Magnet Wire Market | Contrive Datum Insights

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.

Magnet Wire Market Overview:

The market for magnet wire is mostly driven by the energy industry's growing need for the product.

Magnet wire, which is also called "winding wire," is an insulated electrical conductor that is wound around a coil and turned on to make an electromagnetic field. This can be used to change the energy of something else. The product is usually made of copper or aluminum and is used in transformers, motors, and other electromagnetic equipment.

The market's revenue is growing because of changes in technology and rising demand from many end-use industries, such as electrical and electronics, transportation, industrial, infrastructure, and others. Magnet wire, also called a winding wire, is an electrical conductor made of insulated aluminum or copper. It is used in transformers, motors, speakers, potentiometers, hard disc head actuators, and other electrical and electromagnetic devices. Magnet wire is used in everything from cell phones to high-voltage transformers, so 90% of all electrical devices have magnet wires.

Market Dynamics:

Drivers:

To help the environment, we need to cut down on things like air pollution, depletion of natural resources, and CO2 emissions, which can cause global warming. The industry that puts out the most CO2 is transportation, followed by energy conversion (like power plants) and industry. Electric vehicles (EVs) like HEVs, PHEVs, and BEVs are becoming more popular quickly because they help meet regulations, which account for most CO2 emissions. The rate of growth is likely to keep going up in the future. To make EVs more appealing to the general public, they need to be faster, use less gas, and cost less. Because technology is used as a measure, the size and weight of motors used by the same automaker have shrunk. Improvements have been made, especially to motors with rectangular wires. In 2021, the world sold 6.75 million EVs, which was 108% more than in 2020. This volume includes passenger cars, light trucks, and light commercial vehicles. EVs (both BEVs and PHEVs) made up 8.3% of light vehicle sales around the world, compared to 4.2% in 2020. BEVs made up 71% of all EV sales, while PHEVs made up 29%. Only 4.7% of the world's auto market grew during the crisis year of 2020. As the demand for EVs goes up, so does the demand for magnet wires. This means that all types of EVs need a lot of magnet wire. This rise in demand is due to more people being able to afford these devices, improvements in technology, and the need for more electric chargers. Busbars, electric motors, charging infrastructure, and a number of other things use these wires.               

Restraints:

Because of how it is made and how it is put together, Litz wire has become a popular choice for HF magnetics. When making these HF magnetic devices, Litz wire has three important benefits. First of all, magnetic devices made with copper Litz wire are better than those made with regular magnet wire. For example, 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, preforming Litz wire increases fill factor, which is also called packing density, by a lot. Litz wire is often made into square, rectangular, and keystone shapes. This lets designers increase the Quality factor of circuits while lowering losses and AC resistance. Third, because the wire has already been shaped, devices made with preformed Litz wire can fit more copper into smaller spaces than those made with regular magnet wire. Because of these qualities, engineers have used Litz for many years to design a wide range of products and systems. But as the electronics industry has grown, Litz wire, especially Litz that has already been formed, has become more common.

Segmentation Analysis:

By Shape Analysis:

The global magnet wire market is divided into round, rectangle, and square segments based on shape. Over the next few years, the round segment's revenue is expected to grow quickly. 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. These wires are often used in transformers, motors, inductors, and many other types of electrical equipment. Round enamelled wire can be used in temperatures between 105°C and 240°C and has a guaranteed service life of 20,000 hours at the temperature shown. Self-supporting coils are made from enamelled wire with a thermoplastic coating that holds the coils together. This eliminates the need for a bobbin and lets electronics use smaller spaces. There are different kinds of round magnet wire, such as single build, heavy build, quad build, and others.

By Type Analysis:

Copper and aluminium are the two main types of magnet wire on the world market. In 2021, the copper segment made up the most of the market. Copper is the most common material for magnet wire because it has great tensile strength and is a better conductor. Copper magnet wires are also more resistant to heat shock, chemicals, and moisture, and they have a smaller cross-section area than other wires, which makes them more energy-efficient. This segment's sales are likely to grow because more applications are being found in the transportation and electrical and electronics industries.

