Global Copper Magnetic Wire Market Is Expected to Generate $39.0 Billion by 2031: Allied Market Research

Mar 23, 2023

The surge in demand for electric vehicles serves as a potential opportunity for the expansion of the global copper magnetic wire market. Based on end-user industry, the machinery segment accounted for the highest share in 2021. Based on region, Asia-Pacific held the largest share in 2021, contributing to more than two-fifths of the global copper magnetic wire market share.

Portland,OR, April 04, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global copper magnetic wire market garnered $23.3 billion in 2021, and is estimated to generate $39.0 billion by 2031, manifesting a CAGR of 5.3% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.

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Report coverage & details:

Report Coverage

Details

Forecast Period

2022–2031

Base Year

2021

Market Size in 2021

$23.3 billion

Market Size in 2031

$39.0 billion

CAGR

5.3%

No. of Pages in Report

283

Segments covered

type, end-user industry, and region

Drivers

Surge in global population and urbanizationSurging industrialization, especially in developing countriesGovernments across the world are expanding their electricity production capacity

Opportunities

Rise in demand for electric vehicles

Restraints

Fluctuating cost of copper required to construct copper magnetic wire

Covid-19 Scenario:

The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global copper magnetic wire market, owing to the implementation of the global lockdown which led to temporary shutdown of the manufacturing, process, construction, and other industries across the world, thereby decreasing the demand for copper magnetic wire.

However, owing to the introduction of various vaccines, the severity of the COVID-19 pandemic has significantly reduced. This has led to the full-fledged reopening of businesses involved in the copper magnetic wire market, and also led to increased activities in the industrial sector.

Furthermore, it has been more than two and a half years since the outbreak of this pandemic, and many companies have already shown notable signs of recovery.

The research provides detailed segmentation of the global copper magnetic wire market based on type, end-user industry, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.

Based on type, the enameled segment held the highest share in 2021, accounting for nearly three-fourths of the global copper magnetic wire market, and is expected to continue its leadership status during the forecast period. However, the covered segment is expected to register the highest CAGR of 5.6% from 2022 to 2031.

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Based on end-user industry, the machinery segment accounted for the highest share in 2021, contributing to nearly two-fifths of the global copper magnetic wire market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the construction segment is expected to manifest the highest CAGR of 6.7% from 2022 to 2031.

Based on region, Asia-Pacific held the largest share in 2021, contributing to more than two-fifths of the global copper magnetic wire market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the same region is expected to manifest the fastest CAGR of 6.1% during the forecast period. The research also analyzes regions including North America, Europe, and LAMEA.

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Leading Players:

Leading market players of the global copper magnetic wire market analyzed in the research include Schwering & Hasse Elektrodraht GmbH, Sumitomo Electric Industries, Ltd., Proterial, Ltd., Essex Furukawa Magnet Wire LLC, SAM Dong, Inc., Citychamp Dartong Co.,Ltd., ELEKTRISOLA, Rea Magnet Wire Company Inc., LS Cable & System, IRCE S.p.A., Dahren Group, Xignux (CME Wire and Cable, Inc.,), Ederfil Becker, Hpw Metallwerk GmbH, Tongling Jingda Special Magnet Wire Co., Ltd.

The report provides a detailed analysis of these key players of the global copper magnetic wire market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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