The deadly virus has affected several major markets in APAC, including China and India.
It forced the government to block the one that resulted in a slowdown in several sectors, including industrial and transport in 2020.
This study has been validated through primary interviews conducted with various industry experts worldwide. These primary sources have been divided into the following three categories:
• By type of company: Level 1: 40%, Level 2: 33% and Level 3: 27%
• By Designation- Level C- 50%, Director Level- 20%, and Others- 30%
• By region: North America: 15%, Europe: 50%, Asia Pacific (APAC): 20%, Latin America: 5%, Middle East and Africa (MEA): 10%,
The report provides a comprehensive analysis of the profiles of the companies listed below:
• LS Cable & System Ltd. (South Korea)
• Tongling Jingda Special Magnet Wire Co., Ltd. (China)
• Sumitomo Electric CO., Ltd. (Japan)
• Hitachi Metals Ltd. (Japan)
• Samdong Co., Ltd. (South Korea)
• FURUKAWA Electric Co. Ltd. (Japan)
• IRCE SpA (Italy)
• Fujikura Ltd. (Japan)
• Von Roll Holding AG (Switzerland)
• LWW Group (Sweden)
This report covers the global magnetic wire market and forecasts the market size up to 2026. The report includes market segmentation: type (copper and aluminum), shape (round, rectangular and square), application (placement motor, home appliances, Transformer and others), End Use Industry (Electricity and Electronics, Industrial, Transport, Infrastructure and Others) and Region (Europe, North America, APAC, Latin America and MEA).
Porter’s five forces analysis, along with drivers, constraints, opportunities, and challenges, are discussed in the report. It also provides company profiles and competitive strategies adopted by major players in the global magnet wire market.
Key benefits of purchasing the report:
The report will assist market leaders/new entrants in this market in the following ways:
1. This report segments the global magnetic wire market comprehensively and provides the closest approximations of revenue for the overall market and sub-segments across different verticals and regions.
2. The report helps stakeholders understand the pulse of the Magnetic Wire market and provides them with information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders better understand competitors and gain more information to improve their position in their business. The competitive landscape section includes the competitor ecosystem, new product development, deals, and acquisitions.
Reasons to buy the report:
The report will assist market leaders/new entrants in this market by providing the closest approximations of revenue for the overall magnet wire market and its sub-segments. This report will help stakeholders understand the competitive landscape and gain further insight and position. their business and market strategies in a better way.
The report will also help stakeholders understand the pulse of the market and provide them with insights into the major drivers, restraints, challenges, and opportunities in the market.
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