The Asia Pacific Copper Magnetic Wire Market would witness market growth of 5.4% CAGR during the forecast period (2022-2028).
The coils of electronic equipment, including computers, phones, and televisions, use copper magnetic wire. The electronic and telecommunications sector has expanded considerably in recent years. The growth in electronic equipment sales like cell phones and computers is mostly due to increased disposable income and rising internet usage. As a result, the copper magnetic wire market is anticipated to expand significantly in the upcoming years.
Additionally, the electrical industry uses copper magnetic wire as conductors in transformers. In light of this, it is anticipated that sales of copper magnetic wire will increase due to the expansion of the power generation sector. Due to the expanding potential of electrical drives used in electric vehicle energy production and transmission, along with energy storage devices in off-grid and industrial power distribution networks, the demand for copper magnetic wires is increasing in the energy and transportation sectors.
In order to solve environmental issues, it has been required to cut back on environmental effects, including resource depletion and air pollution, as well as carbon dioxide emissions, to prevent global warming. The largest contributors to these emissions are the energy conversion and industrial sectors, followed by the transportation and automotive sector. In order to address regulatory requirements, the number of electric vehicles (EVs), including hybrid EVs (HEVs), plug-in EVs (PHEVs), and battery EVs (BEVs), has been rapidly rising.
In the upcoming years, the demand for copper magnet wires is anticipated to be significantly fueled by the end-use industries for magnetic wires, such as the infrastructure, transportation, and power sectors, which are expanding quickly in the region. Furthermore, in nations like India, China, and Japan, the automotive as well as electrical & electronics industries have been expanding rapidly owing to the regional populations' increasing disposable incomes, bolstering their purchasing power. Additionally, the regional nations' government policies and regulations aimed at enhancing the nation's manufacturing sector are anticipated to positively influence the market.
The China market dominated the Asia Pacific Copper Magnetic Wire Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $3,839.8 Million by 2028. The Japan market is estimated to grow a CAGR of 4.8% during (2022 - 2028). Additionally, The India market would experience a CAGR of 6.1% during (2022 - 2028).
Based on Industry, the market is segmented into Machinery, Automotive, Construction, Aerospace and Others. Based on Type, the market is segmented into Enameled and Covered. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Copper Magnetic Wire Market is Projected to reach USD 31.6 Billion by 2028, at a CAGR of 5.1%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Sumitomo Electric Industries, Ltd., LS Cable & System Ltd., Schwering & Hass Elektrodraht GmbH (SYNFLeX Elektro GmbH), Proterial, Ltd (Hitachi, Ltd), SAM Dong Co., Ltd, Elektrisola Dr. Gerd Schildbach GmbH & Co. KG, Rea Magnet Wire Company Inc., IRCE S.p.A., Dahrén Group (Liljedahl Group AB) and Hpw Metallwerk GmbH.
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