Press release
Magnet Wire Market Size, Market Competitive Landscape, Business Growth, Share, And Forecast To 2033
Magnet Wire Market
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.
Market Overview -
The magnet wire refers to copper or aluminum wire coated with a very thin layer of insulation. These are basically used in the construction of transformers, inductors, motors, speakers, hard disk head actuators, potentiometers, electromagnets, and other applications which require tight coils of wire. Magnet wire has good electrical characteristics such as dielectric strength and insulation resistance, as well as resistance to heat, water, and moisture.
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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.
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.
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Key Segments -
The magnet wire market covered in this report is segmented -
1) By Type: Copper, Aluminum
2) By Shape: Round, Rectangle, Square
3) By Application: Motor, Home Appliance, Transformer, Other Applications
4) By End-User: Electrical And Electronics, Industrial, Transportation, Other End Users
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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