Report Code: A53483
The global copper magnetic wire market size was valued at $23.3 billion in 2021, and is projected to reach $39 billion by 2031, growing at a CAGR of 5.3% from 2022 to 2031. The copper magnetic wire is a type of insulated copper wire with thin insulation of polymers such as polyurethane, polyesterimide, polyamidimide, polyimide, and other polymers. In addition, it can also be insulated by covering the wire with a tape made of paper, polymer, fiberglass, and of other materials. Copper magnetic wire is used for winding the core of electrical components such as small and large transformers, solenoids, motors, electricity generators, and others.
The copper magnetic wire market was severely hampered during the lockdown period owing to the outbreak of COVID-19. The demand for various machinery had reduced, and the construction was also negatively affected. However, the market recovered by the end of 2021.
Copper is widely used for making magnet wire owing to its very less resistance compared to aluminum which is another most used material for making magnet wire. In addition to this, copper wire is more flexible and does not break easily in the sharp turns of core winding. Moreover, copper has a higher melting point making it an ideal choice for heavy electric machinery that utilizes high voltage of electricity. Such factors along with others make copper magnetic wire a widely used wire for windings in transformers, motors, inductors, hard disk actuators, speakers, electromagnets, and others.
Furthermore, with the rise in global population and urbanization, the demand for electricity and surging industrialization, especially in developing countries are positively affecting the copper magnetic wire market outlook. In the past few decades, the global population has increased significantly and is expected to grow rapidly in the coming decades. According to the projections made by the United Nations, the global population of 8 billion in 2023, is expected to increase to 9.7 billion in 2050. Countries such as China, India, Vietnam, Kenya, Nigeria, and other Asian and African countries, are expected to play a major role in driving the population and urbanization. Such rapid growth in the population and urbanization is expected to drive the demand for residential and commercial buildings. For instance, as of 2021, China’s urban population is 64% of its total population, however, this is estimated to increase to 72% in 2030. Due to this trend, the Chinese government has introduced many affordable housing schemes for its citizens. For instance, in July 2021, a circular released by the General Office of the State Council stated its plans for accelerating the development of affordable rental homes in China’s big cities. Similarly, other countries are also witnessing increasing construction. Typically, the tools that are used for construction such as drills, saws, bar bender, jack hammers, and others utilize components such as transformers, solenoids, actuators, motors, and others having a copper magnetic wire winded core. In addition, various machines and appliances in buildings such as water pumps, fans, exhaust systems, and others also have an indistinguishable magnet wire core typically made of copper. Moreover, rise in industrialization and population is anticipated to rapidly increase the demand for electricity for personal, and commercial use. Thus, governments across the world are expanding their electricity production capacity. For instance, Indian state-owned company, Power Grid Corporation of India is investing about $97.4 million in various projects for expanding power grids in the country. In addition, according to National Electrical System Development Program (Programa de Desarrollo del Sistema Eléctrico Nacional), of Mexico, the total electricity generation capacity of Mexico in December 2020 was 83,121 MW, which increased by 3.64% in December 2021. In addition, the whole world is shifting from generating electricity from conventional sources of energy such as coal, oil & gas, and others to renewable sources such as wind power, solar power, hydal energy, and others. This shift will require new electricity generating and distributing equipment, which makes significant use of copper magnetic wire. All such factors are driving the demand for the copper magnetic wire market.
However, fluctuating cost of copper required to construct copper magnetic wire is anticipated to restrain the copper magnetic wire market growth.
Moreover, rise in demand for electric vehicles is expected to provide lucrative growth opportunities for players that operate in the copper magnetic wire market. Governments of countries such as India, China, the UK, Germany, Italy, and others provide subsidies for buying electric vehicles. For instance, the government of Germany offers a subsidy of a maximum $9,615 for buying all electric vehicle.
The demand for copper magnetic wire decreased in 2020, owing to low demand from different industries due to lockdowns imposed by the governments of many countries. The COVID-19 pandemic shut down the manufacturing, process, construction, and other industries across the world, leading to a halt in demand for copper magnetic wire. This had hampered the growth of the copper magnetic wire market significantly during the pandemic. The major demand for copper magnetic wires was previously noticed from major countries including the U.S., Germany, Italy, the UK, and developing countries having large industrial sectors and high demand for electricity such as India, and China. These countries were badly affected by the spread of coronavirus, thereby halting the demand for equipment and machinery. However, owing to the introduction of various vaccines, the severity of the COVID-19 pandemic has significantly reduced. This has led to the full-fledged reopening of businesses involved in copper magnetic wire market, and also led to increased activities in the industrial sector. Furthermore, it has been more than two and a half years since the outbreak of this pandemic, and many companies have already shown notable signs of recovery. Contrarily, as of the beginning of 2023, the number of COVID-19 infection cases had surged again, especially in China, this brought negative sentiments in the market, which may have a negative impact on the copper magnetic wire market for a short duration. Thus, businesses involved in copper magnetic wire designing and manufacturing must focus on protecting their workforce, operations, and supply chains to respond to the crises and find new ways of working.
