Global Magnet Wire market analysis 2024, Forecast To 2033
5 Feb, 2024
The magnet wire market has shown steady growth, expanding from $30.88 billion in 2023 to $32.24 billion in 2024, with a compound annual growth rate (CAGR) of 4.4%. The growth in the historic period is attributed to electrification and industrialization, the expansion of the automotive industry, energy generation and transmission, consumer electronics, and aerospace and defense applications. Foreseeing continued growth in the next few years, the market is projected to reach $38.96 billion in 2028, with a CAGR of 4.8%. The anticipated growth is linked to the electric vehicle (EV) market expansion, the growth of renewable energy, the replacement of aging infrastructure, materials and coating innovations, and the globalization of manufacturing. Major trends in the forecast period include 5G and data centers, smart grid implementation, electric aircraft development, miniaturization in electronics, and digital transformation in industries.
Global Magnet Wire Market Key Driver
The surge in electric vehicle (EV) demand is poised to drive the magnet wire market's growth. Electric vehicles, with their lower operating costs and environmental friendliness, use magnet wires with microcellular coating for enhanced efficiency. In May 2022, the International Energy Agency reported a doubling of electric vehicle sales to 6.6 million in 2021, resulting in a total of 16.5 million electric vehicles on the road. Hence, the increasing demand for electric vehicles propels the magnet wire market.
Get A Free Sample Of The Global Magnet Wire Market ReportGlobal Magnet Wire Market Segments
The global magnet wire market covered in this report is segmented –
1) By Type: Copper, Aluminum
2) By Shape: Round, Rectangle, Square
3) By Application: Motor, Home Appliance, Transformer, Other Applications
4) By End-User: Electrical And Electronics, Industrial, Transportation, Other End Users
By Geography: The regions covered in the Magnet Wire market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
Major Magnet Wire Industry Players
Elektrisola Incorporated, Essex Furukawa Magnet Wire LLC, Fujikura Ltd., Furukawa Electric Co. Ltd., Gold Cup Electric Electromagnetic Wire Co. Ltd., Hitachi Cable Ltd., Hongyuan Group Co. Ltd., Roshow Technology, Tongling Jingda Special Magnet Wire Co. Ltd., Condumex Inc., Aislantes SA, Alconex Inc., LS Cable & System Ltd., Magnekon SA, REA Magnet Wire SA, Sumitomo Electric Industries Ltd., Superior Essex Inc., Samdong Co. Ltd., IRCE S.p.A, Von Roll Holding AG, LWW group, Altana AG, TE Connectivity plc, Salzer Electronics Limited, Schwering & Hasse Elektrodraht GmbH, Strunk Connect GmbH & Co. KG, Wuxi Xizhou Magnet Wires Co. Ltd., Shibata Co. Ltd., Hi-Wire Limited, Ormiston Wire Limited, Citychamp Dartong Co. Ltd., Dahren Group AS, Ederfil Becker GmbH, HPW Metallwerk GmbH, Proterial Ltd., Sumitomo Electric Wiring Systems Inc.
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Magnet Wire Market Overview
The magnet wire refers to copper or aluminum wire coated with a very thin layer of insulation. These are basically used in the construction of transformers, inductors, motors, speakers, hard disk head actuators, potentiometers, electromagnets, and other applications which require tight coils of wire. Magnet wire has good electrical characteristics such as dielectric strength and insulation resistance, as well as resistance to heat, water, and moisture.
Magnet Wire Global Market Report 2023 provides data on the global magnet wire market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The magnet wire market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.