Global Magnet Wire Market was valued at US$ 27.3Bn in 2019 and is expected to reach US$ 39.2Bn by 2027, at a CAGR of 4.63% during a forecast period.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
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Increasing demand for transformers, motors, home appliance, and reactors across the world is driving market growth. Magnet wire when wrapped into a coil while being connected to a power supply produces an electromagnetic field, which increases its efficiency in several electronic applications. Also, technological advancements in the electric industry for creating sounds in gadgets like speakers, sound bar and headphones are further fuelling the market growth. Instead, the fluctuating cost of raw material such as copper and aluminum may restrict the market growth. Where the growing telecommunication industry is likely to create potential opportunity during the forecast period.
Copper magnet segment is leading the market for magnet wire. Copper magnet wire is more extensively used in electrical motors, generators, reactors, and other applications. A copper magnet has excellent heat shock resistance, excellent conductivity, high dielectric strength, and moisture resistance. Also, the demand for aluminum magnet wire is increasing because of aluminum magnet wires are lightweight and inexpensive in nature.
Electric & electronics industry is projected to be the fastest growing industry of magnet wire during the forecast period, in terms of both value & volume. Magnet wire is commonly used in consumer electronics and electrical products. The growing usage of electronic products in the APAC, Europe, and North America is boosting the usage of magnet wire in the electrical & electronics industry.
In terms of region, the Asia Pacific is projected to register the highest CAGR during the forecast period. High demand from economies such as China, Japan, and India are driving the demand in the APAC region. There is a growing demand for magnet wire from transportation and electrical & electronics industries in the region. China is the largest consumer of magnet wires and is likely to maintain its position in the upcoming years.
Leading key players in global magnet wire industry are Rea, Superior Essex, Sumitomo Electric, Liljedahl and various Chinese manufacturers. Superior Essex is the largest manufacturer, occupies about the largest revenue share of the market. Such as a large demand for high-end products at home and abroad, several companies began to enter the field of high-end.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding Global Magnet Wire Market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in the Global Magnet Wire Market.
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Global Magnet Wire Market, By Type
Global Magnet Wire Market, By Shape
• Round Magnet Wire
• Rectangle Magnet Wire
• Square Magnet Wire
Global Magnet Wire Market, By Application
• Home Appliance
Global Magnet Wire Market, By End-Use Industry
• Electrical & Electronics
Global Magnet Wire Market, by Region
• North America
• Asia Pacific
• Middle East and Africa
• South America
Key players operating in Global Magnet Wire Market
• LS Cable & System Ltd.
• REA Magnet Wire
• Irce S.P.A.
• Tongling Jingda Special Magnet Wire Co., Ltd.
• FurUKawa Electric Co., Ltd.
• Samdong Co., Ltd.
• Sumitomo Electric Industries, Ltd.
• Fujikura Ltd.
• LWW Group
• Hitachi Metals, Ltd.
• Von Roll Holding AG
• Condumex Inc.
• Precision Wires India Limited
• Roshow Technology Co., Ltd.
• Schwering & Hasse Elektrodraht Gmbh
• Aislantes, Conductores Esmaltados Y Barnices S.A
• Zml Industries S.P.A.
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