ID: MRFR/CnM/6328-HCR | 180 Pages | Published By Anshula Mandaokar on March 2023
Magnet Wire Market is projected to be worth USD 36.8 Billion by 2028, registering a CAGR of 4.1% during the forecast period (2020 - 2028).
$36.8 Billion
4.1%
Asia Pacific
2020-2028
The magnet wire market was valued at a global market sum worth USD 30.1 billion by the end of the historic period in 2019. However, for the ongoing forecast period of 2021-2028, the market is expected to attain a market value worth USD 36.8 billion and attain a global CAGR worth USD 4.1%.
The report proposes that the extremely durable magnet wire market size has been influenced by the rising instances of the novel Covid as time passes. The pandemic is a trending trouble that is significantly affecting the creation and assembling capacity of the players to deliver according to the requests of the main interest group. The appearance of the pandemic has likewise affected the interest size of the market as it has prompted an immense lump of the populace to carrying changes to their way of life, inclinations, and considerably more. The arrival of the pandemic is pushing the global market governments to take steps like lockdown and functional restrictions that might hamper the market from growing in the period.
The rising cases have constrained the worldwide legislatures to get their hands and ventures and put something similar for the development of new market items and administrations. The research and development departments of countries that are spread in an array of global locations require dependable sources of investment that will boost their functioning. Likewise, the players are choosing consolidations and acquisitions to contend in the worldwide market and extend universally. Also. the global governments are understanding the rising needs of the market companies, players, and the global target audience to return to normalcy and hence, give rise to the demand following by the establishment of a market equilibrium amongst the market forces of demand and supply especially during the forecast period that will be ending in 2028.
The rising competition in the magnet wire industry is attributed to the development initiatives and investments from the following prominent players of the global market.
Electrical & electronics is emerging as the biggest end-use industry of the global magnet wire market size. These wires are used in the form of coils in various kinds of applications and products especially in the electrical & electronics industry. For example, market products such as fans, toys, trimmers, inverters, air conditioners, along other consumer electronics make use of magnet wire as a coil. There has been an increased usage of household appliances that are being held accountable for the expanded global magnet wire market share in the electrical & electronics industry. The motor is amongst the biggest applications of magnet wire. The enlargement of the market size for magnet wire in motor applications is driven by the global expansion of the transportation industry and the constant need to travel from one place to the other. The consumption of magnet wires is inclusive of the motor application is witnessing an expanded and high growth in the automotive sector during the forecast period that ends in 2028.
The global market players are operating in the market have and are on the lookout for ample opportunities in the Asian Pacific market due to an increase in investments, especially in the power sector. This is expected to increase the global demand for various market products like transformers, generators, and motors during the forecast period that will be ending in 2028. However, the rising industrial demand for the availability of compact motors for electronic components and applications would pose a major market challenge for the global expansion and growth, over the next five years.
The global magnet wire market is witnessing the development of copper as the more widely used type of magnet wire in the global market premises. The copper magnet wire is known to have better conductivity and possesses excellent tensile strength as ingredients in the final products. Additionally, it also records superior heat shock resistance, moisture resistance, chemical resistance, and has a lesser cross-section area. This makes it reliable and suitable for several applications, especially in the transportation and electrical, and electronics market industries. With the rising pace of technology, the magnet wire market scope is expanding and the market has excellent growth attributes for the future by the end of the forecast period in 2028.
The magnet wire market share is rising because of the qualitative segmentation of the market that is functioning well, meeting the rising needs of the target audience, followed by the excellent performance that will help in the expansion of the market in the global market premises and attain a reliable and secured market value by the end of the period.
The magnet wire market has been segmented based on the type and includes Copper and aluminum.
Re magnet wire market has been segmented based on shapes and includes round, rectangle, square, and others.
The magnet wire market has been segmented and includes the motor, home appliances, transformers, amongst others that include reactors, watch coil, generators, and others.
The magnet wire market has been segmented based on the market industries and includes Electrical & Electronics, industrial, transportation, infrastructure, and others including marine, wind energy, aviation, and others.
The APAC is the largest consumer of magnet wire market size. The booming transportation and other industries like the electrical and electronics industries are likely to be held responsible for the growth of the magnet wire market in the region during the forecast period of 2021-2028. China is emerging as one of the most prominent consumers of magnet wire in the APAC region.
Intended Audience
Report Overview
The magnet wire market revenue has been discussed in the report that has been curated based on the predictions of the industry leaders and experts for the forecast period of 2021-2028. The market report discusses the factors that will lead the market towards growth followed by the possible market challenges. The report also highlights the segment functioning that gives rise to global competition amongst the prominent players of the market.
Report Attribute/Metric | Details |
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Market Size |
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CAGR | 2030: Significant Value |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Historical Data | 2019 & 2020 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | by Type, Application, End-Use Industry, |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Key Vendors | LS Cable & System Ltd (South Korea), Elektrisola (Germany), REA Magnet Wire (US), Irce SPA (Italy), Samdong Co., Ltd (South Korea), Hitachi Metals, Ltd (Japan), Tongling Jingda Special Magnet Wire Co Ltd (China), Sumitomo Electric Industries Ltd (Japan), FurUKawa Electric Co Ltd (Japan), G. K. Winding Wires Limited (India), LWW Group (Sweden), MWS Wire Industries (US), Condumex Inc (US), and Fujikura Ltd (Japan) |
Key Market Opportunities |
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Key Market Drivers |
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The APAC region is likely to establish dominance over the global market.
The market is likely to attain a global value worth USD 36.8 billion.
By application, the 1 motors segment and by end-use industry, the electronics & electrical segment account for major shares in The Global Magnet Wire Market.
MWS Wire Industries (US), LS Cable & System Ltd (South Korea), Elektrisola (Germany), Irce SPA (Italy), REA Magnet Wire (US), Samdong Co., Ltd (South Korea), Tongling Jingda Special Magnet Wire Co Ltd (China), Hitachi Metals, Ltd (Japan), Sumitomo Electric Industries Ltd (Japan), G. K. Winding Wires Limited (India), FurUKawa Electric Co Ltd. (Japan), LWW Group (Sweden), Fujikura Ltd (Japan), and Condumex Inc. (US), are some of the major players operating in the Magnet Wire Market.