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.
Competitive Analysis
·
LS Cable & System Ltd
·
MWS Wire Industries
·
Elektrisola
·
REA Magnet Wire
·
Irce SPA
·
Samdong Co., Ltd
·
Hitachi Metals, Ltd
·
Tongling Jingda Special Magnet Wire Co Ltd
·
Sumitomo Electric Industries Ltd
·
FurUKawa Electric Co Ltd
·
G. K. Winding Wires Limited
·
LWW Group
·
Condumex Inc
·
Fujikura Ltd
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 market 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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