Magnet Wire Market Information by Type (Copper, Aluminum), Form (Round, Rectangular, Square), Application (Transformers, Motors, Generators), End-Use Industry (Electrical & Electronics, Medical, Aerospace, Automotive), Region - Forecast till 2030

Magnet Wire Market Overview

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%.

COVID 19 Analysis

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.

Competitive Landscape

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.

• Sumitomo Electric Industries, Ltd. (Japan)


• IRCE S.p.A. (Italy)


• Furukawa Electric Co., Ltd. (Japan)


• Tongling Jingda Special Magnet Wire Co., Ltd. (China)


• Samdong Co., Ltd. (South Korea)


• LWW Group (Sweden)

Market Dynamics

Drivers

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.

Restraints

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.

Technology Analysis

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.

Study Objectives

• The report covers the utilitarian parts of the market dependent on which the business chiefs and market specialists have anticipated the pace of worldwide market development and the reachable market income before the finish of the forecast period in 2028. The report additionally covers the market elements like development drivers and openings alongside the potential difficulties that may control the market from developing.


• The report examines the premise of the worldwide market that capacities as portions. The report further talks about the development potential and the capacity of these market segments to meet the rising requirements of the interest group and thus, extend at an impressive rate before the finish of the gauge time frame.


• The report likewise comprehends the motivation to read the rising rivalry for speculations and market developments as joint endeavors, coordinated efforts, consolidations, and acquisitions. The report examines the new advancements and recent developments that have positive and growth attributes in store for the market during the forecast period that will be ending in 2028.

Segment Overview

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.

Based on type

The magnet wire market has been segmented based on the type and includes Copper and aluminum.

Based on shape

Re magnet wire market has been segmented based on shapes and includes round, rectangle, square, and others.

Based on application

The magnet wire market has been segmented and includes the motor, home appliances, transformers, amongst others that include reactors, watch coil, generators, and others.

Based on the end-use industry

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.

Regional Analysis

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.

Recent Developments

• June 2021 - LS Cable & System is currently aiming to bolster its presence in the global market for electric vehicle components, with major focus on lightweight and high-voltage aluminum wires. The cable manufacturing plant of LS Group (South Korea) reports that the company is company is now the exclusive supply of magnet wires for Hyundai Motor’s first ever electric vehicle called Ioniq 5. These wires are coated with high-quality insulation material, and can bear around 800 volts, facilitating fast vehicle charging.


• Since 2016, LS Cable & System has been the supplier of magnet wires with around 400 volts capacity for GM’s Chevrolet Bolt EV. Both the companies are now working on supply of magnet wires with higher voltage. LS Cable & System is also working on the development of lighter wire products that can be used extensively in electric vehicles. Aluminum will be used instead of copper, with which the company will be able to reduce the total wire weight by more than 40 percent.


• In June 2018, one of the prominent market players - Samdong Co., Ltd. has recently expanded its business in most of the European countries by opting for establishing a new range of production facilities at Kosin, Poland. This will help to promptly increase the market value during the forecast period of 2021-2028.


• In June 2018, another market player - REA Magnet Wire took to the international market scale for the launch of a high-grade magnet wire. This was launched under the brand name of NanoMax. This is a newly developed magnet wire that offers excellent properties related to being corona-resistant and is further, used in motors, generators, and other market applications.


• In December 2017, one of the recognized market players - LS Cable & System Ltd. established its manufacturing facility at Zrenjanin, Serbia to expand its functioning and production size. The production facility is believed to have a strong focus on the development basis followed by the processes involved in the manufacturing magnet wires at the international market scale and hence, help the market establish a strong base and opt for the international market competition.

Intended Audience

• Magnet wire components producers manufacturers


• Potential market investors


• Product buyers


• Magnet wire component suppliers, distributors, and trading firms


• Magnet wire materials manufacturers, producers, and suppliers


• Magnet wire component manufacturing market groups


• Consumer associations


• Government, public sector firms, and regulatory authorities


• Research firms and consulting companies


• Public organizations

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.