Press release
Magnet Wire Global Market Report 2024: Key Players, Demand Patterns And Forecasts 2033 | Elektrisola Incorporated, Essex Furukawa Magnet Wire LLC, Fujikura Ltd., Furukawa Electric Co. Ltd.,
Magnet Wire Market Size
The Business Research Company offers in-depth market insights through Magnet Wire Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The magnet wire market size has grown steadily in recent years. It will grow from $30.88 billion in 2023 to $32.24 billion in 2024 at a compound annual growth rate (CAGR) of 4.4%. The growth in the historic period can be attributed to electrification and industrialization, automotive industry expansion, energy generation and transmission, consumer electronics, aerospace and defense applications.
The magnet wire market size is expected to see steady growth in the next few years. It will grow to $38.96 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The growth in the forecast period can be attributed to electric vehicle (ev) market growth, renewable energy expansion, aging infrastructure replacement, materials and coating innovations, globalization of manufacturing. Major trends in the forecast period include 5g and data centers, smart grid implementation, electric aircraft development, miniaturization in electronics, digital transformation in industries.
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Market Segmentation:
The main types of magnet wire are copper and aluminum. The copper magnet wire provides excellent conductivity and very good wind ability. For special applications, copper is used as a wide variety of conductor materials and for special characteristics like higher mechanical strength or bending performance. The various shapes include round, rectangle, and square, which are used in different applications such as motors, home appliances, transformers, and others. The several end-use industries include electrical & electronics, industrial, transportation, and others.
Major Driver - Rising Demand For Electric Vehicles Sparks Growth In The Magnet Wire Market
The increase in the demand for electric vehicles is expected to propel the growth of the magnet wire market going forward. 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 utilize little to no fossil fuels (petrol or diesel). Magnet wires with microcellular coating are used in electric vehicles to lower dielectric properties and processing resistance, increasing efficiency. For instance, in May 2022, according to the International Energy Agency, a France-based autonomous intergovernmental organization, sales of electric vehicles nearly doubled to 6.6 million in 2021, increasing the total number of electric vehicles on the road to 16.5 million. Therefore, the increase in the demand for e-vehicles is driving the growth of the magnet wire market .
Competitive Landscape:
Major companies operating in the magnet wire market include Elektrisola Incorporated, Essex Furukawa Magnet Wire LLC, Fujikura Ltd., Furukawa Electric Co. Ltd., Gold Cup Electric Electromagnetic Wire Co. Ltd., Hitachi Cable Ltd., Hongyuan Group Co. Ltd., Roshow Technology, Tongling Jingda Special Magnet Wire Co. Ltd., Condumex Inc., Aislantes SA, Alconex Inc., LS Cable & System Ltd., Magnekon SA, REA Magnet Wire SA, Sumitomo Electric Industries Ltd., Superior Essex Inc., Samdong Co. Ltd., IRCE S.p.A, Von Roll Holding AG, LWW group, Altana AG, TE Connectivity plc, Salzer Electronics Limited, Schwering & Hasse Elektrodraht GmbH, Strunk Connect GmbH & Co. KG, Wuxi Xizhou Magnet Wires Co. Ltd., Shibata Co. Ltd., Hi-Wire Limited, Ormiston Wire Limited, Citychamp Dartong Co. Ltd., Dahren Group AS, Ederfil Becker GmbH, HPW Metallwerk GmbH, Proterial Ltd., Sumitomo Electric Wiring Systems Inc.
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Top Trend - Strategic Acquisitions Fuel Market Expansion And Product Diversification In The Magnet Wire Industry
The number of firms adopting strategic agreements or acquiring other companies to expand the market or develop new products has increased in the magnet wire market. 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 aluminum 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.
The Table Of Content For The Market Report 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
…..
27. Magnet Wire Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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