Shreeya ChourasiaSept 17, 2019
Enamel wires, commonly called as magnet wires, are used for interchanging electrical energy with magnetic energy for insulation. The market for these wires is driven by the strengthening economies across the globe. The increasing developments in technologies is fuelling the growth of the global enamel wire market. QY Research predicts the market size for the enamel wire, which was US$24100 mn in 2018 to reach US$24200 mn by 2025, market will rise by 0.1% CAGR.
Enamel wire has become a fundamental part of winding in every electrical machine or apparatus. This is attributed towards its various advantages over fibrous insulations such as high electrical resistance, unusual thinness, slight absorption of water, favourable space saving factor, good mechanical and chemical properties, and high level of breakdown voltage.
These features of enamel wires makes it ideal for applications in electrical and electronics, industrial, and transportation sectors. This wire can be found in electronics such as toys, trimmers, air conditioners, fans, and inverters. Also, it is majorly used in inductors, electromagnets, transformers, motors, hard disks, and other large devices. Additionally, increasing demand in the electric industry for creating sound in gadgets such as sound bar, headphones, and speakers has increased the demand for the enamel wires.
However, the market for enamel wires have some drawbacks due to fluctuating cost of raw material such as aluminium and copper.
The enamel wire is available in two different metals, copper and aluminium. While the copper wire provides better connectivity lowering the heat loss, the aluminium wire is lighter and has heat capacity thrice of copper allowing it to better withstand current overloads. The market for aluminium enamel wire is expected to grow in the future. The various applications of these wires are seen in motors, transformers, home appliance, reactor, and others.
Countries with developing economies in Asia Pacific region such as India, China, and Japan have increased demand for the enamel wire due to their growing electronic market. China, among other countries, is one of the largest consumer in the market. Emergence of new companies have boosted the demand for enamel wire in Europe.
Multiple companies are focusing on their R&D to produce better and advanced quality of enamel wires. Some of the major manufacturers in this market are Superior Essex, Rea, Sumitomo Electric, Liljedahl, Fujikura, Hitachi, IRCE, Magnekon, Condumex, Elektrisola, HONGYUAN, Ronsen Super Micro-Wire, Shenmao Magnet Wire, GOLD CUP ELECTRIC, and Tianjin Jing Wei Electric Wire.
Over the years enamel wire has gained an increasing popularity due to its various attributes. This has largely contributed to the market growth in the past years. Strengthening economies and rising markets in various countries are expected to drive the demand for global enamel wire market.