The copper magnetic wire market is segmented on the basis of type, end-user industry, and region. By type, the copper magnetic wire market is bifurcated into enameled copper magnetic wire, and covered copper magnetic wire. By end-user industry, the market is segmented as automotive, machinery, aerospace, construction, and others. By region, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Italy, UK, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
By type: The copper magnetic wire market is divided into enameled copper magnetic wire, and covered copper magnetic wire. In 2021, the enameled copper magnetic wire segment dominated the copper magnetic wire market, in terms of revenue. The enameled copper magnetic wire segment includes all small and large diameter copper wires having a coating of polymers such as polyesterimide, polyamidimide, polyimide, and other polymers. The enamel can be applied on the small copper magnetic wires, unlike the tape cover which is largely used on wider wire. Furthermore, covered copper magnetic wire utilize tape made of paper, polymer, fiber glass, and others. These are largely used for high voltage applications such as big transformers, and motors owing to good insulation capacity of thick tapes.
By end-user industry: The copper magnetic wire market is classified into automotive, machinery, aerospace, construction, and others. The machinery segment accounted for a higher market share in 2021. The machinery segment includes application of copper magnetic wire in machines used by industries including pumps, conveyors, industrial electronics, and others. Moreover, owing to rapid industrialization, automotive, aerospace, construction, and other industries are witnessing increased investments across the world. Since copper magnetic wire is used in various components utilized in the abovementioned industries, the rise in industrialization is driving the growth of copper magnetic wire market.
By region: The copper magnetic wire market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Italy, UK, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). In 2021, Asia-Pacific had the highest copper magnetic wire market share in terms of revenue and the same is anticipated to grow with a significant CAGR during the forecast period. This high share of market in Asia-Pacific is attributed to rapid economic growth of the region and rising population and urbanization in countries such as China, India, Vietnam, Indonesia, and others. For instance, manufacturing is a major revenue generating sector in China. According to World Bank, manufacturing sector accounted for over 26% of China’s GDP in 2020. Moreover, the automotive market in China is among the largest in the world. Its automotive sector is experiencing moderate demand owing to various economic factors. Thus, to revive the demand, in June 2022, the central government halved the purchase tax to 5% for cars valuing $45,000, and with engines no larger than 2.0 liters. Furthermore, the government has also introduced various policies to encourage sales of new-energy vehicles. This positively influences the growth of the industrial maintenance services market. Such factors are driving the growth of the copper magnetic wire market in the region, as well as in the world.
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., and Xignux (CME Wire and Cable, Inc.).
Key Benefits for Stakeholders
The report provides an extensive analysis of the current and emerging copper magnetic wire market trends and dynamics.
In-depth copper magnetic wire market analysis is conducted by constructing market estimations for 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 top competitors within the market framework.
A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
The copper magnetic wire market forecast analysis from 2022 to 2031 is included in the report.
The key 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.
Copper Magnetic Wire Market Report Highlights
|Market Size By 2031||USD 39 billion|
|Growth Rate||CAGR of 5.3%|
|Forecast period||2021 - 2031|
|By Type|| |
|By End User Industry|| |
|By Region|| |
|Key Market Players||Xignux (CME Wire and Cable, Inc.,), Proterial, Ltd., Hpw Metallwerk GmbH, Dahren Group, Citychamp Dartong Co.,Ltd., Sumitomo Electric Industries, Ltd., Ederfil Becker, IRCE S.p.A., Tongling Jingda Special Magnet Wire Co., Ltd., SAM Dong, Inc., Rea Magnet Wire Company Inc., Schwering & Hasse Elektrodraht GmbH, LS Cable & System, ELEKTRISOLA, Essex Furukawa Magnet Wire LLC|
The copper magnetic wire market has witnessed significant growth in the past few years owing to a rise in industrialization across the world.
The rise in demand for electronics across the world; however, especially in countries such as China, Vietnam, Indonesia, and India, is playing a significant role in driving demand for small electrical components such as transformers, solenoids, servo motors, and others. This is especially driving demand for small-diameter enameled copper magnetic wire. Furthermore, the rise in demand for electricity in developing countries is driving demand for copper magnetic wire to be utilized in electrical components responsible for electricity generation and distribution. However, fluctuating cost of copper and the availability of alternative materials for manufacturing magnetic wires are expected to have a negative impact on the copper magnetic wire market growth.
On the other hand, the rising demand for electric vehicles is expected to provide lucrative opportunities for market growth.
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A. Rise in demand for electronic products, increase in demand for electricity, and growth of industries in emerging economies, are few of the upcoming trends of Copper Magnetic Wire Market in the world.
A. Copper magnetic wire is widely used by the machinery industry.
A. Asia-Pacific is the largest regional market for the magnetic wire market in 2021.
A. The global copper magnetic wire market size was valued at $23,295.3 million in 2021.
A. Major players in the copper magnetic wire market include, 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.).
A. The company profile has been selected on factors such as geographical presence, market dominance (in terms of revenue and volume sales), various strategies and recent developments.
A. The global copper magnetic wire market size is projected to reach $39,043.1 million by 2031, registering a CAGR of 5.3% from 2022 to 2031.
A. In 2021, the enameled copper magnetic wire segment dominated the copper magnetic wire market, in terms of revenue.
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