Overview and Scope
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.
Sizing and Forecast
The magnet wire market size has grown steadily in recent years. It will grow from $30.88 billion in 2024 to $32.24 billion in 2024 at a compound annual growth rate (CAGR) of 4.4%. The growth in the historic period can be attributed to electrification and industrialization, automotive industry expansion, energy generation and transmission, consumer electronics, aerospace and defense applications.
The magnet wire market size is expected to see steady growth in the next few years. It will grow to $38.96 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The growth in the forecast period can be attributed to electric vehicle (ev) market growth, renewable energy expansion, aging infrastructure replacement, materials and coating innovations, globalization of manufacturing. Major trends in the forecast period include 5g and data centers, smart grid implementation, electric aircraft development, miniaturization in electronics, digital transformation in industries.
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Segmentation & Regional Insights
The 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
Top 5 Major Players:
- Elektrisola Incorporated
- Essex Furukawa Magnet Wire LLC
- Fujikura Ltd
- Furukawa Electric Co. Ltd
- Gold Cup Electric Electromagnetic Wire Co. Ltd
Asia-Pacific was the largest region in the magnet wire market share in 2024. The regions covered in the magnet wire market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The increase in the demand for electric vehicles is expected to propel the growth of the magnet wire market going forward. Automobiles that are powered totally or partially by electricity are known as electric vehicles. Electric vehicles have low running costs due to fewer operating components to maintain, and they are also very environmentally friendly because they utilize little to no fossil fuels (petrol or diesel). Magnet wires with microcellular coating are used in electric vehicles to lower dielectric properties and processing resistance, increasing efficiency. For instance, in May 2022, according to the International Energy Agency, a France-based autonomous intergovernmental organization, sales of electric vehicles nearly doubled to 6.6 million in 2021, increasing the total number of electric vehicles on the road to 16.5 million. Therefore, the increase in the demand for e-vehicles is driving the growth of the magnet wire market .
Key Industry Players
Major companies operating in the magnet wire market include 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.
The magnet wire market report table of contents includes:
1. Executive Summary
2. Magnet Wire Market Characteristics
3. Magnet Wire Market Trends And Strategies
4. Magnet Wire Market – Macro Economic Scenario
5. Global Magnet Wire Market Size and Growth
…..
31. Global Magnet Wire Market Competitive Benchmarking
32. Global Magnet Wire Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Magnet Wire Market
34. Magnet Wire Market Future Outlook and Potential Analysis
35. Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Magnet Wire Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Magnet Wire Market, Segmentation By Shape, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Magnet Wire Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
….
Table 75: Elektrisola Incorporated Financial Performance
Table 76: Essex Furukawa Magnet Wire LLC Financial Performance
Table 77: Fujikura Ltd. Financial Performance
Table 78: Furukawa Electric Co. Ltd. Financial Performance
Table 79: Gold Cup Electric Electromagnetic Wire Co. Ltd. Financial Performance
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