The global magnet wire market is predicted to touch USD 37.33 billion between 2019-2024,reveals the latest Market Research Future (MRFR) report. Magnet or enameled wire is an aluminum or copper wire that is coated with a thin insulation layer. It is used for converting magnetic energy to electrical energy and vice-versa. Magnet wire is widely used in the construction of electromagnets, hard disk head actuators, speakers, generators, motors, inductors, and transformers, which need tight coils of insulated wire.
It is broadly classified into covered conductor wire, enameled wire, and combinations. From cellphones to high-voltage transformers, these wires are used everywhere. Magnet wire has a wide range of applications, including transmission and renewable energy, power generation, paper and printing, oil and gas, nuclear, mining, electronics, defense, chemical and petrochemical, transportation, marine, and automotive, agriculture, aerospace, and others.
Various factors are propelling themagnet wireindustrygrowth. These factors, as per the new Market Research Future (MRFR) report, include increasing use in the medical industry, increasing use of motors in electric cars, increasing investments in the power sector, and booming telecommunication industry. Additional factors propelling market growth include constant technological advancements in the electric industry, and burgeoning demand from various end use industries, including infrastructure, electrical and electronics, industrial, and transportation.
On the flip side, the fluctuating price of raw materials may hamper the magnet wire market growth over the forecast period.
The MRFR report provides an all-inclusive segmental analysis of the magnet wire market on the basis of end use, application, form, and type.
Based on type, the magnet wire market is segmented into aluminum and copper. Of these, the copper segment will have the largest share in the market over the forecast period. This is on account of the metals excellent breakdown potential and conductivity. Moreover, copper also offers good resistance to chemicals, moisture, shock, and heat, and in comparison, to aluminum has a lesser cross-section area.
Based on form, the magnet wire market is segmented into round bondablemagnet wire, square magnet wire, rectangular magnet wire, and round magnet wire. Of these, the round magnet wire segment will dominate the market over the forecast period. This is owing to the fact that these wires are widely used in engines, motors, and transformers. Moreover, the growing need for energy efficiency and the growing industrial sector are adding to the market growth.
Based on the application, the magnet wire market is segmented into generators, inductors, motors, transformers, and others. Of these, the motors segment will lead the market over the forecast period. This is chiefly attributed to its increasing use in automobiles. Less carbon footprint and high performance are the key advantages that these motors offer to automobiles.
Based on end use industry, the magnet wire market is segmented into telecommunication, automotive, aerospace, medical, electrical and electronics, and others. Of these, the electronics and electrical industry will have the maximum share in the market over the forecast period. This is chiefly due to the extensive use of magnetic wires in different electronic equipment and appliances.
By region, the magnet wire market report covers the latest trends and growth opportunities across North America, Latin America, Europe, the Asia Pacific (APAC), and the Middle East and Africa (MEA). Of these, the APAC region will have the lions share in the market over the forecast period. China is the chief contributor in this region chiefly on account of the presence of an extensive electronics manufacturing ecosystem. Moreover, the growing automotive sector in the region is also adding to the market growth.
Prominent players profiled in the magnet wire market report include Fujikura Ltd (Japan), Condumex Inc (US), LWW Group (Sweden), G. K. Winding Wires Limited (India), FurUKawa Electric Co Ltd (Japan), Sumitomo Electric Industries Ltd (Japan), Tongling Jingda Special Magnet Wire Co Ltd (China), Hitachi Metals, Ltd (Japan), Samdong Co., Ltd (South Korea), Irce SPA (Italy), REA Magnet Wire (US), Elektrisola (Germany), MWS Wire Industries (US), and LS Cable System Ltd (South Korea).
September 2019: LG Group has partnered with leading Japan-based electric electronics equipment company, Furukawa Electric, for setting up a joint venture which will produce magnetic wires for electric cars. The joint venture will be headquartered in Atlanta and named Essex Furukawa Magnet Wire. It will offer excellent services and technology in automobiles, electronics, and the electric power sector.
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