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. 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.
Market Segmentation
The global Magnetic Wire Market Size 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.
Competitive Analysis
LS
Cable & System Ltd (South Korea), MWS Wire Industries (US),
Elektrisola (Germany), REA Magnet Wire (US), Irce SPA (Italy), Samdong
Co., Ltd (South Korea), Hitachi Metals, Ltd (Japan), Tongling Jingda
Special Magnet Wire Co Ltd (China), Sumitomo Electric Industries Ltd
(Japan), FurUKawa Electric Co Ltd (Japan), G. K. Winding Wires Limited
(India), LWW Group (Sweden), Condumex Inc (US), and Fujikura Ltd (Japan)
are some of the key players in the global magnetic wire market.
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