New York (US), July 18, 2023 (GLOBE NEWSWIRE) -- Automotive Magnet Wire Market Overview
According to a Comprehensive Report by Market Research Future (MRFR), “Automotive Magnet Wire Market Information by Type, Form, Resin Application, End-Use Industry, and Region - Forecast till 2032", The automotive magnet wire market will be reaching USD 6,991.12 million by 2030, at a rate of 4.40% between 2022 and 2030.
Market Synopsis
An insulated aluminum or copper conductor called magnet wire is used to wind transformers, motors, generators, and other electrical equipment that converts electrical energy into mechanical energy. Enameled wire (coating insulation) covered conductor wire (fiber/film insulation), and combinations make up the broad categories of magnet wires.
When magnet wire is twisted into a coil and powered, the proper electromagnetic field is produced. Electricity is essentially useless without magnet wire. Magnet wire is required for the alteration of over 90% of all electrical energy before it may be useful. In order of increasing the temperature range, magnet wire uses insulating films such as polyvinyl formal, polyurethane, polyamide, polyester, polyester-polyimide, and others.
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Market Competitive Landscape:
The major automotive magnet wire manufacturers in the market are
- MWS Wire Industries (MWS)
- Superior Essex Inc.
- Elektrisola Dr. Gerd Schildbach GmbH & Co KG
- Tongling Jingda Special Magnet Wire Co. Ltd
- Proterial Ltd
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 6,991.12 million |
| CAGR | 4.40% (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2019 & 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Form, Resin Application, End-Use Industry and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Latin America and Middle East & Africa |
| Key Market Drivers | Significant market growth potential of electric vehicles industry |
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Market USP Covered:
Market Drivers:
The future of the automotive industry lies in the use of electric motors built around magnet wires. The businesses make magnet wire products for traction motors, regenerative braking, autonomous driving, and sensors that improve driving performance and efficiency in the newest cars. In a recent Motor Trend test, the 4,891-pound Tesla Model S P100D broke the previous record for the fastest production vehicle to reach 60 mph from a complete stop. Magnet wire stretching for more than half a mile Each Tesla Model S has a high-performance rear engine with over a half-mile of magnet wire and a front engine with the same length. An obvious draw to customers, manufacturers, and society is produced by improved performance combined with a smaller carbon impact.
The top businesses are diversifying their operations to supply magnet wires for the burgeoning electric vehicle industry. For instance, the Japanese corporation Sumitomo Electric launched a new business in China in 2020 with the intention of becoming a big producer of rectangular magnets. As the market for electric vehicles expands, the company will continue to push the technical development of the revolutionary product in anticipation of its crucial function as a catalyst for lighter motors. Rectangular magnet wires can be twisted without gaps in the same space as round wires, which helps reduce the size and boost the power of the motor.
Opportunity
For companies that compete in the copper magnetic wire market, the increase in demand for electric vehicles is anticipated to open up lucrative growth potential. The governments of nations like India, China, the UK, Germany, Italy, and others offer financial aid for purchasing electric automobiles. For instance, the German government grants buyers of all-electric vehicles a subsidy of up to $9,615 in total.
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Market Restraints:
The expansion of the magnet wire market is constrained by the availability of superior alternatives. Litz wire provides a number of important advantages for developing such HF magnetic devices. Compared to conventional magnet wire, wound copper Litz wire operates magnetic devices more effectively. For instance, efficiency benefits associated with the conventional wire can approach 50% in the low kilohertz band, while they can reach 100% or more in the low megahertz range.
COVID 19 Analysis
In light of lockdowns imposed by several governments, the market for copper magnetic wire declined in 2020 as a result of low demand from many businesses. Automotive magnetic wire demand was halted as a result of the COVID-19 epidemic, which caused closures in the manufacturing, process, construction, and other industries worldwide. As a result, during the pandemic, the market for automotive magnetic wire saw considerable growth challenges. Prior until now, developed nations with significant industrial sectors and high energy demand, such as India and China, as well as major nations like the United States, Germany, Italy, and the United Kingdom, had observed a significant need for magnetic wires. The coronavirus outbreak severely impacted these nations, which reduced demand for tools and machinery.
Market Segmentation
By Wire Type
Type-based segmentation of the automotive magnet wire market includes copper wire and aluminum wire.
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By Product Type
Enamel wire and coated conductor wire are the two main product types that make up the Automotive Magnet Wire Market segmentation.
By Application
Motor, starter motor, braking, alternators, stability control, windows, door locks, and seating are the applications of automotive magnet wires.
Regional Insights
With a market share of 41.94% in 2022, Asia-Pacific was in the lead; and from 2023 to 2030, it will capture the highest CAGR of 4.60%. In 2022, Europe ranked second with a share. The availability of raw materials and rising demand for automotive magnet wires in the region for a variety of applications are what primarily drive the European market. Leading drivers of the atmospheric water generator market expansion in North America are rapid industrialization and the presence of significant corporations in the country.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