By Application Analysis:

The global magnet wire market is split into motor, home appliance, transformer, and other segments based on how they are used. Over the next few years, the revenue from the motor segment is expected to grow quickly. Motors are used in manufacturing, transportation, and electronics, among other fields. An electric motor can turn the power from an electrical current into mechanical power. Magnet wires are also used to make the motor's winding coils because they have better dielectric strength, insulation resistance, and thermal resistance. Also, because of these qualities, they can 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 a wide range of industrial tasks that need to move in a rotary motion.

By End-Use Analysis:

Based on where the magnet wire will be used, the global market has been split into electrical and electronics, industrial, transportation, infrastructure, and other markets. Over the next few years, the revenue from the electrical and electronics segment is expected to grow quickly. Magnet wire is used as a coil in toys, fans, trimmers, air conditioners, inverters, TVs, and other consumer electronics.

Regional Insights:

Based on regional analysis, it looks like the Asia-Pacific market will bring in the most money during the forecast period. Magnet wires are likely to be in high demand in the region as the number of electric vehicles (EVs) gets bigger. Also, more and more magnet wires are being used in home appliances, electric power devices, and information and communication devices, which is helping the market grow in the region. A study says that the number of plug-in electric vehicles registered in China will rise by 153% year over year to over 3.2 million in 2021. (from 1.27 million in 2020). Some estimates say that the total number could reach 5–6 million by 2022. The growing number of electric vehicles (EVs) is likely to increase the demand for magnet wires, which will help the market grow its revenue. The market's sales are also going up because the electronics industry in this country is growing. In 2021, India bought $26.39 billion worth of electrical and electronic equipment from China, according to the COMTRADE database of the United Nations.

The Europe market is expected to grow at a moderate rate over the next few years because more people are buying the products and leading EV automakers are based there. The IEA report says that by 2020, the European vehicle market will have shrunk by 22%. Even so, more than 1.4 million new electric cars were registered, which is 10% of the market. In Germany, 3,95,000 new electric cars were registered. In France, 1,85,000 new cars were registered, and in the UK, 1,76,000 new cars were registered. In Norway, the number of electric cars sold hit a record high of 75%, which is almost a third more than in 2019. Electric car sales in Iceland went over 50%, in Sweden they went over 30%, and in the Netherlands they went over 25%. The market is expected to make more money as electric vehicles (EVs) become more popular in the area.

Due to more people using electrical and electronic items in North America, the market is expected to have a steady CAGR over the next few years. Also, some of the growth in market revenue is likely to come from rising demand from the industrial and transportation industries. Market revenue is also growing because more plug-in electric cars are being sold in the U.S. Sales of new light-duty plug-in electric vehicles, which include both all-electric vehicles and plug-in hybrid electric vehicles, nearly doubled from 3,08,000 in 2020 to 6,08,000 in 2021. 73% of all plug-in electric vehicle sales in 2021 came from sales of electric cars. From 2020 to 2021, sales of EVs went up by 85%, while sales of PHEVs doubled, going up by 138% over the year before.

Scope Analysis

Recent Development:

• In 2021, Essex Furukawa announced Sight Machine Inc. as a manufacturing productivity platform for its US, China and German factories. Sight Machine's manufacturing productivity platform delivers tangible results in sustainability, efficiency and quality.
• LS Cable & System aims to solidify its position in the global electric vehicle parts market by 2021, focusing on ultra-high voltage, lightweight, and aluminum cables. It is said that the LS Group cable manufacturing plant is currently exclusively supplying magnet wires to Hyundai Motors.

Market Segmentation

By Shape:

• Round
• Rectangle
• Square
• Others

By Type:

• Copper
• Aluminum
• Others

By Application:

• Motor
• Home Appliance
• Transformer
• Others

By End-use:

• Electrical & Electronics
• Industrial
• Transportation
• Infrastructure
• 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)
• Others