Farmington, March 11, 2023 (GLOBE NEWSWIRE) — The Global Magnet Wire Market Is Expected To Reach USD 52.94 Billion By 2030, Which Is USD 34.49 Billion In 2022, Registering A CAGR Of 5.50% During The Forecast Period Of 2023 To 2030. Most of the growth in the market for magnet wire can be traced to the energy industry.
Magnet wire, which is also called “winding wire,” is an electrical conductor that is wrapped around a coil and turned on to make an electromagnetic field. This can be used to change something else’s energy. The product is usually made of copper or aluminium, and it is used in transformers, motors, and other electromagnetic equipment.
Changes in technology and rising demand from many end-use industries, like electrical and electronics, transportation, industrial, infrastructure, and others, are driving up the market’s revenue. Magnet wire is an electrical conductor made of insulated aluminium or copper. It is also known as a winding wire. It is used in electrical and electromagnetic devices like transformers, motors, speakers, potentiometers, hard disc head actuators, and many more. Magnet wire is used in everything from cell phones to high-voltage transformers, which means that it is in 90% of all electrical devices.
Request Sample Copy of Report “Magnet Wire Market Size, Share & Trends Estimation Report By Shape (Round, Rectangle, Square), By Type (Copper, Aluminium), By Application (Motor, Home Appliance, Transformer, Others), By End-use, By Region, And Segment Forecasts, 2023 – 2030”, published by Contrive Datum Insights.
Recent Developments:
- In June 2020, Daikin Air Conditioning India Pvt. Ltd., a subsidiary of Daikin Industries Ltd., introduced the split AC GTL28 3.
- In September 2020, Sharp Corporation launched a new AC with Plasma Culster Ion (PCI) technology to inactivate the coronavirus.
Segment Overview
Type Insights:
Copper and aluminium are the two most common materials used to make magnet wire around the world. In 2021, copper was the most important part of the market. Copper is usually used to make magnet wire because it has a high tensile strength and conducts electricity better than other materials. Copper magnet wires are also more resistant to heat shock, chemicals, and moisture. They also have a smaller cross-section area than other wires, which makes them more energy-efficient. The sales of this segment are likely to grow because more uses are being found in the transportation and electrical and electronics industries.
Shape Insights:
Based on shape, the market for magnet wire around the world is split into round, rectangle, and square segments. In the next few years, the round segment is expected to bring in a lot more money. Round magnet wire, which is also called enamelled wire or winding wire, is usually made of copper or aluminium with a thin coating that keeps it from conducting electricity. Transformers, motors, inductors, and many other types of electrical equipment often use these wires. Round enamelled wire can be used in temperatures between 105°C and 240°C, and at the temperature shown, it is guaranteed to work for 20,000 hours. Self-supporting coils are made of enamelled wire with a thermoplastic coating that keeps the coils together. This gets rid of the need for a bobbin and makes it possible for electronics to take up less space. There are different kinds of round magnet wire, like single build, heavy build, quad build, and others.
End-use Insights:
The global market for magnet wire has been divided into electrical and electronics, industrial, transportation, infrastructure, and other markets, based on where the magnet wire will be used. Over the next few years, the electrical and electronics segment is likely to bring in a lot more money. Toys, fans, trimmers, air conditioners, inverters, TVs, and other consumer electronics use magnet wire as a coil.
Application Insights:
Based on how they are used, the global magnet wire market is divided into motor, home appliance, transformer, and other segments. Over the next few years, the motor segment is likely to bring in a lot more money. Motors are used in many different fields, such as manufacturing, transportation, electronics, and more. An electric motor can use the power in an electric current to move a piece of metal. The winding coils of a motor are also made from magnet wires because they have better dielectric strength, insulation resistance, and thermal resistance. Because of these qualities, they can also be used to make motors for car parts like door motors, ventilation motors, sunroof motors, windscreen wiper motors, solenoids, seat adjustment motors, and more. Motors are also used in many industrial tasks that need to move in a rotary motion.
Regional Outlook:
Based on regional analysis, it looks like the Asia-Pacific market will make the most money during the forecast period. As the number of electric vehicles (EVs) grows in the area, magnet wires are likely to be in high demand. Also, more and more magnet wires are being used in home appliances, electric power devices, and information and communication devices, which helps the market grow in the region. According to a study, the number of plug-in electric vehicles registered in China will grow by 153% every year until 2021, when it will reach more than 3.2 million. (in 2020, 1.27 million fewer) Some estimates say that by 2022, there could be between 5 and 6 million. Electric vehicles (EVs) are becoming more popular, which is likely to increase the need for magnet wires. This will help the market make more money. The rise in sales at the market is also due to the growth of the electronics industry in this country. According to the COMTRADE database of the United Nations, India bought $26.39 billion worth of electrical and electronic equipment from China in 2021.
