The Europe Copper Magnetic Wire Market would witness market growth of 4.9% CAGR during the forecast period (2022-2028).
Magnetic wires are produced in various forms, including square, rectangle, and round. The magnetic wires' exact shape also determines the coil's tightness. Due to its characteristics of less space consumption and greater mechanical strength as compared to other shapes, round copper magnetic wires are utilized the most. These wires offer excellent flexibility, abrasion resistance, and strong mechanical strength. Copper magnetic wire is made of high-temperature enameled electrolytic tough pitch-grade copper, which makes up 99.97% of the material.
The coverings or enamels are selected based on the use and temperature requirements for the copper magnetic wires. In comparison to copper wires, the rate of accidents of their alternative counterparts is significantly higher. Specific qualities offered by the enamels include solderability, temperature resistance, and abrasion resistance, among others. Some manufacturers claim that the copper magnetic wires have two to three years of life and can withstand temperatures of up to 200oC. The copper magnetic wires have a size range of 0.02 to 3.00 mm.
The strong demand for semiconductor technologies has caused the electronics sector in the Europe region to grow steadily. Also, the installed renewable capacity in the region is regularly growing. Therefore, the demand for copper magnetic wire is anticipated to increase significantly over the next several years due to the expansion of the European markets for electronic devices and power production. According to the European Environment Agency, wind energy is expected to be crucial in helping Europe meet its goals for renewable energy. In addition, rising electric vehicle manufacturing is anticipated to fuel product demand in the upcoming years.
The Germany market dominated the Europe Copper Magnetic Wire Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1,850.2 Million by 2028. The UK market is anticipated to grow at a CAGR of 4% during (2022 - 2028). Additionally, The France market would exhibit a CAGR of 5.6% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
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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