PUBLISHER: Allied Market Research | PRODUCT CODE: 1298284
PUBLISHER: Allied Market Research | PRODUCT CODE: 1298284
The global copper magnetic wire market size was valued at $23,295.3 million in 2021 and is projected to reach $39,043.1 million by 2031, registering a CAGR of 5.3% from 2022 to 2031. A copper magnetic wire also known as winding wire has a very thin layer of insulation typically made from polymer enamel, and tape cover. Its typical application includes its use in electrical components such as transformers, transformers, solenoids, motors, electricity generators, and others.
The rise in industrialization as a result of the increase in population and their disposable income has increased demand for industrial machinery and equipment. Many industrial machineries use electric components such as transformers for stepping up or down the electric voltage, motors for generating mechanical motion, and various others. In addition, the rise in demand for electricity is driven by a rise in the population, which in turn is fueling the demand for motors and transformers. Motors and transformers, along with other similar components work on the principle of electromagnetic induction, also known as Faraday's law. As per this principle, a current-carrying conductor generates a magnetic field, which can be used in various ways. Often copper is used for making this conductor owing to its less resistance, and ability to bend around sharp turns. Such factors are driving the demand for the copper magnetic wire market. However, the fluctuating cost of copper, and the availability of alternate materials hamper the market growth.
Furthermore, due to COVID-19, the copper magnetic wire market witnessed a halt, which led to a small term decline in the market. However, as the number of COVID-19 cases begin to reduce, the market is expected to fully recover by the end of 2023. Moreover, a rise in demand for electric vehicles is expected to provide lucrative growth opportunities for the key players in the market.
The copper magnetic wire market is segmented on the basis of type, end-user industry, and region. By type, the copper magnetic wire market is bifurcated into enameled copper magnetic wire, and covered copper magnetic wire. By end-user industry, the market is segmented into automotive, machinery, aerospace, construction, and others. By region, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Italy, UK, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Competitive analysis and profiles of the major players in the copper magnetic wire end-user, such as Citychamp Dartong Co.,Ltd. Dahren Group, Ederfil Becker, ELEKTRISOLA, Essex Furukawa Magnet Wire LLC, Hpw Metallwerk Gmbh, IRCE S.p.A.LS Cable & System, Proterial, Ltd., Rea Magnet Wire Company Inc., SAM Dong, Inc., Schwering & Hasse Elektrodraht GmbH, Sumitomo Electric Industries, Ltd., Tongling Jingda Special Magnet Wire Co., Ltd., Xignux (CME Wire and Cable, Inc.). Major players in order to remain competitive offer a wide range of copper magnetic wire