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The global wire enamel market is growing considerably, and is anticipated to expand significantly over the next few years. Wire enamel is applied to round & flat copper and aluminum wires used in motors, transformers, generators, and electrical measuring instruments. The copper or aluminum wire is concentrative coated with several isolating layers with a wire enamel varnish prior to the winding cycle for safe and reliable operation of revolving devices. This wire coat prevents the loss of electromagnetic fields and machine breakdowns, due to short-circuits and other electrical failures. In addition, wire enamels are often defined as primary insulation. The exhibit high thermal tolerance, enhanced mechanical stability, superior durability, and chemical/moisture resistance, which boost the service life of insulation, depending on the end-use industries.
Key drivers of global wire enamel market
The growth of the global wire enamel market is driven by increase in demand for wire enamels for use in electronic applications and rise need for enamels in power generation applications. Furthermore, owing to increase in need for high-end goods at home and abroad, several companies began to enter the high-end market. At present, the wire enamel industry is not only beginning to transit to high-end wire enamels products, but is alsoextending in the resource-rich land and downstream chain of industry.
Market scenario: opportunities and challenges
Advances in wire enamel technology are increasing and thus industries are working to create new and improved wire enamel processing methods, which are expected to create lucrative opportunities for market expansion during the forecast period. Creation of new technologies for producing wire enamels and increase in their uses are anticipated to drive the market growth during the forecast period. In addition, key consumers of wire enamel are the countries that produce magnet wire. The developing countries such as China, India, and Brazil possess high growth potential, and are given more consideration by investors. However, economic slowdown may hinder wire enamel market growth throughout the world.
COVID-19 scenario analysis
Global wire enamel market is expected to witness slowdown during the forecastperiod, owing to the outbreak of the COVID-19 pandemic. COVID-19 has impacted the wire enamel industry in three major ways, by actively impacting production &demand, by causing supply chain &disruption to the industry, and by its financial effect on businesses &financial markets. Operational activities have further been stopped due to the lockdown implemented by governments of various countries.
Key benefits of the report
Questions answered in the global wire enamel market research report:
Key Market Segments
Key Market Players