Magnet Wire Market worth $41.8 billion by 2026 | Key players Samdong, IRCE S.p.A, Fujikura Ltd., Von Roll Holding AG, LWW group

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 2026", The global magnet wire market size is expected to grow from USD 32.7 billion in 2021 to USD 41.8 billion by 2026, at a CAGR of 5.0% during the forecast period. The magnet wire industry is growing due to the increase in the demand from electrical & electronics, transportation, industrial, and infrastructure industries. Furthermore, government stimulus packages, and recovering end-use industries are fuelling the demand for magnet wires across the world.

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Magnet wires manufactured using copper possess various characteristics such as excellent moisture resistance, chemical resistance, high conductivity, and better windability. Copper magnet wire is widely used in traction motors, solenoids, generators, transformers, and high-voltage transformers, among others, in electrical & electronics, automotive, infrastructure, marine, and other industries.

The copper metal exhibits less thermal expansion coefficient and considerably lower electrical resistance. For the very same reason, the equipment manufacturers prefer the usage of copper magnet wires in their applications for higher efficiency of generation and usage of electricity.

Round magnet wires are widely used for their extensive mechanical strength and their compact size windability, resistance to abrasion (as it has no edges), along with superior flexibility. They find their application in electrical motors, generators, utility distribution transformers, and electrical coils in electronic gadgets.

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Magnet wires find their applications in manufacturing motors, coils, transformers, and generators. Globally, electrification and advancement of technology in this sector have created a huge demand for magnet wires. The global economy, security, and health & safety depend on this electricity. This situation drives the growth of the magnet wire market in this sector for more generators, transformers, and motors across the globe. Magnet wires are widely being used in renewable energy solutions like wind and solar energy. The wind turbine installation is increasing every year, indirectly increasing the demand for magnet wires for manufacturing generators. The solar panels installation for harvesting solar energy also requires enameled wires for connectivity and transmission of energy from solar farms to distribution centers.

The government regulations and policies in the energy sector are indirectly impacting the magnet wire market in a positive manner. The demand for energy resources, both conventional and renewable, and their growth in future do leave a positive impact over the magnet wire market.

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Sumitomo Electric Industries Ltd. as a company with over 120 years of experience is specialized in manufacturing products with high quality and precision. The company operates in various business segments like automotive, info-communications, electronics, environment & energy, IT, and industrial materials. The company offers magnet wires as a product under its environment & energy business segment. With 415 subsidiaries and affiliates, the company has business operations in 40 countries with their presence in APAC, North America, and Europe.

Hitachi Metals Ltd. is a well-established player in the magnet wire market from Japan. The company operates in different business segments like specialty steel, functional components and equipment, magnetic materials and power electronics, and wires and cables. Magnet wire is a product offered by the company under its wires and cables business segment. The product offered by the company finds its usage in elevated temperature and extended performance delivery sections of applications like electric vehicles, electrical machinery, heavy electricals, coils, and solenoids in reactors and power transmission equipment. The company has its business operations in APAC, Europe, and North America.

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