Dublin, July 10, 2023 (GLOBE NEWSWIRE) -- The "Copper Magnetic Wire Market By Type (Enameled, Covered), By End User Industry (Automotive, Machinery, Aerospace, Construction, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The global copper magnetic wire market size was valued at $23.29 Billion in 2021 and is projected to reach $39.04 Billion by 2031, registering a CAGR of 5.3% from 2022 to 2031.
A copper magnetic wire also known as winding wire has a very thin layer of insulation typically made from polymer enamel, and tape cover. Its typical application includes its use in electrical components such as transformers, transformers, solenoids, motors, electricity generators, and others.
The rise in industrialization as a result of the increase in population and their disposable income has increased demand for industrial machinery and equipment. Many industrial machineries use electric components such as transformers for stepping up or down the electric voltage, motors for generating mechanical motion, and various others.
In addition, the rise in demand for electricity is driven by a rise in the population, which in turn is fueling the demand for motors and transformers. Motors and transformers, along with other similar components work on the principle of electromagnetic induction, also known as Faraday's law.
As per this principle, a current-carrying conductor generates a magnetic field, which can be used in various ways. Often copper is used for making this conductor owing to its less resistance, and ability to bend around sharp turns. Such factors are driving the demand for the copper magnetic wire market. However, the fluctuating cost of copper, and the availability of alternate materials hamper the market growth.
Furthermore, due to COVID-19, the copper magnetic wire market witnessed a halt, which led to a small term decline in the market. However, as the number of COVID-19 cases begin to reduce, the market is expected to fully recover by the end of 2023. Moreover, a rise in demand for electric vehicles is expected to provide lucrative growth opportunities for the key players in the market.
Market Dynamics
Drivers
- Rise in demand for electronic products
- Increasing demand for electricity
- Growth of industries in emerging economies
Restraints
- Availability of cheaper alternate material
- Fluctuating cost of copper
Opportunities
- Rising demand for electric vehicles
Competition Analysis
Competitive analysis and profiles of the major players in the copper magnetic wire end-user, such as Citychamp Dartong Co.,Ltd. Dahren Group, Ederfil Becker, ELEKTRISOLA, Essex Furukawa Magnet Wire LLC, Hpw Metallwerk Gmbh, IRCE S.p.A.LS Cable & System, Proterial, Ltd., Rea Magnet Wire Company Inc., SAM Dong, Inc., Schwering & Hasse Elektrodraht GmbH, Sumitomo Electric Industries, Ltd., Tongling Jingda Special Magnet Wire Co., Ltd., Xignux (CME Wire and Cable, Inc.). Major players in order to remain competitive offer a wide range of copper magnetic wire
Key Benefits For Stakeholders
- The report provides an extensive analysis of the current and emerging copper magnetic wire market trends and dynamics.
- In-depth market analysis is conducted by constructing market estimations for the key market segments between 2021 and 2031.
- Extensive analysis of the copper magnetic wire market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
- A comprehensive analysis of all regions is provided to determine the prevailing opportunities.
- The global copper magnetic wire market forecast analysis from 2022 to 2031 is included in the report.
- The key market players within the copper magnetic wire market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the copper magnetic wire industry.
Key Market Segments
By Type
- Enameled
- Covered
By End User Industry
- Automotive
- Machinery
- Aerospace
- Construction
- Others
Companies Mentioned
- Schwering & Hasse Elektrodraht GmbH
- Sumitomo Electric Industries, Ltd.
- Proterial, Ltd.
- Essex Furukawa Magnet Wire LLC
- SAM Dong, Inc.
- Citychamp Dartong Co.,Ltd.
- ELEKTRISOLA
- Rea Magnet Wire Company Inc.
- LS Cable & System
- IRCE S.p.A.
- Dahren Group
- Xignux (CME Wire and Cable, Inc.,)
- Ederfil Becker
- Hpw Metallwerk GmbH
- Tongling Jingda Special Magnet Wire Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/sbpeuf
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