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Magnet wire refers to the wire used for winding of electrical equipment. It is made up of copper or aluminum with a thin coating of insulating layer for producing electromagnetic fields. The insulating layer uses polyvinyl formal, polyamide, and other such films. It is used for making magnetic field through electrical energy. It is used for creating coils in various applications such as transformers, inductors, and motors. The commonly used magnet wire material is copper, which is used in electric motors. It allows multiple layer of winding of wires without any short circuits. Magnet wire is divided into two types that is enameled wire and covered wire.
COVID-19 scenario analysis:
Increasing demand for the electric motors, transformers, home appliances, and inductors is driving the market of magnet wire. Further, rise in demand for the electronic gadgets like speakers, headphones and others that requires tight coil of copper insulated wire is growing the market of magnet wire. Moreover the use of magnet wire in the electronics industry will drive the market of magnet wire during the forecast period. Asia- pacific region countries like China and Japan are progressively growing in the electronics & electrical sectors. These countries are the major customers of the magnet wire thus driving the market of magnet wire. The U.S is having the largest market share in the magnet wire. However, the fluctuations in the cost of copper and aluminum can hamper the growth of the market. Contrarily, the telecommunication industry is expected to create new pathways for this market due to large demand of copper magnet wire.
The global magnet wire market trends are:
The launch of new generation technologically advanced products can boost the growth of the market. In the past few years, many such products having unique features were launched in the market. On June 2018, one of global magnet wire leader REA launched a new product Nanoshield magnet wire. It consists of three coat system mainly a base coat of modified polyester, a nanoparticle shield coat, and polyamide-imide coat. It is mostly used in motors, generators, and other such applications. Further, in 2019, Essex magnet wire has introduced high temperature insulating system for the coils of traction motors used in e- vehicles.
Magnet wire is used in various applications like electric motors, transformers, home appliances like fans, automobiles and heavy machinery. The magnet wire is most commonly used in transformers. Transformers are the devices used to transfer the electrical energy from one circuit to another through the coils. These coils are made up of copper magnetic wire winding's. Further, it is used in electric motors. Electric motors are used in various appliances like fans, pumps, automobiles and heavy machinery. These electric motors contains coils for producing the magnetic fields. These coils are made up of copper magnetic wire. Copper, is used because of its high electrical conductivity than aluminum. Copper magnetic wire is most preferred for coils(winding of wire) than aluminum. Thus, in most of the consumer electronics electric motor is used which uses a coil made up of magnetic wire.
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