According to the report, global demand for Magnet Wire market was valued at approximately USD 29.2 billion in 2019, and is expected to generate revenue of around USD 38.2 billion by end of 2026, growing at a CAGR of around 3.9% % between 2020 and 2026.
According to the report, global demand for Magnet Wire market was valued at approximately USD 29.2 billion in 2019, and is expected to generate revenue of around USD 38.2 billion by end of 2026, growing at a CAGR of around 3.9% % between 2020 and 2026.
Global Magnet Wire Market: Overview
Magnet wire is made up of either aluminum or copper with a thin insulation coating layer for producing electromagnetic fields when energized. The product is utilized for producing coils in myriad applications such as motors, transformers, electromagnets, inductors, hard disk head actuators, and speakers. The product is used for exchanging magnetic as well as electric energy and is available in rectangular, square, and round cross-section. The largest end-use segment of the magnet wire industry is electrical & electronics. These wires are used in different products in the electrical & electronics industry in the form of coils. For example, magnet wire is used as a coil in items such as fans, toys, trimmers, inverters, air conditioners, and other consumer electronics. In the electrical & electronics industry, the rising use of household appliances is responsible for the increased market size of magnet wire.
Global Magnet Wire Market: Growth Factors
The magnet wire market is likely to gain traction over the years to come, owing to escalating product demand in reactors, motors, home equipment, and transformers. Apart from this, technological breakthroughs in the magnetic wire have helped in generating sounds in gadgets such as speakers, headphones, and sound bars. This will further magnify the growth of the market over the years ahead. Thriving electric & electronics sector will catalyze the growth rate of the magnet wire industry over the years to come. Nonetheless, oscillations witnessed in the raw material costs can retard the expansion of magnet wire industry. However, the rapidly evolving telecommunications sector will create new growth vistas for the magnet wire market over the years ahead. Magnet wire has also accrued massive demand across transport, automotive, infrastructure, and industrial sectors.
Global Magnet Wire Market: Segmentation
The magnet wire market can be sectored into type, shape, application, and end-use. Based on the type, the industry can be segregated into copper and aluminum. On the basis of shape, the magnet wire market is divided into round, square, and rectangle. Application wise, the magnet wire industry is classified into the motor, transformer, and home appliance. In terms of end-use, the market is divided into electrical & electronics, infrastructure, transport, and industrial sectors.
Global Magnet Wire Market: Regional Analysis
Region wise, the magnet wire market can be divided into five main regions: Europe, Latin America, North America, Asia Pacific, and the Middle East and Africa. The Asia Pacific is projected to register lucrative growth over the coming years. The growth of the regional market can be credited to thriving transport and electronics & electrical sectors. Densely populated countries such as India and China are the major customers of the product in the region. The Asia Pacific is also the largest customer of magnet wires. Apart from this, magnet wire is used massively in the wind energy sector. All these aforementioned factors will contribute notably towards the regional market growth. Additionally, the presence of major product manufacturers like LS Cable & System, Samdong Company Limited, and Sumitomo Electric Industries Limited will propel the regional market growth.
North America, Europe, and Latin American markets have huge untapped growth potential and are likely to be the key business destinations for the manufacturers over the years to come.
Global Magnet Wire Market: Competitive Players
Few of the main participants in magnet wire market are IRCE S.p.A. (Italy), LS Cable & System (South Korea), Furukawa Electric Company Limited (Japan), Samdong Company Limited (South Korea), Sumitomo Electric Industries, Ltd. (Japan), LWW Group (Sweden), Elektrisola (Germany), REA Magnet Wire (U.S.), Tongling Jingda Special Magnet Wire Company Limited. (China), and Fujikura Limited (Japan).
The report segments the Global Magnet Wire market as follows:
Global Magnet Wire Market: Type Segment Analysis
Global Magnet Wire Market: Shape Segment Analysis
Global Magnet Wire Market: Application Segment Analysis
Global Magnet Wire Market: End Use Segment Analysis
Global Magnet Wire Market: Regional Segment Analysis
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