One of the main things preventing the industry from growing is the variable cost of raw materials. Copper and aluminium are the key raw materials used. The kind, accessibility, and quality of the raw materials accessible from the smelters may affect the pricing of magnet wires. Since the pandemic’s onset, it has become more challenging to source high-quality copper and aluminium due to decreased mining production and too-low costs. This condition is driving up demand for high-quality raw materials to be sourced, which in turn is driving up demand for magnet wires of the highest calibre.
What is Automotive Magnet Wire?
In order to wind motors, transformers, generators, and any other electrical device where electrical energy is transformed to mechanical energy, magnet wire is an insulated copper or aluminium conductor. A varnish film or other sort of coating, such as polyester glass, mica, or polyimide tape, will serve as the insulation. The insulation gives the wire mechanical or electrical qualities.
In the automobile industry, magnet wire plays a crucial role in changing the electrical energy found in motors, starters, ignition coils, power control systems, and other sections of the vehicle. The following characteristics of magnet wire are present: consistent insulation, good electric qualities like dielectric strength with insulation resistance, resistance to mechanical stress, resistance to chemicals and solvents, thermal resistance, and a lengthy thermal life.
Some Information regarding automotive magnet wire market
- In the expected time frame of 2021 to 2028, the automotive magnet wire market is anticipated to develop. According to Data Bridge Market Research’s analysis, the market is predicted to develop at a CAGR of 4.3% from 2021 to 2028 and reach USD 6,187.33 million. The worldwide automotive magnet wire market is expanding as a result of increasing EV adoption, which has increased the need for magnet wires.
- The market for automotive magnet wire is expanding due to the improved performance provided for vehicles as a result of the enamelled wire’s coating, which increases malleability, temperature, and resistance.
- The expansion of the automotive magnet wire industry is being constrained by rising copper magnet wire prices. The market for automotive magnet wire is being further stimulated by developments in the provision of low permittivity magnet wire. The automotive magnet wire market is facing difficulties as a result of the cases’ bulging and cracking.
- The automotive magnet wire market report details market share, recent developments, and product pipeline analysis. It also examines the impact of domestic and regional market players and examines opportunities in terms of new revenue pockets, regulatory changes, product approvals, strategic choices, product launches, market geographic expansions, and technological advancements.
Automotive Magnet Wire Market Scenario
- The Asia-Pacific region holds the largest market share for automotive magnet wire, followed by Europe and North America, according to Data Bridge Market Research. Sumitomo Electric Industries, Ltd., the market leader, is predicted to have a global market share of 10% to 11%. The company’s automobile magnet wire products have generated exceptional sales.
- Hyundai IONIQ 5 and Kia EV6 need magnet wire from LS Cable & System Ltd. in March 2021 to produce 800V high-voltage magnet wire (enamel wire) in Korea. By providing magnet wire to other automakers, the firm expanded the scope of its operations and increased its market share internationally.
Purpose of Magnet Wire
- Magnet wire is the name given to the wire used to wound electrical equipment (also sometimes as motor wire or winding wire). Magnet wire is used to convert electrical energy into magnetic energy, to put it simply. Electric motors, together with the wheel and light bulb, are two of the greatest innovations of all time, and copper-insulated wire used in electric motors is the most typical magnet wire.
- The transformation of electrical energy into mechanical energy involves magnet wire. Electric motors and equipment are two examples. The mass production of electric motors made possible by improvements in the design and production of magnet wire had a significant influence on the expansion of industry in the 20th century.
About the report
The value-based approach is used to assess the global automotive magnet wire market (USD Billion). On a global, regional, and national level, all the segments have been examined. For each component of the study, more than 30 nations are analyzed. For acquiring crucial market information, the research provides an in-depth analysis of driving drivers, opportunities, constraints, and challenges. Porter’s five forces model, attractiveness analysis, and competition position grid analysis are all included in the research.
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About data bridge market research
The data bridge is a market research firm that wants to help businesses become more company by giving them useful insights from data analytics. In order to satisfy the client’s demands for high-quality output in a short amount of time, we have a reliable forecasting and estimate methodology. We provide syndicated reports as well as bespoke (client-specific) reports. All of the categories and subcategories across all of the domains are included in our collection of syndicate reports. Whether a customer is wanting to grow or is preparing to introduce a new product to the worldwide market, our bespoke solutions are made to match their needs.