Enameled wire an insulated wire used for interchanging electrical energy with magnetic energy. It is also known as magnet wire. It is used in a wide range of applications including alternators, field windings, generators, windings of radiofrequency, starting motors, electronic coils, as ballasts in special transformers, measurement windings, low power motors, small transformers, small devices & controls, and open small motors. The key properties are included uniformity & degree of insulation, good electrical characteristics, for instance, dielectric strength & insulation resistance, resistance to solvents, heat resistance, chemicals, and varnishes, resistance to water and moisture and resistance to hydrolytic degradation.
According to study, “Global Enameled Wire Market 2019 by Manufacturers, Regions, Type, and Application, Forecast to 2024” the key companies operating in the global enameled wire market areSuperior Essex, Sumitomo Electric Industries Ltd., Shangfeng Industrial, Tongling Copper Crown Electrical Co. Ltd., Rea, CitychampDartong, Jingda, HONGYUAN, Shanghai Yuke, Condumex Inc., IRCE SPA, Roshow Technology Co. Ltd., Liljedahl, Ronsen Super Micro-Wire, Shenmao Magnet Wire, GOLD CUP ELECTRIC, Elektrisola, Tianjin Jing Wei Electric Wire, HitachiMetals, Ltd., SWCC, Magnekon, Von Roll Holding AG.
Based on type, the enameled wire market is segmented into copper and aluminum. The copper segment holds the major share in the market due to its excellent conductivity and breakdown potential than most other materials. The segment also offers superior resistance to shock, moisture, heat, and chemicals, and has a smaller cross-section area as compared to aluminum. Based on shape type, the market is segmented into rectangle enameled wire, round enameled wire, round bondable enameled wire, and square enameled wire. The round enameled wire segment is expected to exhibit a substantial growth rate owing to an increase in the need for energy efficiency and growth of the industrial sector in the emerging economies during the forecast period. Based on temperature, the market is segmented into 105º C, 130º C, 155º C, 180º C, and 220º C. Based on application, the market is segmented into a transformer, home appliance, motor, and others. Motors segment dominates the market because of the rise in the use of magnetic wire-based electric motors in the automobile. In addition, based on the end-use industry, the market is segmented into transportation, electrical & electronics, infrastructure, industrial and others. The electrical & electronics segment is projected to witness lucrative growth on account of widespread use of magnetic wires in several electronic appliances & equipment during the forecast period.
The enameled wire market is driven by high demand from the power sector, followed by growth in electric vehicles market, rise in penetration of renewable energy, increase in disposable income and rise in product demand in-home equipment, reactors, motors, and transformers. However, the shift towards compact motors may impact the market. Moreover, growth in technological breakthroughs that helped in generating sounds in gadgets for instance speakers, headphones, and soundbars is a key opportunity for the market.
Based on geography, the Asian-Pacific is a leading region in the global enameled wire market owing to the presence of extensive electronics manufacturing ecosystem and growth in transport, electronics & electrical sectors in the region. The European and North-American regions are projected to exhibit the highest growth rate due to high replacement rates of transformers and a rise in electric vehicle production over the forecast period. In upcoming years, it is expected that the future of the market will be optimistic as a result of rising in use of enameled wires in the medical industry in the intravascular ultrasound imaging systems, intracardiac mapping catheters, intra-cardiac ablation catheters and systems, and cardiac rhythm products during the forecast period. The worldwide market is probable to grow at a CAGR of approximately 2.7% over the next five years, will reach the US $28180 million in 2024, from the US $25370 million in 2019.
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Ankur Gupta, Head Marketing & Communications