Copper Magnet Wire Market Forecast and CAGR
According to research, the Copper Magnet Wire market is projected to grow steadily across regions, expanding at approximately 5% CAGR over the 2021-2031 forecast period. Electrification of vehicles is one of the key driving factors in the market growth.
How Copper Magnet Wires provide value to Automotive & Transportation Industry?
Varied types of magnet wires are available in the market today. They range from different product types such as enameled wires or covered wires. It is becoming one of the greatest innovations of all time, for usage in various industries such as electrical, electronics, automotive and transportation.
With the advent of new motor technology, the consumption of magnet wires in motor application is witnessing rapid growth. The evolution of motor design technology and future development prospects, with a focus on electric vehicle driving motors, is highly influencing the sales of magnet wires.
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Transportation and Energy Sectors are expected to provide bulk demand of copper magnet wire owing to burgeoning scope from electrical drives employed for energy generation and transmission in electric vehicles as well as in energy storage device in industrial and off-grid power distribution networks.
To address environmental concerns, it has been necessary to reduce environmental impacts such as air pollution and resource depletion, as well as CO2 emissions to avoid global warming. The automotive and transportation industry emits the most CO2, followed by the energy conversion sector and the industrial sector.
Electric vehicles (EVs) such as hybrid electric vehicles (HEVs), plug-in hybrid vehicles (PHEVs), and battery electric vehicles (BEVs) have been fast expanding in number in order to meet regulatory demands.
Which New Trends are Shaping the Copper Magnet Wire Market?
Covered magnet wires, excluding enamel coating, have considerable advantages. Glass-fiber wrapped wire is becoming more popular as a result of its superior uniformity and electrical qualities in high temperatures and humidity. When used with oil, such as transformer oil, paper-covered wire performs admirably.
Aromatic polyimide tape-covered wire offers a larger space factor than glass-fiber covered wire and meets class-H heat resistance standards completely. Electric motors in cars, big direct current equipment, and dry-transformers all use this wire.
Mica tape-covered wire is made by glueing reconstituted mica to a polyester tape and taping it together. In terms of space factor, the wire is preferable to glass-fiber coated wire; it is mostly utilized as a substitute for glass-fiber covered wire in compact rotating machines.
In terms of high-pressure corona resistance, this wire falls short of glass-fiber covered wire. These new trends in covered wires are highly impacting the global market growth.
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North America Market Outlook
In U.S., wire manufacturers are keenly focusing on enamelled trends of copper wires. The market’s growth has been aided by the introduction of stringent government legislation and regulations governing their use in modern industrial facilities.
Wires from thermal class ranges from 105° C to 240° C are available in the U.S. market. Specialization in wire drawing process, enameling process and packaging, are few of the regional highlights which have cited the region’s capability in wire production. These factors are appealing to the end-users and resulted the market in the North America to rise.
Asia-Pacific Demand Outlook
The region’s magnet wire industry is growing thanks to the region’s increasing transportation and electrical and electronics industries. China is one of the region’s largest consumers of magnet wire. In the wind energy business, the country has become the single-largest user of magnet wire, and it is anticipated to improve its position even further.
Major copper magnet wire manufacturers are also present in the region. In the region, there is a major emphasis on the development of superior quality magnet wire for usage in various end-use industries. Relying on strategic growth in emerging markets, companies are highly focusing on regional expansions in these regions. These factors will propel the growth of the Copper Magnet Wire market in the region of Asia-Pacific.
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Who are the Key Manufacturers and Suppliers of Copper Magnet Wire?
Some of the leading manufacturers and suppliers include
- Remington Industries
- Hitachi Metals Ltd
- S & W Wire Company
- Essex Furukawa Magnet Wire LLC
- Brocott U.K.
- Craig Wire Products LLC
- Rea Magnet Wire Company Inc.
- Alconex Specialty Products Inc.
- Metrod Holdings Berhad
- EIS Legacy LLC.
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