A report on the Global Magnet Wire Market has been published by Contrive Datum Insights. The report provides clients with the latest trending insights into the Magnet Wire market. It can be seen that the report includes market value and growth rate, size, production consumption and gross margin, pricing and other influencing factors. Along with this, in the report, you will get detailed information about every distributor, supplier, and retailer in the market. The competitive scenarios of all industry players are mentioned in detail in the report. The pandemic has caused market participants to strategically change their business plans.
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Most of the growth in the market for magnet wire can be traced to the energy industry.
Magnet wire, which is also called “winding wire,” is an electrical conductor that is wrapped around a coil and turned on to make an electromagnetic field. This can be used to change something else’s energy. The product is usually made of copper or aluminium, and it is used in transformers, motors, and other electromagnetic equipment.
Changes in technology and rising demand from many end-use industries, like electrical and electronics, transportation, industrial, infrastructure, and others, are driving up the market’s revenue. Magnet wire is an electrical conductor made of insulated aluminium or copper. It is also known as a winding wire. It is used in electrical and electromagnetic devices like transformers, motors, speakers, potentiometers, hard disc head actuators, and many more. Magnet wire is used in everything from cell phones to high-voltage transformers, which means that it is in 90% of all electrical devices.
The report also covers the complete competitive landscape of the worldwide market with company profiles of key players such as 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). Geographically, this market has been segmented into regions such as North America, Latin America, Europe, Asia Pacific and Rest of the World. The study details country-level aspects based on each segment and gives estimates in terms of market size.
Regional Insights:
Based on regional analysis, it looks like the Asia-Pacific market will make the most money during the forecast period. As the number of electric vehicles (EVs) grows in the area, magnet wires are likely to be in high demand. Also, more and more magnet wires are being used in home appliances, electric power devices, and information and communication devices, which helps the market grow in the region. According to a study, the number of plug-in electric vehicles registered in China will grow by 153% every year until 2021, when it will reach more than 3.2 million. (in 2020, 1.27 million fewer) Some estimates say that by 2022, there could be between 5 and 6 million. Electric vehicles (EVs) are becoming more popular, which is likely to increase the need for magnet wires. This will help the market make more money. The rise in sales at the market is also due to the growth of the electronics industry in this country. According to the COMTRADE database of the United Nations, India bought $26.39 billion worth of electrical and electronic equipment from China in 2021.
Over the next few years, the EV market in Europe is expected to grow at a moderate rate because more people are buying the products and many of the top EV automakers are based there. According to the IEA report, the European car market will have shrunk by 22% by 2020. Still, more than 1.4 million new electric cars, or 10% of the market, were registered. Germany registered 3,950,00 new electric cars. In France, they registered 1,85,000 new cars, and in the UK, they registered 1,76,000 new cars. In Norway, the number of electric cars sold reached a record high of 75%, which is almost a third more than in 2019. Electric car sales went up by more than 50% in Iceland, 30% in Sweden, and 25% in the Netherlands. As more electric vehicles (EVs) are sold in the area, the market should make more money.
Since more people in North America use electrical and electronic goods, the market is likely to have a steady CAGR over the next few years. Also, rising demand from the industrial and transportation industries is likely to contribute to some of the growth in market revenue. More plug-in electric cars are being sold in the U.S., which is also making the market grow. The number of new light-duty plug-in electric vehicles sold nearly doubled from 3,08,000 in 2020 to 6,08,000 in 2021. This includes both all-electric vehicles and plug-in hybrid electric vehicles. In 2021, sales of electric cars made up 73% of all sales of plug-in electric vehicles. Sales of EVs went up by 85% from 2020 to 2021, while sales of PHEVs doubled, going up by 138% over the previous year.
Magnet Wire 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
Influence of the Magnet Wire Market report:
–Comprehensive assessment of all opportunities and risks in the Magnet Wire Market.
–Magnet Wire Market recent innovations and major events.
–Detailed study of business strategies for growth of the Magnet Wire Market market-leading players.
–Conclusive study about the growth plot of Magnet Wire Market for forthcoming years.
–In-depth understanding of Magnet Wire Market market-particular drivers, constraints, and major micro markets.
–Favorable impression inside vital technological and market latest trends striking the Magnet Wire Market.
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Key Market Factors That Are Explained In The Report?
-Major Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
-Major Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
-Analytical Tools: The Global Magnet Wire Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, feasibility study, and investment return analysis have been used to analyse the growth of the key players operating in the market.
The research includes historic data from 2017 to 2022 and forecasts until 2030 which makes the reports an invaluable resource for industry executives, marketing, sales and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.
Frequently Asked Questions (FAQ):
- What is the growth rate predicted for the Global Magnet Wire Market?
- Who are the top performing companies in Magnet Wire Market?
- Which region dominated the worldwide market for Magnet Wire in 2022?
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