Winding Wire Market by Product and Geography - Forecast and Analysis 2022-2026

The winding wire market share is expected to increase to USD 12.08 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 5.04%.

This magnet wire market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers winding wire market segmentation by product (copper and aluminum) and geography (APAC, Europe, North America, South America, and Middle East and Africa). The winding wire market report also offers information on several market vendors, including Bharat Insulation Co. Pvt. Ltd., EL Sewedy Electric Co., Elcowire Group AB, Fujikura Co. Ltd., Furukawa Electric Co. Ltd., G. K. Winding Wires Ltd., Hitachi Ltd., International Wire, KEI Industries Ltd., Khaitan Winding Wire Pvt. Ltd., LS Cable and System Ltd., Prysmian Spa, REA MAGNET WIRE Co., Sam Dong America, Shanghai Metal Corp., Sumitomo Electric Industries Ltd., SUZHOU WUJIANG XINYU ELECTRICAL MATERIAL Co. Ltd., SynFlex Elektro GmbH, Vimlesh Industries Pvt. Ltd., and Zhengzhou LP Industrial Co. Ltd. among others.

What will the Winding Wire Market Size be During the Forecast Period?

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Winding Wire Market: Key Drivers, Trends, and Challenges

The expansion of power generation and T&D network is notably driving the winding wire market growth, although factors such as the high fragmentation of the market limits consistent increases in ASP may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the winding wire industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Winding Wire Market Driver

• One of the key factors driving the global winding wire industry growth is the expansion of power generation and T&D network.
• The generation of electricity is increasing at a rapid pace in countries such as India and China.
• According to the NEA, the total power use in China reached 8.31 trillion kilowatt-hours (kWh) in 2021.
• In India, power consumption grew by 4.5% in December 2021 to 110.32 billion units (BU) over the same period in 2020.
• The electric generators used in hydroelectric, thermal, and wind power plants require large quantities of winding wires.
• Winding wires are used in inverters that are placed in solar power plants to convert DC into AC and transform it into the correct primary voltage.
• UK Power Networks and National Grid Plc are trying to develop a smart grid with inbuilt flexibility to accept additional capacity from energy companies for local distribution.
• The US and Germany are expected to invest approximately USD 135 billion in the development of the smart grid by 2026. Such factors will drive the market growth in the forecast years.

Key Winding Wire Market Trend

• Increasing focus on energy-efficient winding wires is one of the key winding wire market trends that is expected to impact the industry positively in the forecast period.
• Winding wires are used in transformers, generators, and inductors for transformation from electrical energy to electrical energy, electrical energy to mechanical energy, and mechanical energy to electrical energy.
• A considerable amount of the energy is lost as heat energy in this transformation. Thus, vendors are focusing on increasing the efficiency of electrical equipment, such as motors and transformers, which is driving the demand for highly efficient winding wire, as it has the potential to reduce electrical energy consumption in a motor or transformer.
• Vendors are also launching a winding wire that has improved thermal efficiency.
• The trains and electric vehicles are being introduced with regenerative braking systems.
• The growing focus on energy efficiency is expected to increase the demand for winding wires with high efficiency in the coming years.

Key Winding Wire Market Challenge

• One of the key challenges to the global winding wire industry growth is the high fragmentation of the market limits consistent increases in ASP.
• A small-scale winding wire manufacturing facility can be set up at an investment of less than USD 1 million. Thus, the market is catered by numerous small vendors in countries such as China and India.
• The small vendors operate in small workshops and do not use sophisticated manufacturing equipment and advanced testing systems. Thus, the cost of manufacturing winding wire for such vendors is much lower than for key vendors.
• The unrecognized vendors are not able to sell directly to OEMs, whereas workshops that repair motors and transformers usually purchase from unrecognized vendors to keep their service costs as low as possible or maximize profit.
• The high fragmentation of the market limits may limit the market growth in the coming years.

This winding wire market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global winding wire market as a part of the global electrical components and equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the winding wire market during the forecast period.

Who are the Major Winding Wire Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• Bharat Insulation Co. Pvt. Ltd.
• EL Sewedy Electric Co.
• Elcowire Group AB
• Fujikura Co. Ltd.
• Furukawa Electric Co. Ltd.
• G. K. Winding Wires Ltd.
• Hitachi Ltd.
• International Wire
• KEI Industries Ltd.
• Khaitan Winding Wire Pvt. Ltd.
• LS Cable and System Ltd.
• Prysmian Spa
• REA MAGNET WIRE Co.
• Sam Dong America
• Shanghai Metal Corp.
• Sumitomo Electric Industries Ltd.
• SUZHOU WUJIANG XINYU ELECTRICAL MATERIAL Co. Ltd.
• SynFlex Elektro GmbH
• Vimlesh Industries Pvt. Ltd.
• Zhengzhou LP Industrial Co. Ltd.

This statistical study of the winding wire market encompasses successful business strategies deployed by the key vendors. The winding wire market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

• Elcowire Group AB - The company offers winding wires that are used in cables employed in the electrical and automotive industry as well as telecommunications. 
• EL Sewedy Electric Co. - The company offers winding wires that are tested to IEC and European standards which are used especially in the field of oil and dry transformers, switch gears, motors and compressors.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The winding wire market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Winding Wire Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the winding wire market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Winding Wire Market?

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78% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for winding wire in APAC. Market growth in this region will be faster than the growth of the market in other regions.

APAC is the biggest producer of products such as motors, transformers, and others that are used in power generation and T&D networks, process and discrete industries, residential and commercial equipment such as air conditioners, speakers, and headphones, and automotive motors for subsystems and traction. This will facilitate the winding wire market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In 2020, several industries, such as automotive, manufacturing, and construction, in most countries of the region witnessed disrupted operations due to the outbreak of COVID-19. The rise in the number of COVID-19 cases drastically affected the manufacturing activities that used winding wires in their production process in APAC in the first half of 2020, as most countries in the region enforced nationwide lockdowns. However, the initiation of the vaccination drive, ease in lockdown restrictions, and restoration of supply chain activities revived the growth of the market in the last quarter of 2020. Hence, it is expected that the market for winding wire in the region is likely to grow during the forecast period.

What are the Revenue-generating Product Segments in the Winding Wire Market?

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The winding wire market share growth in the copper segment will be significant during the forecast period. Copper is used extensively to produce winding wire, as it exhibits much better mechanical and electrical properties than aluminum. Copper winding also exhibits higher corrosion resistance than aluminum winding and requires less frequent inspection and maintenance. The high current carrying capacity of copper wires of a given diameter than that of equivalent aluminum wire will drive the segment growth.

This report provides an accurate prediction of the contribution of all the segments to the growth of the winding wire market size and actionable market insights on post COVID-19 impact on each segment.

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What are the Key Data Covered in this Winding Wire Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive winding wire market growth during the next five years
• Precise estimation of the winding wire market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the winding wire industry across APAC, Europe, North America, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of winding wire market vendors

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