Press release
Rising Demand For Electric Vehicles Sparks Growth In The Magnet Wire Market: An Emerging Driver Transforming The Magnet Wire Market Landscape
Magnet Wire Market Demand
What Is the Projected Growth of the Magnet Wire Market?
The size of the magnet wire market has been experiencing consistent growth over recent years. There is a predicted growth from $31.68 billion in 2024 to a projected value of $32.82 billion in 2025, reflecting a compound annual growth rate (CAGR) of 3.6%. This growth during the historical period is largely accredited to factors such as the spread of electrification and industrialization, the expansion of the automotive industry, advancements in energy generation and transmission, consumer electronics, and applications in the aerospace and defense sectors.
In the coming years, the magnet wire market is predicted to witness substantial growth, escalating to a valuation of $40.07 billion in 2029, at a compound annual growth rate (CAGR) of 5.1%. The projected growth during this forecast period can be accredited to various factors like the expansion of the electric vehicle (ev) market, enlargement of renewable energy, replacement of aged infrastructure, advancements in materials and coatings, and the globalization of manufacturing processes. The forecast period also includes significant trends like the incorporation of 5g and data centers, implementation of smart grid technology, the evolution of electric aircraft, miniaturization in the electronics field, and the digital transformation across various industries.
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What Are the Different Magnet Wire Market 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
Subsegments:
1) By Copper: Enameled Copper Wire, Polyurethane Copper Wire, Polyester Copper Wire, Other Coated Copper Wire
2) By Aluminum: Enameled Aluminum Wire, Aluminum Magnet Wire With Protective Coatings, Other Aluminum Wire Types
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What Are the Primary Drivers Shaping the Magnet Wire Market?
The magnet wire market is anticipated to grow exponentially due to the rising demand for electric vehicles. Electric vehicles are those automobiles that are either fully or partially powered by electricity. They have a low operating cost because they require less maintenance and are environmentally friendly as they use minimal to no fossil fuels such as petrol or diesel. Microcellular coated magnet wires are utilized in these vehicles to decrease dielectric properties and processing resistance, thereby enhancing their efficiency. As per the U.S. Energy Information Administration's November 2023 data, the percentage of battery-electric vehicles (BEVs) in new light-duty vehicle sales rose to 17.7% in the third quarter of 2023, with BEVs making up 16.0% of all new vehicle sales so far that year. This figure was a rise from 12.5% in 2022 and 9.0% in 2021, demonstrating a significant positive trend in electric vehicle demand that indicates increasing consumer preference and market expansion. Consequently, the growth of the magnet wire market is propelled by the rising demand for electric vehicles.
Which Companies Are Leading in the Magnet Wire Market?
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.
What Are the Major Trends Shaping the Magnet Wire Market?
There has been a surge in the number of companies that are either choosing strategic partnerships or acquisitions as a means to broaden their markets or innovate new products in the magnet wire sector. For example, Bain Capital LP, a firm based in the United States, took over Hitachi Metals, Ltd. in October 2022 for $5.84 billion. Through this acquisition, Bain Capital is looking to broaden its portfolio by leveraging the specialized knowledge of Hitachi in delivering magnet wires. Hitachi Metals, Ltd. is also a U.S. based firm recognized for its production of magnet wires.
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What Are the Top Revenue-Generating Geographies in the Magnet Wire Market?
Asia-Pacific was the largest region in the magnet wire market share in 2024. The regions covered in the magnet wire market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Magnet Wire Market?
2. What is the CAGR expected in the Magnet Wire Market?
3. What Are the Key Innovations Transforming the Magnet Wire Industry?
4. Which Region Is Leading the Magnet Wire Market?
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