Aluminum Magnet Wire Market
Aluminum Magnet Wire Market Forecasts to 2030 - Global Analysis By Type (Self -Bonding Wire, Enameled wire, Covering Wire, Paper-Insulated Wire, Fiber Insulated Wire, Film Insulated Wire and Other Types), Distribution Channel, Application and By Geography
According to Stratistics MRC, the Global Aluminum Magnet Wire Market is accounted for $36.6 billion in 2023 and is expected to reach $58.0 billion by 2030 growing at a CAGR of 6.8% during the forecast period. Aluminum magnet wire is a form of electrical conductor wire constructed from aluminum. It is sometimes referred to as aluminum winding wire or aluminum magnet wire. It is typically used for winding coils, transformers, and inductors but is also employed in a variety of electrical and electronic applications. This wire is intended particularly for uses in which an electric current passing through it produces a magnetic field. High-purity aluminum makes up the majority of this wire. To achieve optimum electrical conductivity, the aluminum utilized is usually electrolytically purified.
According to a research, in 2021, in China, overall number of plug-in electric vehicle registrations increased by 153% year over year to over 3.2 million (from 1.27 million in 2020).
Market Dynamics:
Driver:
High electrical conductivity
The cost of copper magnet wire is often higher than aluminum magnet wire. Aluminum can drastically lower production costs since it is more accessible and less costly than copper. Aluminum has an advantage over copper in situations where weight reduction is important since it is lighter than copper. This is crucial for sectors like aircraft and automotive, where weight reduction may increase performance and fuel economy. These are the elements driving the market's expansion.
Restraint:
Limited availability
When sourcing materials for certain applications, aluminum magnet wire may not be as easily accessible in some areas as copper wire, which might be a practical drawback. Aluminum magnet wire is less often utilized, hence there are fewer suppliers and producers of it. This might make it difficult to locate particular sizes or varieties of aluminum magnet wire, especially if have particular needs. This is the element restricting the market's expansion.
Opportunity:
High Corrosion Resistance
The corrosion-resistance of aluminum means that it can withstand outdoor use and extreme weather conditions without the need for extra protective coatings. Compared to copper, it is more ecologically friendly. It is a sustainable option because it uses less energy to create and is recyclable. Despite having a somewhat lower electrical conductivity than copper, aluminum may nevertheless offer outstanding energy efficiency in many applications if it is correctly constructed. These factors are propelling the growth of the market.
Threat:
Higher maintenance and repair costs
Aluminum magnet wire is often softer and has lesser mechanical strength. This might make it more prone to damage during installation, which could cause problems down the road. Aluminum magnet wire sometimes requires a wider diameter to transmit the same current as copper wire due to its poorer conductivity. Applications with a small footprint or those where size considerations are crucial may face difficulties as a result of this.
Covid-19 Impact:
Magnet wire demand has been significantly impacted by COVID-19 because to a decline in demand from a number of end-use sectors. The pandemic's negative and immediate effects have been noticed by transportation, one of the primary consumers of magnet wires. The shutdown across internal and international boundaries has had an impact on the power and electronics industry. Magnet wire demand has been negatively influenced by this.
The motors segment is expected to be the largest during the forecast period
The motors segment is expected to be the largest during the forecast period. Magnet wires are used as winding coils for a variety of applications, including electrical motors, household appliances, transformers, and generators, in order to utilize or create electricity depending on the application. On the whole magnet wire market, motors are where magnet wires are most frequently used. Numerous end-use sectors, including transportation, manufacturing, and energy, require motors. Magnet wires in motors are mostly consumed by the automobile sector.
The electrical and electronics segment is expected to have the highest CAGR during the forecast period
The electrical and electronics segment is expected to have the highest CAGR during the forecast period. Magnet wires are mostly used in electrical and electronic devices across the world. Global urban population growth, technological advancements, and rising consumer spending power are driving the electrical and electronics sector's consumption. The need for magnet wires is being driven by the rising use of many home appliance goods in the region.
Region with largest share:
North America is projected to hold the largest market share during the forecast period. The rising usage of electrical and technical devices in the area is to blame for this. Additionally, it is projected that growing demand from the industrial and transportation sectors would contribute to a certain degree of market revenue development. Additionally, a certain degree of income increase in the industrial and transportation sectors is anticipated.
Region with highest CAGR:
Asia Pacific is projected to hold the highest CAGR over the forecast period. The need for continuous power supply in homes, businesses, and other commercial settings has increased along with the use of portable energy-carrying electronic devices, and this has led to an increase in the demand for magnet wire from the energy sector. Magnet wire coil components are found in several consumer goods, including inverters, air conditioners, toys, trimmers, fans, etc.
Key players in the market
Some of the key players in Aluminum Magnet Wire market include Furukawa Electric Co., Ltd., Fujikura Ltd., Sam Dong, Tongling Jingda Special Magnet Wire Co., Ltd., IRCE S.p.A, Von Roll, LS Cable & System Ltd., Ningbo Jintian Copper (Group) Co., Ltd., Hitachi Metals Ltd., Sumitomo Electric Industries, Ltd., Precision Wires India Limited, LWW Group, Roshow Technology Co., Ltd., Schwering & Hasse Elektrodraht Gmbh, Elektrisola, Superior Essex and Alconex.
Key Developments:
In October 2021, Von Roll Holding AG received IATF certification for its resins manufacturing plant in the Italian production site at Trofarello.
In March 2021, Furukawa Electric Co. Ltd. initiated mass production of heat dissipation/cooling products at Furukawa Electric Thermal Management Solutions & Products, Laguna, Philippines.
In March 2021, LS Cable & System Ltd. confirmed to have become the sole supplier of enameled magnet wire for the drive motors of Kia EV6 and IONIQ 5 electric vehicles. The company is also working on further developments of high-voltage magnet wires for potential use in EVs manufactured by General Motors.
