Press release
Magnet Wire Market by Industrial, Transportation, Infrastructure, Electrical and Electronics Industry and the Major Applications for Motor, Home Appliance, Transformer Usage to 2023
Magnet Wire Market
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 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.
Recent Developments
• In June 2018, Samdong Co., Ltd. expanded its business in Europe by establishing a new production facility at Kosin, Poland.
• In June 2018, REA Magnet Wire launched a high-grade magnet wire under the brand name NanoMax. This newly developed magnet wire offers excellent corona resistant property and is used in motors, generators, and other applications.
• In December 2017, LS Cable & System Ltd. established a manufacturing facility at Zrenjanin, Serbia. The production facility has strong focus on development and manufacturing of magnet wires.
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Electrical & electronics is the biggest end-use industry of the magnet wire market. These wires are used in the form of coil in various products in the electrical & electronics industry. For instance, products such as fans, toys, trimmers, inverters, air conditioners, and other consumer electronics use magnet wire as a coil.
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 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.
Get Discount Now on “Magnet Wire Market by Type (Copper, Aluminum), Shape (Round, Rectangle, Square), Application (Motor, Home Appliance, Transformer), End-Use Industry (Electrical & Electronics, Industrial, Transportation, Infrastructure), Region - Global Forecast to 2024” report at https://www.reportsnreports.com/contacts/discount.aspx?name=2021057 .
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.
Objectives of the Study:
• To define, describe, and forecast the antimony market, in terms of value and volume
• To provide detailed information regarding the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the market
• To identify and estimate the antimony market size on the basis of product type, end-use industry, and application
• To analyze significant regional trends in North America, Europe, Asia Pacific (APAC), South America, and the Middle East & Africa (MEA), along with their major countries
• To strategically analyze the market with respect to individual growth trends, prospects, and contribution to the overall market
• To analyze the opportunities for stakeholders and competitive landscape of the market leaders
• To strategically profile and analyze the key market players and their core competencies
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