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’’The magnet wire market is projected to register a CAGR of 4.1%, in terms of value, between 2019 and 2024’’
The magnet wire market size is estimated at USD 30.1 billion in 2019 and is projected to reach USD 36.8 billion by 2024, at a CAGR of 4.1% between 2019 and 2024. Magnet wires are used in different industries such as electrical & electronics, industrial, transportation, infrastructure, and others. Continuous demand from the electrical & electronics and transportation industries plays a major role in the growing consumption of magnet wire.
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’’Copper magnet wire is estimated to dominate the overall market”
Copper magnet wire is more widely used in electrical motor, generator, reactor, and other applications. They have excellent heat shock resistance, excellent conductivity, high dielectric strength, and moisture resistance. Aluminum magnet wire is expected to grow at a higher rate during the forecasted period. Aluminum magnet wires are lightweight and inexpensive in nature. Hence, their demand is increasing in the transformer application.
“Magnet wire market is expected to witness the highest growth in electrical & electronics between 2019 and 2024’’
The electrical & electronics industry is projected to be the fastest-growing end-use industry of magnet wire during the forecast period, in terms of both value and volume. Magnet wire is widely used in consumer electronics and electrical products. The increasing usage of electronic products in APAC, Europe, and North America is bolstering the usage of magnet wire in the electrical & electronics industry.
’’The magnet market in APAC is projected to register the highest CAGR”
The magnet wire market in APAC is projected to register the highest CAGR during the forecast period. High demand from countries such as China, Japan, and India is driving the demand in the APAC region. There is increasing demand for magnet wire from transportation and electrical & electronics industries in the region. China is the largest consumer of magnet wires and is expected to maintain its position in the coming years.
Breakdown of profiles of primary interviews:
- By Company: Tier 1 - 37%, Tier 2 - 42%, and Tier 3 - 21%
- By Designation: C level - 30%, Director level - 25%, and Others - 45%
- By Region: APAC - 40%, Europe - 27%, North America - 20%, Middle East & Africa - 7%, and Latin America - 6%
The magnet wire market comprises major manufacturers such as LS Cable & System (South Korea), Elektrisola (Germany), REA Magnet Wire (US), Sumitomo Electric Industries, Ltd. (Japan), Samdong Co., Ltd. (South Korea), LWW Group (Sweden), IRCE S.p.A. (Italy), Tongling Jingda Special Magnet Wire Co., Ltd. (China), Furukawa Electric Co., Ltd. (Japan), and Fujikura Ltd. (Japan). The study includes an in-depth competitive analysis of these key players in the market, with their company profiles, recent developments, and key market strategies.
- This study on the magnet wire market aims at estimating the market size and the growth potential of this market across different segments.
- Porter’s Five Forces analysis and the key market dynamics, such as drivers, restraints, challenges, and opportunities influencing the growth of the magnet wire market, have been discussed in the report.
- The report also provides company profiles and competitive benchmarking of major players operating in the market.
Key Benefits of Buying the Report:
- The report will help the market players with information on the closest approximations of the revenue numbers of the overall magnet wire market and its subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
- It will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.