Types Covered:
• Self -Bonding Wire
• Enameled wire
• Covering Wire
• Paper-Insulated Wire
• Fiber Insulated Wire
• Film Insulated Wire
• Other Types
Distribution Channels Covered:
• Specialty Stores
• Third Party Distributors
• E-Commerce
• Supermarkets/Hypermarkets
• Other Distribution Channels
Applications Covered:
• Transformers
• Home Appliance
• Motors
• Reactor
• Other Applications
End Users Covered:
• Transportation
• Energy
• Residential
• Infrastructure
• Automotive
• Industrial
• Electrical and Electronics
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Aluminum Magnet Wire Market, By Type
5.1 Introduction
5.2 Self -Bonding Wire
5.3 Enameled wire
5.4 Covering Wire
5.5 Paper-Insulated Wire
5.6 Fiber Insulated Wire
5.7 Film Insulated Wire
5.8 Other Types
6 Global Aluminum Magnet Wire Market, By Distribution Channel
6.1 Introduction
6.2 Specialty Stores
6.3 Third Party Distributors
6.4 E-Commerce
6.5 Supermarkets/Hypermarkets
6.6 Other Distribution Channels
7 Global Aluminum Magnet Wire Market, By Application
7.1 Introduction
7.2 Transformers
7.3 Home Appliance
7.4 Motors
7.5 Reactor
7.6 Other Applications
8 Global Aluminum Magnet Wire Market, By End User
8.1 Introduction
8.2 Transportation
8.3 Energy
8.4 Residential
8.5 Infrastructure
8.6 Automotive
8.7 Industrial
8.8 Electrical and Electronics
8.9 Other End Users
9 Global Aluminum Magnet Wire Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa
10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies
11 Company Profiling
11.1 Furukawa Electric Co., Ltd.
11.2 Fujikura Ltd.
11.3 Sam Dong
11.4 Tongling Jingda Special Magnet Wire Co., Ltd.
11.5 IRCE S.p.A
11.6 Von Roll
11.7 LS Cable & System Ltd.
11.8 Ningbo Jintian Copper (Group) Co., Ltd.
11.9 Hitachi Metals Ltd.
11.10 Sumitomo Electric Industries, Ltd.
11.11 Precision Wires India Limited
11.12 LWW Group
11.13 Roshow Technology Co., Ltd.
11.14 Schwering & Hasse Elektrodraht Gmbh
11.15 Elektrisola
11.16 Superior Essex
11.17 Alconex
List of Tables
1 Global Aluminum Magnet Wire Market Outlook, By Region (2021-2030) ($MN)
2 Global Aluminum Magnet Wire Market Outlook, By Type (2021-2030) ($MN)
3 Global Aluminum Magnet Wire Market Outlook, By Self -Bonding Wire (2021-2030) ($MN)
4 Global Aluminum Magnet Wire Market Outlook, By Enameled wire (2021-2030) ($MN)
5 Global Aluminum Magnet Wire Market Outlook, By Covering Wire (2021-2030) ($MN)
6 Global Aluminum Magnet Wire Market Outlook, By Paper-Insulated Wire (2021-2030) ($MN)
7 Global Aluminum Magnet Wire Market Outlook, By Fiber Insulated Wire (2021-2030) ($MN)
8 Global Aluminum Magnet Wire Market Outlook, By Film Insulated Wire (2021-2030) ($MN)
9 Global Aluminum Magnet Wire Market Outlook, By Other Types (2021-2030) ($MN)
10 Global Aluminum Magnet Wire Market Outlook, By Distribution Channel (2021-2030) ($MN)
11 Global Aluminum Magnet Wire Market Outlook, By Specialty Stores (2021-2030) ($MN)
12 Global Aluminum Magnet Wire Market Outlook, By Third Party Distributors (2021-2030) ($MN)
13 Global Aluminum Magnet Wire Market Outlook, By E-Commerce (2021-2030) ($MN)
14 Global Aluminum Magnet Wire Market Outlook, By Supermarkets/Hypermarkets (2021-2030) ($MN)
15 Global Aluminum Magnet Wire Market Outlook, By Other Distribution Channels (2021-2030) ($MN)
16 Global Aluminum Magnet Wire Market Outlook, By Application (2021-2030) ($MN)
17 Global Aluminum Magnet Wire Market Outlook, By Transformers (2021-2030) ($MN)
18 Global Aluminum Magnet Wire Market Outlook, By Home Appliance (2021-2030) ($MN)
19 Global Aluminum Magnet Wire Market Outlook, By Motors (2021-2030) ($MN)
20 Global Aluminum Magnet Wire Market Outlook, By Reactor (2021-2030) ($MN)
21 Global Aluminum Magnet Wire Market Outlook, By Other Applications (2021-2030) ($MN)
22 Global Aluminum Magnet Wire Market Outlook, By End User (2021-2030) ($MN)
23 Global Aluminum Magnet Wire Market Outlook, By Transportation (2021-2030) ($MN)
24 Global Aluminum Magnet Wire Market Outlook, By Energy (2021-2030) ($MN)
25 Global Aluminum Magnet Wire Market Outlook, By Residential (2021-2030) ($MN)
26 Global Aluminum Magnet Wire Market Outlook, By Infrastructure (2021-2030) ($MN)
27 Global Aluminum Magnet Wire Market Outlook, By Automotive (2021-2030) ($MN)
28 Global Aluminum Magnet Wire Market Outlook, By Industrial (2021-2030) ($MN)
29 Global Aluminum Magnet Wire Market Outlook, By Electrical and Electronics (2021-2030) ($MN)
30 Global Aluminum Magnet Wire Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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