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Magnet Wire Market Growth Analysis, Key Segments, Industry Forecast And Outlook By 2023 To 2032
Magnet Wire Market
The Business Research Company's Magnet Wire Global Market Report 2023 identifies increase in the demand for electric vehicles as the major driver for the Magnet Wire market's growth in the forecast period. Automobiles that are powered totally or partially by electricity are known as electric vehicles. Electric vehicles have low running costs due to fewer operating components to maintain, and they are also very environmentally friendly because they utilise little to no fossil fuels (petrol or diesel).
The global magnet wire market size grew from $29.63 billion in 2022 to $31.68 billion in 2023 at a compound annual growth rate (CAGR) of 6.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The market size of global magnet wire is expected to grow to $39.64 billion in 2027 at a CAGR of 5.8%.
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Major competitors in the Magnet Wire market are Elektrisola, Essex Furukawa Magnet Wire LLC, Fujikura Ltd., Furukawa Electric Co. Ltd., Gold Cup Electric Electromagnetic Wire Co. Ltd.
A key trend in the Magnet Wire market includes number of firms adopting strategic agreements. For instance, in November 2021, Elcowire, a Sweden-based magnet wires manufacturer, acquired the wire and rod business from KME Group, a Germany-based company that manufactures aluminium conductors, rectangular wires, and profiles for electrical purposes, for $670 million. Elcowire's acquisition of KME's Rod and Wire business will enhance the company by giving it access to a broader customer base and product portfolio, as well as expanding its geographic reach.
Read More On The Global Magnet Wire Market Report Here:
https://www.thebusinessresearchcompany.com/report/magnet-wire-global-market-report
The Magnet Wire market is segmented -
• By Type: Copper, Aluminum
• By Shape: Round, Rectangle, Square
• By Application: Motor, Home Appliance, Transformer, Other Applications
• By End-User: Electrical And Electronics, Industrial, Transportation, Other End Users
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the Magnet Wire market.
The Business Research Company's "Global Magnet Wire Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Magnet Wire Market Include:
1. Executive Summary
2. Magnet Wire Market Characteristics
3. Magnet Wire Market Trends And Strategies
4. Magnet Wire Market - Macro Economic Scenario
5. Magnet Wire Market Size And Growth
…………………………………………………………………
26. Africa Magnet Wire Market
27. Magnet Wire Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Magnet Wire Market
29. Magnet Wire Market Future Outlook and Potential Analysis
30. Appendix
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