Magnet wire seems to be used in various end-use industries, which is a major factor in worldwide market growth. Magnet wire is used in everything from cell phones to high-voltage transformers, which signifies that it is in 90% of all electrical devices. Furthermore, the demand for magnet wire applications will be enhanced by the huge expansion of the consumer electronics industry during the forecast period.
According to Data Bridge Market Research, the Global Magnet Wire Market is expected to reach USD 52.94 billion by 2030, which was USD 34.49 billion in 2022, registering a CAGR of 5.50% during the forecast period of 2023 to 2030.
" Huge Growth and Usage of Electric Vehicles Surge the Market Growth"
Electric vehicles (EVs) create a cleaner, safer, and more energy-efficient environment. It is estimated that the demand for hybrid and electric vehicles will surge significantly. The increase in electric vehicle sales is enhancing the demand for magnet wire. Magnet wire is essential in numerous quantities for all types of electric cars. In addition to this, these wires are widely used in charging infrastructure, electric motors, and bus bars. As per the study by Copper Development Association Inc., the stator windings of a pure electric car can use approximately more than a mile of copper wiring. Thus, the growing production of hybrid and electric vehicles boosts the growth of the magnet wires market.
What restraints the growth of the Global Magnet Wire Market?
" Increasing complications associated with magnet wire"
The magnet wires are used for winding purposes and are constructed in very thin strands. Consequently, the magnet wires suffer extreme tensional stress and temperature, which changes their physical features in specific regions. The insulation of magnet wires begins to fracture as a result. This can also happen when the resin is being used to lacquer the wires. The insulations may come from the swell and wire strands because of poor application. All these major factors impede the growth of the market.
Segmentation: Global Magnet Wire Market
The global 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 classified into copper, aluminum, others.
- On the basis of product type, the global magnet wire market is classified into enamelled wire and covered conductor wire.
- On the basis of material, the global magnet wire market is classified into Polyamide-Imide (PAI), Polyimides (PI), Polyetherimide (PEI) And Polyether Ether Ketone (PEEK), Others.
- On the basis of shape, the global magnet wire market is classified into round magnet wire, round bondable magnet wire, rectangle magnet wire, square magnet wire.
- On the basis of application, the global magnet wire market is classified into motor, home appliance, transformer, others
- On the basis of distribution channel, the global magnet wire market is classified into e-commerce, supermarkets/hypermarkets, specialty stores, b2b/third party distributors, others
- On the basis of end user, the global magnet wire market is classified into electrical and electronics, industrial, transportation, energy, automotive, residential, infrastructure, others
Regional Insights: North America is expected to dominate the Global Magnet Wire Market
North America dominates the market due to the increasing demand for power transformers and the growing usage of magnet wire in the healthcare sector within the region. Also, the U.S. is anticipated to decrease its dependence on imports by surging its local production of power transformers, which is expected to benefit market growth in the region.
Asia-Pacific is expected to grow in 2023-2030 due to the development of the electrical, electronics, and automotive industries in China, Japan, and India. Also, its cutting-edge and successful production of electronics products using materials of the highest caliber leads to market growth.
To know more about the study, visit, https://www.databridgemarketresearch.com/reports/global-magnet-wire-market
Recent Developments in Global Magnet Wire Market
- In 2021, Essex Furukawa launched Sight Machine Inc. as the manufacturing productivity platform for its plants in China, U.S., and Germany. Sight Machine's manufacturing productivity platform offers sustainability, efficiency, and quality results.
- In 2021, LS Cable and System were targeting to boost its presence in the global electric vehicle parts and components market, primarily focusing on high-voltage and lightweight aluminum wires. The cable manufacturing plant of LS Group states that the company now exclusively supplies magnet wires for Hyundai Motors.
The Prominent Key Players Operating in the Global Magnet Wire Market Include:
- 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)
- Ningbo Jintian Copper (Group) Co., Ltd. (China)
- IRCE S.p.A (Italy)
- Von Roll (Switzerland)
- Ewwa (Sweden)
Above are the key players covered in the report, to know about more and exhaustive list of global magnet wire market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Magnet Wire Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
