Thermocouple Wires Market Size, Share, Growth, and Industry Growth by Type (Copper, Iron, Chrome, Platinum and Others) By Application (Automotive, Mining, Steel, Oil & Gas, Transportation and Others), Regional Insights, and Forecast To 2031

Updated On: 08 July 2024

Thermocouple Wires Market REPORT OVERVIEW

• 
• to learn more about this report

The global thermocouple wires market size was USD 1001.2 million in 2022 and projected to touch USD 1475.96 million by 2031, exhibiting a CAGR of 4.4% during the forecast period.

In a thermocouple probe, thermocouple wires are used to measure temperature at important locations in industries. Depending on the type, there are many varieties of thermocouple devices. An optimum thermocouple wire must be able to operate over a broad range of temperatures, resist corrosion well, and maintain high accuracy over an extended period of time in harsh environments. The market thermocouple wires is projected to see significant growth as IIoT or smart manufacturing techniques take hold. The need for thermocouples in many industries is also projected to increase as companies collaborate more to share technological knowledge and create smart thermocouple wires with cutting-edge capabilities.

COVID-19 Impact: Disrupted Supply Chains Led to Decline in the Market

The primary reasons that adversely impacted the market growth during the pandemic were lower product demand, supply chain uncertainty, a brief halt in production operations, and plummeting organic growth in several sectors. Widening demand-supply gaps, lower than anticipated production, and labor shortages also affected the market growth. Due to the decline in the chemicals industry worldwide, a drop in thermocouple wires demand was observed. 

LATEST TRENDS

"Company Collaborations to Augment the Market Demand"

The demand for thermocouples in various industries is also likely to increase as a result of growing company collaborations to acquire technological know-how for creating smart thermocouple probes with advanced features. This will ultimately support the market for thermocouple wire's exponential growth in the years to come.

Thermocouple Wires Market Segmentation

• 
• to learn more about this report

• By Type Analysis

By type, the market is segmented into copper, iron, chrome, platinum, and others. The copper segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into automotive, mining, steel, oil & gas, transportation, and others. The automotive segment will lead the global share through 2031.

DRIVING FACTORS

"Technological Advancements to Push the Market Growth"

The market for thermocouple wire may be divided into segments for electricity, oil & gas, glass & ceramics, and transportation. Due to an increase in car manufacturing and subsequent growth in demand for metro-rail transportation systems, transportation has recently accounted for a significant portion of the industry. Additionally, the worldwide transportation sector's technology advancements are probably going to open up some brand-new prospects for market expansion.

"New Constructions are Fuelling Market Growth"

The rise in energy consumption and high costs associated with new building are the main drivers of the copper wire and cable market's expansion. Additionally, the demand for copper wire and cable is rising as a result of increased spending on smart upgrades to the power transmission and distribution networks and the creation of smart grids. However, fluctuating raw material prices are anticipated to impede market progress. On the other hand, it is anticipated that during the projection period, increasing urbanisation along with a rise in spending across the industrial sector would result in favourable market development prospects.

RESTRAINING FACTORS

"Increase in the Price of Raw Material to Impede the Market Growth"

Wires are mostly made of rubber and materials derived from plastic, such as PVC granules. The bulk of organic polymer materials are silicone rubber and fluorine plastic, however copper is required for wiring. An increase in the price of raw materials, particularly copper, has a direct influence on the profit margin of the manufacturers of wires and cables and restricts market growth.

Thermocouple Wires Market REGIONAL INSIGHTS

• 
• to learn more about this report

"Asia Pacific to Proliferate During 2031 Led by Growing Chemicals Sector "

Throughout the course of the forecast period, Asia Pacific is expected to continue to be the largest and fastest-growing market for thermocouple wires. Major companies have established their sales offices and manufacturing facilities in the area to meet the enormous demand for thermocouple wires that is produced by a variety of end-use sectors. The area is the world's biggest producer of chemicals, petrochemicals, steel, and vehicles. Over the course of the projection period, it is also anticipated that the entry of new aircraft OEMs and the expansion of local production facilities for Boeing and Airbus would assist the market's expansion.

Throughout the forecast period, Europe is expected to hold onto its position as the second-largest market for thermocouple wires. As a result of rising vehicle production, an ongoing economic recovery, and expanding industries, the region's need for thermocouple wires is growing. The market for thermocouple wires in Europe is expanding along with predicted development in the manufacturing of steel and glass.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Johnson Matthey (U.K.)
• Flexicab Industries (Insdia)
• Furukawa Techno Material (U.S.)
• International Super Sensors (U.S.)
• Durex Industries (U.S.)
• Marlin Thermocouple Wire (U.S.)
• Marmon Wire & Cable (TE Wire & Cable) (U.S.)
• Multi/Cable (U.S.)
• Okazaki Manufacturing (U.K.)
• Pelican Wire (U.S.)
• REOTEMP (U.S.)
• SAFINA Materials (U.S.)
• SK Wiring (U.K.)
• Thermo Cables (India)
• Thermo Electric (U.S.)
• Thermocouple Technology (U.S.)
• Vulcan Electric (U.S.)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.