The global magnet wire market is expected to grow from $27.32 billion in 2021 to $29.33 billion in 2022 at a compound annual growth rate (CAGR) of 7.4%. The global magnet wire market is expected to reach $35.42 billion in 2026 at a CAGR of 4.8%.
What is the Global Magnet Wire Market?
The magnet wire market consists of sales of magnet wires by entities (organizations, sole traders, and partnerships) that refer to copper or aluminum wire coated with a very thin layer of insulation. These are basically used in the construction of transformers, inductors, motors, speakers, hard disk head actuators, potentiometers, electromagnets, and other applications which require tight coils of wire. Magnet wire has good electrical characteristics such as dielectric strength and insulation resistance, as well as resistance to heat, water, and moisture.
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What drives the Global Magnet Wire Market?
The increase in the demand for electric vehicles is expected to propel the growth of the magnet wire market going forward. Automobiles that are powered totally or partially by electricity are known as electric vehicles. Electric vehicles have low running costs due to fewer operating components to maintain, and they are also very environmentally friendly because they utilize little to no fossil fuels (petrol or diesel). Magnet wires with microcellular coating are used in electric vehicles to lower dielectric properties and processing resistance, increasing efficiency. For instance, according to International Energy Agency (IEA), a France based independent intergovernmental agency, in 2020, there were more than 10 million electric cars on the road worldwide, up 43% from 2019. Therefore, the increase in the demand for e-vehicles is driving the growth of the magnet wire market.
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Global Magnet Wire Market Segments
The global magnet wire market is segmented:
By Type: Copper, Aluminum
By Shape: Round, Rectangle, Square
By Application: Motor, Home Appliance, Transformer, Other Applications
By End-User: Electrical And Electronics, Industrial, Transportation, Other End Users
By Geography: The regions covered in the magnet wire market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Magnet Wire Global Market Report 2022provides market size and growth forecasts for the global magnet wire market, global magnet wire market share, magnet wire market segments and geographies, magnet wire market competitive landscape including leading competitors’ revenues, profiles and market shares. The magnet wire market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Magnet Wire Industry Playersinclude Elektrisola, Essex Furukawa Magnet Wire LLC, Fujikura Ltd, Furukawa Electric Co. Ltd., Gold Cup Electric Electromagnetic Wire Co. Ltd., Hitachi, Hongyuan Group Co. Ltd., Roshow Technology, Jingda, Condumex, Aislantes, Alconex, LS Cable & System Ltd, Magnekon, and REA Magnet Wire. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