Over the next few years, the EV market in Europe is expected to grow at a moderate rate because more people are buying the products and many of the top EV automakers are based there. According to the IEA report, the European car market will have shrunk by 22% by 2020. Still, more than 1.4 million new electric cars, or 10% of the market, were registered. Germany registered 3,950,00 new electric cars. In France, they registered 1,85,000 new cars, and in the UK, they registered 1,76,000 new cars. In Norway, the number of electric cars sold reached a record high of 75%, which is almost a third more than in 2019. Electric car sales went up by more than 50% in Iceland, 30% in Sweden, and 25% in the Netherlands. As more electric vehicles (EVs) are sold in the area, the market should make more money.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 5.50% from 2023 to 2030. |
| Revenue Forecast by 2031 | USD 34.49 Billion |
| By Type | Copper, Aluminium, Other |
| By Shape | Round, Rectangle, Square, Others |
| By End-use | Electrical & Electronics, Industrial, Transportation, Infrastructure, Others |
| By Application | Motor, Home Appliance, Transformer, Others |
| By Companies | Hitachi Metals Ltd. (Japan), Sumitomo Electric Industries, Ltd. (Japan), Furukawa Electric Co., Ltd. (Japan), Fujikura Ltd. (Japan), Sam Dong (South Korea), LS Cable & System Ltd. (South Korea), Tongling Jingda Special Magnet Wire Co., Ltd. (China), Ningbo Jintian Copper (Group) Co., Ltd. (China), IRCE S.p.A (Italy), Von Roll (Switzerland), Ewwa (Sweden) |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Drivers:
To help the environment, we need to cut down on things like air pollution, the use of natural resources, and CO2 emissions, which can lead to global warming. Transportation is the industry that puts out the most CO2, followed by industries that change energy (like power plants) and industry. Electric vehicles (EVs) like HEVs, PHEVs, and BEVs are becoming more popular quickly because they help people meet regulations, which are the main cause of CO2 emissions. In the future, the rate of growth is likely to keep going up. EVs need to be faster, use less gas, and cost less to make them more appealing to the general public. Because technology is used as a measuring stick, the same automaker’s motors are now smaller and lighter. There have been changes, especially with motors that have square wires. The world sold 6.75 million electric vehicles (EVs) in 2021, which is 108% more than in 2020. This volume includes cars, light trucks, and small business vehicles. In 2018, 8.3% of light vehicle sales around the world were EVs (both BEVs and PHEVs). In 2020, that number will drop to 4.2%. 71% of all EV sales were BEVs, while 29% were PHEVs. During the crisis year of 2020, only 4.7% of the world’s auto market grew. Magnet wires are in higher demand as the number of EVs grows. All EVs need a lot of magnet wire because of this. This is because more people can now afford these devices, technology is getting better, and there is a need for more electric chargers. These wires are used for busbars, electric motors, charging infrastructure, and many other things.
Restraints:
Litz wire has become a popular choice for HF magnetics because of how it is made and how it is put together. Litz wire helps in three important ways when making these HF magnetic devices. First of all, copper Litz wire is better than regular magnet wire for making magnetic devices. For example, the efficiency gains over regular wire can be more than 50% in the low kilohertz range and 100% or more in the low megahertz range. Second, the fill factor, which is also called packing density, goes up a lot when Litz wire is formed first. The most common shapes for litz wire are square, rectangular, and keystone. This lets designers raise the Quality factor of circuits while lowering losses and AC resistance. Third, because the wire is already shaped, devices made with preformed Litz wire can fit more copper into smaller spaces than those made with regular magnet wire. Engineers have used Litz for many years to design a wide range of products and systems because of these qualities. But as the electronics industry has grown, Litz wire has become more common, especially Litz that has already been made..
Key Segments Covered:
Top Market Players:
Hitachi Metals Ltd. (Japan), Sumitomo Electric Industries, Ltd. (Japan), Furukawa Electric Co., Ltd. (Japan), Fujikura Ltd. (Japan), Sam Dong (South Korea), LS Cable & System Ltd. (South Korea), Tongling Jingda Special Magnet Wire Co., Ltd. (China), Ningbo Jintian Copper (Group) Co., Ltd. (China), IRCE S.p.A (Italy), Von Roll (Switzerland), Ewwa (Sweden), and others.
By Type
By Shape
- Round
- Rectangle
- Square
- Others
By End-use
- Electrical & Electronics
- Industrial
- Transportation
- Infrastructure
- Others
By Application
- Motor
- Home Appliance
- Transformer
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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