Magnet Wire Market Estimated To Flourish At A CAGR Of Above 4.9% During 2024-2032

According to researchers from Zion Market Research, The Global Magnet Wire Market, estimating its value at USD 34.87 Billion in 2023, with projections indicating that it will reach USD 53.64 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 4.9% over the forecast period 2024-2032.. The market is flourishing due to the greater demand from end-use industries, like industrial, transportation, infrastructure, and electrical & electronics.

Some of the key players in the market are Elektrisola, LS Cable & System, Sumitomo Electric Industries, Ltd., REA Magnet Wire, LWW Group, Samdong Co., Ltd., Tongling Jingda Special Magnet Wire Co., Ltd., IRCE S.p.A., Fujikura Ltd., and Furukawa Electric Co., Ltd. Samdong Co., Ltd. is one of the leading producers of magnet wires across the Asia Pacific region. The firm possesses a wide range of products related to the magnet wire market. It gives strong prominence on the expansion of high-grade magnet wire for the use in different end-use industries. As a part of its development policy, the company is fully focused on the expansions. For example, during June 2018, the firm expanded its occurrence in the European market by establishing a unit in Poland to meet the rising demand from Europe.

Demand For Magnet Wire From Electrical & Electronics Segment To Spur The Global Magnet Wire Market

The global magnet wire market is chiefly driven by electrical & electronics segment as it is the largest end-use industry of the magnet wire. These wires are utilized in terms of the coil in different products in the electrical & electronics industry. For example, products like toys, fans, air conditioners, inverters, trimmers, and other consumer electronics are equipped with magnet wire as a coil. The augmenting use of household appliances is responsible for the surged market size of magnet wire across the electrical & electronics industry. The copper magnet wire had the maximum share in the magnet wire market. The copper is the more extensively utilized kind of magnet wire. It possesses excellent tensile strength and provides better conductivity. In addition, it also presents superior heat shock resistance, chemical resistance, moisture resistance, and has a lesser cross-section area. This makes it ideal for applications in the electrical & electronics and transportation industries.

The global magnet wire market is divided based on shape, type, end-use industry, application, and region. On the basis of shape, the market is segmented in the round, rectangle, and square. On the basis of type, the market is bifurcated in copper and aluminum. On the basis of application, the market is classified in motor, transformer, home appliance, and others (generator, reactor, watch coil, and others). On the basis of the end-use industry, the market is segmented into industrial, electrical & electronics, transportation, infrastructure, and others (aviation, marine, wind energy, and others).

Asia Pacific Region Projected To Dominate The Magnet Wire Market In The Forecasted Period

Based on geographical analysis, the global magnet wire market is divided into Latin America, Europe, North America, Asia Pacific, and Middle East & Africa. The Asia Pacific region is the biggest customer of magnet wire. The flourishing electrical & electronics and transportation industries are driving the growth of the global magnet wire market. China is one of the top customers of magnet wire across the region. The nation has become the single-biggest customer of magnet wire across the wind energy industry and is anticipated to improve its position further.

Browse the full “Magnet Wire Market- by Type (Copper, Aluminum), by Shape (Round, Square, Rectangle), by Application (Motor, Transformer, Home appliance), by End use (Electrical & Electronics, Infrastructure, Transport, Industrial sectors, Consumer goods, Industrial goods)- Global Industry Perspective Comprehensive Analysis and Forecast, 2024 - 2032” Report at https://www.zionmarketresearch.com/report/magnet-wire-market

The global magnet wire market is segmented as follows:

On the basis of shape:

• Rectangle
• Round
• Square

On the basis of type:

• Copper
• Aluminum

On the basis of application:

• Home Appliance
• Transformer
• Motor
• Others (Reactor, watch coil, generator, and others)

On the basis of end-use industry:

• Electrical & Electronics
• Infrastructure
• Industrial
• Transportation
• Others (Marine, wind energy, aviation, and others)

On the basis of region:

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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