The global wire enamels market was calculated US$ 787.1 Mn 2019 and is expected to reach 994 Mn by 2027, at a CAGR of ~3.8% during a forecast period.
Global Wire Enamels Market
Market Definition:
Wires treated with wire enamels are mainly known as magnet wires. Wire enamels, also known as coating material, are applied on aluminum or copper available in the round or flat shape, enamels are smoked on theses wires by supplying heat on the surface which act as key electric insulation for the aluminum and copper wires.
The report study has analyzed the revenue impact of COVID-19 pandemic on the sales revenue of market leaders, market followers, and disrupters in the report, and the same is reflected in our analysis.
Market Growth Factor
Growth and development in the electronic industry are expected to remain the key factor for the market growth. Growing applications of the product are mainly recorded for motors, generators, mechanical equipment, numerous electric gaging devices expected to boost the market demand during the growing years. These enamels hold characteristics like chemical and thermal resistance laterally with enhanced mechanical constancy. Wire enamels help to reduce the probability of short circuits during workplace, which helps to boost the self-life of wires. Technological advancement and growth in applicants like automotive, industrial, transportation, home appliance manufacturing industries, and others are boosting the product demand owing to the above-mentioned properties.
Growth in the electronic industry will help the PCL market to grow as it has thermal resistance property in extreme conditions, which is a key demand from the electronic sector to grow the market demand. Demand from the construction industry estimated to contribute towards the market growth as wire enamels have vast applications in household products and materials used in the production are effective insulation that is used by the service providers while constructing the home appliances insulation. Availability of product with a variation like polyesterimide, polyurethane, polyester, polyamide-imide with numerous applications as per industry needs are expected to intensify the market demand. The boom in polyurethane consumption demand will simultaneously help the targeted market growth as will highly demand wire enamels.
Moreover, instability of raw material costs and the presence of substitutes at low costs are expected to hamper the wire enamels market growth.
Wire Enamels Market Segment analysis:
In terms of the product type segment, the polyurethane wire enamel sector embraces the dominant share of the global wire enamel market, expected to remain dominant sector throughout the forecasted period. It is one of the most basic, commercially available biodegradable polymer used in the production of wire enamels. It imparts chemical and thermal resistance properties after coating along with improved flexibility and toughness. These properties of polyurethane wire enamel polyols are attracting the vendors to invest in the market. The major application of targeted segment is engaged in the production of small motors, transformer, relays timers and others owing to their excellent property and popularity of the products amongst manufacturers.
Wire Enamels Market Regional Analysis:
Regionally, Asia Pacific is expected to dominate the wire enamels market and is expected to grow at an estimated CAGR of 10.23 % during the forecast period. Developing industries like construction, electronics, industrial and machinery engineering and others are majorly contributing to this market to grow in the Asia Pacific region. Rapid transportation industrialization and rising disposable income with changing lifestyles are contributing to the growth of the regional wire enamels market. In Asia Pacific, China is documented as the chief shareholder country for this market. Approximately XX% of market value is covered by China and expected to witness industrial loss due to major crises of COVID-19 that might hamper the market growth of China for a long duration.
Additionally, the North American market for wire enamels is considered as the second largest market and anticipated to witness major growth because of the trends on the global front which will broadly contribute to the market growth in terms value and volume.
The objective of the report is to present a comprehensive analysis of the Global Wire Enamels Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Wire Enamels Market dynamics, structure by analysing the market segments and project the Global Wire Enamels Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Wire Enamels Market make the report investor’s guide.
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Scope of Wire Enamels Market
Global Wire Enamels Market, By Product Type
• Polyurethane Wire Enamels
• Polyesterimide Wire Enamels
• Polyamide-imide Wire Enamels
• Polyester Wire Enamels
• Others
Global Wire Enamels Market, By Application
• Copper Wires
• Aluminum Wires
Global Wire Enamels Market, By Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
Key Players Operating the Wire Enamels Market,
• Zhengjiang Electronic materials
• Hitachi-Chem
• Superior Essex
• Totoku Toryo
• Huber Group
• Elantas
• Axalta
• Xianda
• Kyocera
• Taihu
• Emtco
• Zhitong
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