(MENAFN- GlobeNewsWire - Nasdaq) Newark, Sept. 21, 2023 (GLOBE NEWSWIRE) -- Global magnet wire market seems to reach USD 43.12 billion by 2028, at a CAGR of 6.38% from 2021 to 2028. Global Magnet Wire market is witnessing a considerable growth owing to the increasing demand for electric vehicle and the advancement in technology.
The Brainy Insights launched a study titled Magnet Wire Market Size by Type (Copper, Aluminium), Shape (Round Magnet Wire, Rectangle Magnet Wire, Square Magnet Wire), Application, End-User, Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2021 to 2028
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Key Insights of Magnetic Wire Market
The copper segment is accounted for the highest market share of 61.36% in 2020
The type segment is divided into the copper and aluminium. The copper segment is accounted for the highest market share of 61.36% in 2020. This is because it is most commonly used magnetic wire as it has better tensile strength and offers good conductivity. This is also moisture resistant, chemical and heat shock resistant, this makes it suitable for the application in the electrical and electronics industry.
The round segment accounted for USD 13.37 Billion of the market value in 2020
The shape segment includes round, rectangle and square. The round segment accounted for USD 13.37 Billion of the market value in 2020. This is because of its easy availability and cheap cost.
The motor accounts for 42.58% of market share in 2020
The application segment consists of motor, home appliance, transformer and others. The motor accounts for 42.58% of market share in 2020. This is because of the surging demand in the transportation industry. The motors are widely used in the automotive industry. The increasing demand for an electric vehicle is led to the increasing uses of electric wire in the automotive industry
The electrical & electronics segment accounted for USD 9.03 Billion of market value in 2020
The end-user segment consists of electrical & electronics, industrial, transportation, infrastructure and others. The electrical & electronics segment accounted for USD 9.03 Billion of market value in 2020. They are widely used in many electronic products such as fans, inverters, trimmers, air conditioners and many more.
Report coverage & details:
| Report Coverage || Details |
| Forecast Period || 2021–2028 |
| Base Year || 2020 |
| Market Size in 2028 || USD 43.12 billion |
| CAGR || 6.38% |
| No. of Pages in Report || 234 |
| Segments Covered || Type, shape, application, end user and region |
| Drivers || |
The increasing demand for electric vehicle The advancement in technologies
| Opportunities || The growing demand in the APAC region |
| Restrains || The fluctuating price of raw materials |
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Regional Segmentation Analysis:
The regions analyzed for the Magnetic Wire market include North America, Europe, South America, Asia Pacific, and the Middle East and Africa.Asia Pacific region is having the highest market share of 43.37% in 2020. This is due to the expanding automotive sector and electric and electronic sectors in the region. Also, the increase in the per capita income of the people of the developing region like India and China are also increasing the sales of the cars, which in turn is driving the Magnet Wire market. The increasing demand for transportation and electronic products in the emerging economies like India and China are driving the magnetic wire market. North America had the second-largest market share of 23.21 % in 2020. This is due to the replacement rates of the transformer, which is high. Also, there is an increase in the demand for electronic products in the region. Also, the increasing demand for an electric vehicle is driving the market.
The major players of market include LS Cable & System, Elektrisola, REA Magnet Wire, Sumitomo Electric Industries, Ltd., Samdong Co., Ltd., LWW Group, IRCE S.p.A., TonglingJingda Special Magnet Wire Co., Ltd., Furukawa Electric Co., Ltd. and Fujikura Ltd. among others.
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About the report:
The global pulse ingredients market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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