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Magnet Wire: A Leading Driver Behind Rising Demand For Electric Vehicles Sparks Growth In The Magnet Wire Market Market Expansion in 2025
Magnet Wire Market
What Will the Magnet Wire Industry Market Size Be by 2025?
In the past few years, the magnet wire industry has seen a consistent increase in market size. By 2024, it is expected to reach $31.68 billion and further grow to $32.82 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 3.6%. The remarkable growth during the historical phase can be credited to various factors including the rise in electrification and industrialization, automotive industry growth, enhancements in energy generation and transmission, consumer electronics, and applications in the aerospace and defense sector.
What's the Long-Term Growth Forecast for the Magnet Wire Market Size Through 2029?
Anticipations are high for substantial expansion in the magnet wire market over the coming years, with its estimated growth projected to reach $40.07 billion by 2029, demonstrating a compound annual growth rate (CAGR) of 5.1%. The projected growth during this period is attributed to several key factors including the rise of the electric vehicle (ev) market, the growth of renewable energy, the need to replace aging infrastructure, advancements in materials and coatings, and the globalization of manufacturing. Major market trends predicted for this forecast period include the adoption of 5g and expansion of data centers, implementation of smart grids, development of electric aircrafts, miniaturization of electronics, and the ongoing digital transformation in various industries.
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What Are the Key Growth Drivers Fueling the Magnet Wire Market Expansion?
The surge in the appeal for electric vehicles is anticipated to fuel the expansion of the magnet wire market in the future. Electric vehicles, renowned for being either fully electric or hybrid, are well-known for their low operational costs and eco-friendliness due to minimal reliance on fossil fuels such as petrol or diesel. The use of magnet wires, particularly those with microcellular coating, enhances performance in these vehicles by minimizing dielectric properties and processing resistance. For example, the U.S. Energy Information Administration noted that the percentage of battery-electic vehicles (BEVs) among new light-duty vehicle sales hit 17.7% in the third quarter of 2023. Throughout the same year, BEVs represented 16.0% of all new car sales, an increase from 12.5% in 2022 and 9.0% in 2021. Such figures highlight a remarkable rise in electric vehicles demand, attributable to changing consumer preferences and market growth. Consequently, the surging appeal for electric vehicles is a significant contributing factor to the development of the magnet wire market.
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What Are the Key Trends Driving Magnet Wire Market Growth?
The magnet wire market has seen a surge in companies adopting strategies like forming partnerships or acquiring other businesses to broaden their market or invent new products. For instance, Bain Capital LP, an American enterprise, took over Hitachi Metals, Ltd. for $5.84 billion in October 2022 in an attempt to widen its portfolio by harnessing Hitachi's proficiency in the supply of magnet wires. Hitachi Metals, Ltd., another American firm, is renowned for its provision of magnet wires.
How Is the Magnet Wire Market Segmented?
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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Which Companies Are Leading the Charge in Magnet Wire Market Innovation?
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.
Which Regions Are Leading the Global Magnet Wire Market in Revenue?
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.
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