According to a new report published by Allied Market Research, titled, “Copper Magnetic Wire Market," The copper magnetic wire market size was valued at $23.3 billion in 2021, and is estimated to reach $39 billion by 2031, growing at a CAGR of 5.3% from 2022 to 2031.
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The copper magnetic wire market has witnessed a surge largely owing to increasing population that has driven demand for electricity, along with automobiles, residential and commercial buildings, electronic items, and others. Thus, government as well as private bodies across the world are investing heavily in the abovementioned sector. Since many machinery and equipment used in automobiles, residential and commercial buildings, electronic items, and others use copper magnetic wire, their rise is positively affecting the copper magnetic wire market outlook.
Typically, in the market, copper magnetic wire is available in two types of insulation enamel and covered. Thus, on the basis of type, the report is segmented as enamel and covered. Between these two, the enameled segment accounted for a higher copper magnetic wire market share in terms of revenue. The dominance of the enameled copper magnetic wire is attributed to the high strength of the enamel coating, which does not break off easily and the risk of any short circuit is minimized. In addition to this, applying an effective enamel coating on small diameter wire is fairly easier and simple. However, the covered copper magnetic wire is largely used in high voltage applications. By end-user industry, the copper magnetic wire market is classified as automotive, machinery, aerospace, construction, and others. Among these, the machinery segment accounted for a larger market share in 2021. This is attributed to an increase in industrialization, which is driving demand for various types of machinery that use electric components such as transformers, motors, solenoids, and others. Furthermore, the automotive segment is also growing with a significant CAGR, which is attributed to expanding boundaries of cities, and increasing demand for electric vehicles.
However, factors such as fluctuating cost of raw copper, and the availability of alternate materials for making magnetic wires are anticipated to restrain the copper magnetic wire market growth. Contrarily, the growing demand for electric vehicles across the world is expected to provide lucrative growth opportunities to the key players in the market.
In 2021, Asia-Pacific dominated the copper magnetic wire market, in terms of revenue, and the same segment is anticipated to dominate the copper magnetic wire market forecast by growing with the highest CAGR, owing to increased investments in industrial development in countries such as India, Vietnam, and China. For instance, Chinese government has mandated its automobile producers that by the end of 2030, 40% of all vehicles sold shall be electric driven. In addition, China is also establishing electric vehicle charging station at various location throughout the country to meet the need of increasing number of EVs. Moreover, Indian government has proposed a new coal-based power plants having combined capacity of 27 GW. This project is estimated to be completed by 2030 at a cost of $33 billion. Such factors are expected to provide lucrative growth opportunities for the copper magnetic wire market in Asia-Pacific.
However, various key players in the copper magnetic wire market had to stop their business in countries such as India, China, Vietnam, Germany, and the U.S., during the pandemic. This break directly impacted the growth of copper magnetic wire industry. In addition, the lack of manpower and lockdowns constricted the supply of raw materials for the making copper magnetic wire; and negatively influenced the growth of the copper magnetic wire market. However, owing to the introduction of vaccinations, the severity of the pandemic has significantly reduced and key players in the market are recovering rapidly. However, the spontaneous growth of COVID-19 cases in China at the end of 2022 was an event of concern for the entire world.
Moreover, initiatives such as ‘Make in India’ and ‘Made in China 2025’ have positively influenced the manufacturing sector in the region. In addition, according to Japan Electronics and Information Technology Industries Association (JEITA), in January 2021, Japanese electronics industry witnessed a sale of more than 112% on year-on-year basis. In addition to this, Europe has taken many initiatives to become Net Zero Carbon region. For this the region is shifting from old power generation sources such as coal power plants to new renewable energy sources wind energy, and hydro energy. This is driving demand for new transformers, actuators, dynamos, and others; thereby, providing lucrative growth opportunities for the copper magnetic wire market throughout the forecast period.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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