About Magnet Wire
Magnet wire, which is also known as enameled wire is an aluminum or copper wire coated with a thin layer of insulation. Magnet Wire is used in the construction of motors, speakers, transformers, inductors, hard disk head actuators, electromagnets, and other applications which requires tight coils of the insulated wire. The wire itself is mostly electrolytically refined, fully annealed copper wire. Aluminum magnet wire is many times used for large transformers and motors. The insulation is basically made of tough polymer film materials rather than the enamel, as the name suggests. The market of magnet wire is growing due to the expanding demand for the home device, transformers, motors, and reactors across the Globe, while the factors like cracking and bulging of insulation are hampering the future market growth.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The market is fragmented by key vendors who are focusing on production technologies, improving efficiency and shelf life. Growth opportunities can be captured by tracking the ongoing process improvement and financial flexibility to invest in optimal strategies Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global Magnet Wire market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
LS Cable & System (South Korea), Elektrisola (Germany), REA Magnet Wire (United States), Sumitomo Electric Industries, Ltd. (Japan), Samdong Co., Ltd. (South Korea), LWW Group (Sweden), IRCE S.p.A. (Italy), Tongling Jingda Special Magnet Wire Co., Ltd. (China), Furukawa Electric Co., Ltd. (Japan) and Fujikura Ltd. (Japan) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Hitachi Metals, Ltd. (Japan), Magnekon (Mexico), Condumex Inc. (United States) and Precision Wires India Limited (India).
Segmentation Overview
AMA Research has segmented the market of Global Magnet Wire market by Type (Copper Magnet Wire and Aluminum Magnet Wire), Application (Motors for electrical equipment, Generators, Reactor, Other motors and electric equipment requiring and high efficiency and reliability) and Region.
On the basis of geography, the market of Magnet Wire has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Temperature, the sub-segment i.e. 105 °C will boost the Magnet Wire market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Shape, the sub-segment i.e. Round Magnet Wire will boost the Magnet Wire market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End Use, the sub-segment i.e. Electrical & Electronics will boost the Magnet Wire market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Huge demand for insulated wire
Market Growth Drivers:
Growing Market of Electric Vehicles and High Demand From the Power Sector
Challenges:
Cracking and Bulging of Insulation
Restraints:
Shift Towards Compact Motors
Opportunities:
Expanding Demand for Transformers, Motors, Home Device, and Reactors across the Globe
Market Leaders and their expansionary development strategies
In July 2017, Fort Wayne, IN Effective the magnet wire division of Essex Group, Inc. (a Superior Essex company) acquired the Penang, Malaysia magnet wire facility previously operated by LS Cable & System. The Malaysia magnet wire facility will expand the global footprint of Essex into Southeast Asia and will be referred to as Essex Malaysia.
In May 2023, Solvay, a global market leader in specialty materials, has announced the launch of KetaSpire® KT-857, a new polyetheretherketone (PEEK) extrusion compound designed especially for copper magnet wire insulation in electric motors.
Key Target Audience
Magnet Wire Industry Investors, Magnet Wire Providers/Vendors, Research Professionals, Emerging Companies, Raw Material Suppliers/ Buyers, Product Suppliers/ Buyers, Research Institutes, Original Equipment Manufacturer, Component Supplier, Distributors, Government Body & Associations and End-user
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.