Magnet Wire Market | Key players operating in the market include LS Cable & System, Elektrisola, REA Magnet Wire, Sumitomo Electric Industries, Ltd., Samdong Co., Ltd., LWW Group, IRCE S.p.A., Tongling Jingda Special Magnet Wire Co., Ltd., Furukawa Electr

According to recent market research "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", The magnet wire market size is expected to grow from USD 30.1 billion in 2019 to USD 36.8 billion by 2024, at a CAGR of 4.1%. The magnet wire market is witnessing significant growth because of the growing demand from transportation, electrical & electronics, and industrial sectors.

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The growing transportation and electrical & electronics industries are responsible for the growth of magnet wires. They are being highly preferred for use as winding coil in these industries. The magnet wire market is valued at USD 30.1 billion in 2019 and is expected to reach USD 36.8 billion by 2024, at a CAGR of 4.1% between 2019 and 2024. The increasing use of magnet wire in electrical & electronics and transportation industries is bolstering the growth of the market, globally.

The magnet wire market is segmented on the basis of end-use industry as electrical & electronics, industrial, transportation, infrastructure, and other industries. Electrical & electronics 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 wires are widely used in consumer electronics and automotive motors. The growing consumption of electronic products in APAC, Europe, and North America is bolstering the usage of magnet wire in the electrical & electronics industry.

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The magnet wire market is projected to grow from USD 30.1 billion in 2019 to USD 36.8 billion by 2024, at a CAGR of 4.1% between 2019 and 2024. The major factor driving the market is growing demand from transportation and electrical & electronics industries in the APAC region.

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). These players have adopted various growth strategies, such as mergers & acquisitions, expansions, and new product launches, to expand their presence in the global market. Expansions and new product launches were the most commonly adopted strategies by the major players from 2014 to 2018. These strategies helped them to innovate their product offerings and broaden their customer base.

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Samdong Co., Ltd. is an established company in the global magnet wire market. The company possesses a wide product portfolio of magnet wire. The company is constantly engaged in providing high-grade magnet wire. As a part of its growth strategy, it is highly focused on expansion. For instance, in June 2018, the company expanded its presence in the European market by opening a facility in Poland to meet the growing demand in Europe.

LS Cable & System Ltd. is a major manufacturer of magnet wire, globally. It has focused mainly on new product developments and expansions as its major growth strategies. For instance, the company has introduced a new magnet wire solution for electric vehicle traction motors. Also, the company opened a new facility in Serbia to develop high-grade magnet wires.

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