Resistance Heating Wire Market to reach USD 4.1 Billion - Risk-adjusted numbers with COVID-19 analysis change scenario

The global resistance heating wire market is expected to reach the market value of around USD 4.1 billion by 2030 and is expected to grow at a CAGR of around 8.3% in terms of revenue during the period 2022 - 2030. Rising demand of resistance heating wire in different industries such as glass industry, ceramic sintering and heat treatment are major factors boosting the growth of the market.

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The usage of wire at wide range in electric ovens and water heaters may further propel the growth of resistance heating wire market. Owing to the increasing per capita income of people, there is a significant rise in demand for various consumer goods such as ovens, toasters, and other; and changing lifestyle of the people have fuelled the growth of market. Furthermore, existence of huge number of alternatives and high cost of the material may hinder the growth of the market.

Electric Home Appliances Propel the Market Growth of Resistance Heating Wire

Alloy is widely used material for resistance heating wire in electric home appliances. In many situations, the primary importance is given to the stability of resistors, and at the time of material selection, alloy's temperature coefficient of resistivity and corrosion resistance plays a large part. Mainly resistance heating wire is used in a wide range of applications for generating heat. Use of heating element in electric home appliances such as warming plates, toasters, portable space heaters, dyers, stove burners, industrial furnaces and many more. To encase the wire, ceramic material is often used; furthermore, the element must have environmental factors, including moisture, which cause corrosion. Other major properties that make wire beneficial for use are its capability to resist sagging and deforming while being light in weight. Therefore, these properties propel the rise in consumer demand and growth of market.

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Increasing Consumption Of Resistance Heating Wire In Petrochemical & Petroleum Processing Industry

Resistance heating wire consumption in petrochemical & petroleum held largest share in 2017 and also in upcoming period by 2025. Main objection for application of resistance heating wire in petrochemical industry is to reduce start-up time and ensure proper operation to maximize efficiency, and save time and money by reducing installation labor. Petrochemical industry has thousands of feet of electric heat tracing and production process and most energy intensive operation. The refinery products for petrochemical industry are gas oil, naphtha, and catalytic cracker gases, where naphtha is the petroleum fraction that boils between 20-80º Celsius. To maintain the boiling point between 20-80ºC, resistance heating wire is required. Furthermore, the market growth is spurring due to increasing energy consumption trend of this industry and to correctly accommodate the future economic expansion.

Global resistance heating wire market is segmented by type, application and geography. Based on different types, the market is segmented into Kanthal (FeCrAl) Wires, Nickel-Chrome, Cupronickel (CuNi) Alloys, and others. Also, by application, it is further bifurcated into petroleum & petrochemicals, metallurgical & machinery, ceramic & glass processing, electronic appliances, and others. Based on geography, market is classified into North America, Europe, China, Japan, India, and Southeast Asia.

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Nickel-Chrome Segment Held Largest Share In Resistance Heating Wire

Nickel-Chrome segment held highest market share in 2017 in terms of volume and revenue. As nickel-chrome is a composite of nickel, chromium, and iron, it is made of a non-magnetic alloy. Generally, nickel-chrome consists of 80% nickel and 20% chromium by mass. The properties of nickel-chrome vary depending on its alloy and are characterized by its resistivity and good oxidation resistance. Nickel-Chrome wire also has good ductility after use and excellent weld ability. Due to its massive application in manufacturing monel with iron and steel, gears, to produce stainless steel and other, propel the nickel-chrome segment to held largest share.

Consumer Consumption by Geography

Asia-Pacific is the fastest growing region led by rising demand from countries such as India, China, Japan, and Southeast Asian countries. Asia-Pacific has the largest market share in resistance heating wire due to large number of manufacturers in China, high demand from petrochemical, electronic appliances, and rising demand from metallurgical & machinery industry. Moreover, Asia-Pacific is also expected to offer growth opportunities to the resistance heating wire market over the forecasted period. The mature market for resistance heating wire is represented by Europe where consumer penetration is high. However, over the forecasted period, the region is expected to witness surge in its market. North America follows Europe in terms of market share and region is expected to showcase strong growth in the forecasted period.

Some of the key players operating in the global resistance heating market, profiled in the report include Kanthal, Isabellenhutte, Sedes Group S.r.l., Danyang Xinli Alloy Co., Ltd., Mega Heaters, Eltherm, Furukawa, Xinghuo Special Steel Co., Ltd., Chongquing Chuanyi metallic functional materials Co., Ltd., Changshu Electric Heating Alloy Material Factory Co., Ltd., TaiZhou JiShen Resistance Wire Co., LTD, Omega, and among others.

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