Copper Magnet Wire Market Size, Share and Global Trend By Type (Round, Rectangular), By Application (Motors, Transformers, HVAC Systems, Electronic Appliances, Others), By End-User (Residential, Commercial, Industrial) and Regional Forecast, 2024-2032

Copper magnet wire is comprised of 99.97% of electrolytic tough pitch grade copper, which is enamelled with at high temperature. The magnet wires are of enamelled with polyamides, polyester, formal, polyurethane, epoxy, and polyamidimide among others. The enamels are chosen based on the application and temperature conditions of the copper magnet wires.

The enamels provide specific features such as solderability, thermal resistance, and abrasion resistance among others. The temperature ranges of the copper magnet wires can go up to more than 200^oC and a life span of around 2-3 years as reported by some of the manufacturers. The size of the copper magnet wires ranges from 0.02 mm to 3.00 mm.

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By type, the copper magnet wire market is bifurcated as round and rectangular windings available in the market. The round windings have applications in the solenoids, automotive coils, power transformers, and relays among others. Wherein, the rectangular wound copper magnet wires transformers, and some motors.

The extensive use of round copper magnet wires in more number of applications is expected to create a high demand for the round copper magnet wires in the coming years. Owing to this, the round copper magnet wires are anticipated to dominate the global copper magnet wire market by type. By application, the copper magnet wire market is segmented on the basis of the use of copper magnet wires in motors, transformers, electronic appliances, and HVAC systems among other applications.

The transformers and motors applications are expected to hold the lion's share in the global copper magnet wire market by application owing to high demand from the automotive and power generation industry for motors and transformers.  By end-user, the copper magnet wire market is categorized based on the applications of copper magnet wires in the residential, commercial and industrial sectors. The Industrial segment is further classified as power generation, electronic equipment, and automotive among other industries.

Copper magnet wire is used in the coils of electronic appliances such as computers, phones, and television sets, among others. The electronic and telecommunication industry has witnessed significant growth in recent years. Increase in the per capita disposable income and growing internet usage are among key factors for the growth in the sales of electronic appliances such as cell phone and computers.

Owing to this, the copper magnet wire market is expected to grow at a considerable rate in the coming years. The copper magnet wire has applications in the electrical industry as conductors in transformers. thus, the growth in the power generation industry is therefore expected to drive the sales of the copper magnet wire in the coming years.

The accident rate of the other counterparts of copper wires is much higher as compared to that of copper wires. This is expected to add in the growth of the copper magnet wire market over the forecast period.

The copper wires have other counterparts available in the market such as aluminum magnet wires which are available at economical prices as compared to the copper magnet wires. Owing to this, the growth of the copper magnet wire market is anticipated to retard in the coming years.

Key Players Covered

Some of the major companies that are present in the global copper magnet wire market are Altana AG, Superior Essex Inc., TE Connectivity, Salzer Electronics Limited, Schwering & Hasse Elektrodraht GmbH, Strunk Connect GmbH & Co. KG, Tongling Jingda Special Electromagnetic Wire Co., Ltd, Wuxi Xizhou Magnet Wires Co., Ltd, Hitachi Metals Ltd, Fujikura Ltd, Shibata Co., Ltd, Hi-Wire Limited, and Ormiston Wire Limited among others.

SEGMENTATION

Regional Analysis

The global copper magnet wire market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The power generation industry in the North America region is expected to witness robust growth in the coming years. As reported by U.S Energy Information Administration, the U.S is anticipated to install wind and solar PV energy capacities of around 72 MW up to 2021. Owing to this, the copper magnet wire market in North America is expected to grow at healthy rates in the near future. Europe region has witnessed a steady growth in the electronics industry owing to the high demand for semiconductor equipment. Additionally, the installed renewable capacities in the region are increasing yearly. Owing to the growth of the electronic equipment and power generation industry in Europe, the copper magnet wire market is forecast to grow at a considerable rate in the coming years. Latin America region is a developing region and has announced its plans to add new capacities for power generation. The region has various initiatives such as clean energy corridor of Central America which aid in boosting the renewable capacity addition in the region. This is expected to drive the sale of copper magnet wires in Latin America over the forecast period. The Middle East and Africa region are focusing on shifting its attention from the oil and natural gas industry towards other industrial sectors such as renewable power generation. The countries such as Saudi Arabia and South Africa have added significant solar capacities which have boosted renewable energy growth in the region. The growth of the renewable industry in the region is expected to augment the growth of the copper magnet wire market in the near future. Asia Pacific region is among the key consumers and producers of the electronic equipment mainly driven by the technological advancements in the electronics sector, the high population in the region and rising per capita disposable income in the countries such as India and China. The region has also installed high solar and wind capacities in the recent past. Owing to this, the copper magnet wire market is expected to grow at significant rates in the region.

Key Industry Developments

• In June 2019, Superior Essex Inc. has announced its plans to collaborate with Furukawa Electric to expand its global footprint in the Chinese and North American markets. The companies established a joint venture in Germany under the name Essex Furukawa Magnet Wire Europe GmbH
• In July 2018, Audi Hungaria announced that it had started the production of its electric motor series with brand name Gyor. The motor has enamelled copper wiring or copper magnet wiring compactly wound inside the casing