North America Magnet Wire Market, By Type (Copper, Aluminum and Others), Product Type (Enamelled Wire and Covered Conductor Wire), Material (Polyamide-Imide (PAI), Polyimides (PI), Polyetherimide (PEI) And Polyether Ether Ketone (PEEK) and Others), Shape (Round Magnet Wire, Round Bondable Magnet Wire, Rectangle Magnet Wire, Square Magnet Wire), Application (Motor, Home Appliance, Transformer, Others), Distribution Channel (E-Commerce, Supermarks/Hypermarkets, Specialty Stores, B2b/Third Party Distributors and Others), End-User (Electrical & Electronics, Industrial, Transportation, Energy, Automotive, Residential, Infrastructure and Others), Country (U.S., Canada, Mexico) Industry Trends and Forecast to 2028
Market Analysis and Insights: North America Magnet Wire Market
North America magnet wire market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing at a CAGR of 6.8% in the forecast period of 2021 to 2028 and expected to reach USD 9,945.87 million by 2028.
Magnet wire is an insulated copper or aluminum conductor accustomed wind motors, transformers, generators and the other device where power is converted to energy. The wires are insulated copper or aluminum conductor typically used to wind electromagnetic devices like motors and transformers. The insulation could also be a thin film of varnish called enamel; a fibrous polyester or fiberglass yarn; or a mix of both enamel and fibrous insulations.
The increasing demand of magnet wire in the production of e-vehicles has had a significant impact on the expansion of the market for magnet wire. In line with this, increasing spending on technological advancements in the electrical industry, and growth in the consumer electronics sector, is a key determinant favoring the growth of the magnet wire market during the forecast period.
However, the stringent government regulations regarding CO2 emissions, and shifting preference towards compact motors, may act as major restraints on the growth rate of the magnet wire market, whereas the fluctuation in the prices of raw materials has the potential to challenge the growth of the magnet wire market during the forecast period.
This magnet wire market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario, contact us for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
North America Magnet Wire Market Scope and Market Size
North America magnet wire market is segmented into seven notable segments which are based on the type, product type, material, shape, application, distribution channel and end user. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of type, the North America magnet wire market is segmented into copper wire, aluminium wire and others. In 2021, copper wire segment is expected to dominate the market as copper wires are very strong and have high resistance power.
- On the basis of product type, the North America magnet wire market is segmented into enamelled wire and covered conductor wire. In 2021, the enamelled wire segment is expected to dominate the market as enamelled wire have high durability.
- On the basis of material, the North America magnet wire market is segmented into polyamide-imide (PAI), polyimides (PI), polyetherimide (PEI), polyether ether ketone (PEEK) and others. In 2021, the polyether ether ketone (PEEK) segment is expected to dominate the market as polyether ether ketone (PEEK) have good compatability.
- On the basis of shape, the North America magnet wire market is segmented into round magnet wire, round bondable magnet wire, rectangle magnet wire and square magnet wire. In 2021, the round magnet wire segment is expected to dominate the market as round magnet wire has good insulating effect.
- On the basis of application, the North America magnet wire market is segmented into motor, home appliance, transformer and others . In 2021, motor is projected to dominate the North America magnet wire market as in motors, magnet wire consist of a solid oxide film which makes its suitable for insulation.
- On the basis of distribution channel, the North America magnet wire market is segmented into E-commerce, supermarks/hypermarkets, specialty stores, b2b/third party distributors and others. In 2021, b2b/third party distributors segment is dominating the North America magnet wire market as b2b channel helps in reducing cost while boosting revenue.
- On the basis of end user, the North America magnet wire market is segmented into electrical and electronics, industrial, transportation, infrastructure, energy, automotive, residential and others. All these are further segmented into by type copper wire, aluminium wire and others. In 2021, electrical and electronics sector is dominating the North America magnet wire market North Americaly due to an increase in the construction of energy plants in all the countries.
North America Magnet Wire Market Country Level Analysis
The North America magnet wire market is categorized into seven notable segments which are based on the type, product type, material, shape, application, distribution channel and end user.
The countries covered in North America magnet wire market report are U.S., Canada, Mexico.
The U.S. is dominating the North America market due to the increasing usage of magnet wire in the medical sector in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of North America brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Growth in the consumer electronics sector
Magnet wire market also provides you with detailed market analysis for every country growth in industry with sales, components sales, impact of technological development in magnet wire market and changes in regulatory scenarios with their support for the magnet wire market. The data is available for historic period 2010 to 2019.
Competitive Landscape and Magnet Wire Market Share Analysis
North America magnet wire market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, North America presence, production sites and facilities, company strengths and weaknesses, product launch, clinical trials pipelines, brand analysis, product approvals, patents, product width and breath, application dominance, technology lifeline curve. The above data points provided are only related to the company’s focus related to magnet wire market.
The major market players engaged in the North America magnet wire market are LS Cable & System Ltd., Rea, IRCE SpA, ELEKTRISOLA, Tongling Jingxun Special Enamelled Wire Co.,Ltd., FURUKAWA ELECTRIC CO., LTD., Sam Dong, Synflex Elektro GmbH, Ederfil Becker, Sumitomo Electric Industries, Ltd., Fujikura Ltd., Hitachi Metals, Ltd., ACEBSA, Zhengzhou LP Industrial Co., Ltd., ElsewedyElectric, Derechos reservados Xignux, Von Roll, ROSHOW GROUP CO.,LTD, Precision Wires and Dahrén Group among others.
For instance,
- In June 2021, Sumitomo Electric Industries, Ltd. obtained SBTi certification for its GHG emission reduction targets and supports TCFD recommendations. With this certification, the company has gained an excellent reputation regarding environment conservation all over the world.
- In April 2021, Fujikura Co., Ltd. launched large diameter optical fibre cleaver CT105+ series which automatically detects the optimum optical fibre clamping force. The product was launch was done in order to provide a variety in their existing product portfolio.
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