Growth in Telecommunication Sector Drives the Demand for Magnet Wire Market

The telecom industry will continue to evolve during the forecast period. The Telecom industry is undergoing a digital revolution that runs the business with the help of IoT and 5G. IoT allows service providers to deliver better communication between people and devices and ensure transparent business processes and the highest levels of efficiency. These factors will increase the demand for the magnetic wires and, hence, contribute to the growth of the magnet wire market.

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Data Bridge Market Research analyses that the Magnet Wire Market is expected to reach USD 52.94 billion by 2030 from USD 34.49 billion in 2022, growing at a substantial CAGR of 5.50% in the forecast period of 2023 to 2030. Growing adoption of electrical equipment in medical industry will provide potential opportunities for the market growth during the forecast period.

Growth and expansion of electric vehicles is expected to drive the market's growth rate

Electric vehicles greatly contribute to a safer, cleaner and more energy-efficient environment. The demand for hybrid and electric vehicles is expected to increase significantly in upcoming years. The increasing demand for advanced technology, increasing affordability and more electric chargers are the major factor which increase the demand for magnet wire. The growing electric vehicle sales is increasing the magnet wire demand. Magnet wire is essential component in different quantities for all types of electric cars or vehicles. In addition to numerous other usages, these wires are used in electric motors, charging infrastructure and bus bars. A per the analysis which has conducted by Copper Development Association Inc., the stator windings of a pure electric car can use approximately more than a mile of copper wiring. As a result, the growing production of electric vehicles ultimately drives the market growth during the forecast period.

Report Scope and Market Segmentation

Segment Analysis:

The magnet wire market is segmented on the basis of type, product type, material shape, application, distribution channel and end-user.

• On the basis of type, the global magnet wire market is segmented into copper wire, aluminum wire and others.

The copper wire segment of type segment is anticipated to dominate the magnet wire market

 The copper wire segment is expected to dominate the global magnet wire market with a 61.28% market share because copper wires have high resistance power and are very strong, which rises their demand worldwide

• On the basis of product type, the global magnet wire market is segmented into enamelled wire and covered conductor wire. Enamelled wire segment is expected to dominate the global magnet wire market with a 77.14% market share because it has high durability, as a result the demand for the enamelled wire increases globally.
• On the basis of material, the global magnet wire market is segmented into polyamide-imide (PAI), polyimides (PI), polyetherimide (PEI), polyether ether ketone (PEEK) and others.

The polyether ether ketone (PEEK) segment of material segment is anticipated to dominate the magnet wire market.

The polyether ether ketone (PEEK) segment is expected to dominate the global magnet wire market with a 33.96% market share because polyether ether ketone has good compatibility due to which the demand for the enamelled wire increases globally.

• On the basis of shape, the global magnet wire market is segmented into round magnet wire, round bondable magnet wire, rectangle magnet wire and square magnet wire. The round magnet wire segment is expected to dominate the global magnet wire market with a 36.75% market share because round magnet wire has better insulating effect than other wires, which increases its demand globally.
• On the basis of application, the global magnet wire market is segmented into motor, home appliance, transformer and others. The motor segment is expected to dominate the global magnet wire market with a 48.16% market share because in motors, magnet wire consists of a solid oxide film which makes it appropriate for insulation and hence growing its demand globally.
• On the basis of distribution channel, the global magnet wire market is segmented into E-commerce, supermarkets/hypermarkets, speciality stores, B2B/third party distributors and others. The B2B/third party distributors segment is expected to dominate the global magnet wire market with a 49.95% market share because the B2B channel helps to reduce the cost while increasing revenue, increasing its demand worldwide.
• On the basis of end-user, the global magnet wire market is segmented into electrical and electronics, industrial, transportation, infrastructure, energy, automotive, residential and others. The electrical and electronics segment is expected to dominate the global magnet wire market with a 29.22% market share owing to a growth in the construction of energy plants in all the nations.

Major Players

Data Bridge Market Research recognizes the following companies as the major magnet wire market players in recovered Hitachi Metals Ltd. (Japan), Sumitomo Electric Industries, Ltd. (Japan), Furukawa Electric Co., Ltd. (Japan), Fujikura Ltd. (Japan), Sam Dong (South Korea), LS Cable & System Ltd. (South Korea), Tongling Jingda Special Magnet Wire Co., Ltd. (China).

Market Development

• In 2021, Fujikura Co., Ltd. launched a large-diameter optical fiber cleaver named CT105+ series. This automatically can easily detect the optimum optical fiber clamping force. This product launch was done to deliver a variety in their existing product portfolio
• In 2021, Hitachi Metals, Ltd. introduced a new website to introduce Medical fine-gauge cable for minimally invasive devices globally. This launch has aided the company to strengthen its position globally and attract more customers from different regions.
• In 2021, Sumitomo Electric Industries, Ltd. launched CHAdeMO-compatible*1 DC Quick-Charger/Discharger Connector Cable Assembly for electric vehicles (EVs). This new charger is capable of providing reliability and safety for an electric vehicle. The company improved its business portfolio and delivering more profit to the company.
• In 2021, LS Cable & System Ltd. has supplied magnet wire for Kia EV6 and Hyundai IONIQ 5, creating 800V high-voltage magnet wire in Korea. The company improved its business portfolio by the supply of magnet wire to other automobile companies.

Regional Analysis

Geographically, the countries covered in the magnet wire market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

 As per Data Bridge Market Research analysis:

Asia-Pacific is the dominant region in magnet wire market during the forecast period 2023 to 2030

Asia-Pacific dominates the magnet wire market due to the large population and increasing number of electric vehicles in this region. China dominates the Asia-Pacific magnet wire market owing to the large number of automotive magnet wire manufacturers in this region. Furthermore, increasing development for the enameled wire will further enhance the market growth.

North America is estimated to be the fastest-growing region in magnet wire market the forecast period 2023 to 2030

North America is expected to grow during the forecast period of 2023 to 2030 owing to the huge investment by manufacturers for the production of enameled wire in this region. Moreover, the increasing investment on the production of electric vehicles is expected to propel the market's growth rate in this region.

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