New York, July 06, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Magnet Wire Global Market Report 2022” – https://www.reportlinker.com/p06284354/?utm_source=GNW
Ltd., Roshow Technology, Jingda, Condumex, Aislantes, Alconex, LS Cable & System Ltd, Magnekon, and REA Magnet Wire.
The global magnet wire market is expected to grow from $27.32 billion in 2021 to $29.33 billion in 2022 at a compound annual growth rate (CAGR) of 7.4%. The magnet wire market is expected to reach $35.42 billion in 2026 at a CAGR of 4.8%.
The magnet wire market consists of sales of magnet wires by entities (organizations, sole traders, and partnerships) that refer to copper or aluminum wire coated with a very thin layer of insulation.These are basically used in the construction of transformers, inductors, motors, speakers, hard disk head actuators, potentiometers, electromagnets, and other applications which require tight coils of wire.
Magnet wire has good electrical characteristics such as dielectric strength and insulation resistance, as well as resistance to heat, water, and moisture.
The main types of magnet wire are copper and aluminum.The copper magnet wire provides excellent conductivity and very good wind ability.
For special applications, copper is used as a wide variety of conductor materials and for special characteristics like higher mechanical strength or bending performance.The various shapes include round, rectangle, and square, which are used in different applications such as motors, home appliances, transformers, and others.
The several end-use industries include electrical & electronics, industrial, transportation, and others.
Asia Pacific was the largest region in the magnet wire market in 2021. The regions covered in the magnet wire market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increase in the demand for electric vehicles is expected to propel the growth of the magnet wire market going forward.Automobiles that are powered totally or partially by electricity are known as electric vehicles.
Electric vehicles have low running costs due to fewer operating components to maintain, and they are also very environmentally friendly because they utilize little to no fossil fuels (petrol or diesel).Magnet wires with microcellular coating are used in electric vehicles to lower dielectric properties and processing resistance, increasing efficiency.
For instance, according to International Energy Agency (IEA), a France based independent intergovernmental agency, in 2020, there were more than 10 million electric cars on the road worldwide, up 43% from 2019. Therefore, the increase in the demand for e-vehicles is driving the growth of the magnet wire market.
The number of firms adopting strategic agreements or acquiring other companies to expand the market or develop new products has increased in the magnet wire market.For instance, in November 2021, Elcowire, a Sweden-based magnet wires manufacturer, acquired the wire and rod business from KME Group, a Germany-based company that manufactures aluminum conductors, rectangular wires, and profiles for electrical purposes, for $670 million.
Elcowire’s acquisition of KME’s Rod and Wire business will enhance the company by giving it access to a broader customer base and product portfolio, as well as expanding its geographic reach.Also, in February 2019, Rea Magnet Wire Company, a US-based magnet wire, and nonferrous metals manufacturer, collaborated with Xignux, a Mexican company that manufactures copper and aluminum cable through its subsidiary Magnekom.
Following the merger, both companies’ assets, as well as operational and supply chain synergies, including an enamel manufacturing factory, will be combined.
In December 2021, Hindalco, an Indian-based aluminum manufacturing company, acquired Norsk Hydro for an undisclosed amount.Through this acquisition, Hindalco expands its portfolio in the aluminum extrusion business and will serve the reputed customers with an experienced team of employees.
Norsk Hydro is a Norway-based aluminum and renewable energy company that manufactures aluminum wires.
The countries covered in the magnet wire market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06284354/?utm_source=GNW
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