DUBLIN--(BUSINESS WIRE)--The "Magnet Wire Market by Type, Shape, Application, End-Use Industry, Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The magnet wire market size is estimated at USD 30.1 billion in 2019 and is projected to reach USD 36.8 billion by 2024, at a CAGR of 4.1% between 2019 and 2024.
Magnet wires are used in different industries such as electrical & electronics, industrial, transportation, infrastructure, and others. Continuous demand from the electrical & electronics and transportation industries plays a major role in the growing consumption of magnet wire.
The magnet wire market comprises major manufacturers such as LS Cable & System (South Korea), Elektrisola (Germany), REA Magnet Wire (US), Sumitomo Electric Industries, Ltd. (Japan), Samdong Co., Ltd. (South Korea), LWW Group (Sweden), IRCE S.p.A. (Italy), Tongling Jingda Special Magnet Wire Co., Ltd. (China), Furukawa Electric Co., Ltd. (Japan), and Fujikura Ltd. (Japan).
The study includes an in-depth competitive analysis of these key players in the market, with their company profiles, recent developments, and key market strategies.
Copper magnet wire is estimated to dominate the overall market
Copper magnet wire is more widely used in electrical motors, generators, reactors, and other applications. They have excellent heat shock resistance, excellent conductivity, high dielectric strength, and moisture resistance.
Aluminum magnet wire is expected to grow at a higher rate during the forecasted period. Aluminum magnet wires are lightweight and inexpensive in nature. Hence, their demand is increasing in the transformer application.
Magnet wire market is expected to witness the highest growth in electrical & electronics between 2019 and 2024
The electrical & electronics industry is projected to be the fastest-growing end-use industry of magnet wire during the forecast period, in terms of both value and volume. Magnet wire is widely used in consumer electronics and electrical products.
The increasing usage of electronic products in APAC, Europe, and North America is bolstering the usage of magnet wire in the electrical & electronics industry.
The magnet market in APAC is projected to register the highest CAGR
The magnet wire market in APAC is projected to register the highest CAGR during the forecast period. High demand from countries such as China, Japan, and India is driving the demand in the APAC region.
There is increasing demand for magnet wire from transportation and electrical & electronics industries in the region. China is the largest consumer of magnet wires and is expected to maintain its position in the coming years.
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.5 Unit Considered
2 Research Methodology
2.1 Research Data
2.2 Market Size Estimation
2.3 Data Triangulation
2.4 Research Assumptions
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Magnet Wire Market
4.2 Magnet Wire Market, By End-Use Industry
4.3 Magnet Wire Market, By Type
4.4 Magnet Wire Market, By Country
5 Market Overview
220.127.116.11 Growing Market of Electric Vehicles
18.104.22.168 High Demand From the Power Sector
22.214.171.124 Shift Towards Compact Motors
126.96.36.199 Growing Demand From the APAC Region
188.8.131.52 Cracking and Bulging of Insulation
5.2 Porter's Five Forces Analysis
6 Magnet Wire Market, By Type
6.2.1 Copper Segment Dominates Overall Magnet Wire Market
6.3.1 The Market for Aluminum Magnet Wire is Driven By Demand in Transformer Application
7 Magnet Wire Market, By Shape
7.2 Round Magnet Wire
7.2.1 Round Magnet Wire is the Most-Widely Used Magnet Wire
7.3 Rectangle Magnet Wire
7.3.1 High Demand in Transformers is Driving the Market for Rectangular Magnet Wire
7.4 Square Magnet Wire
7.4.1 Demand for Compact Coils is Responsible for the Growth of Square Magnet Wire
8 Magnet Wire Market, By Application
8.2.1 Automotive Industry is Driving the Demand for Magnet Wire in Motor Application
8.3 Home Appliance
8.3.1 APAC is the Largest Magnet Wire Market in Home Appliance Application
8.4.1 Growth of Power Sector is Driving the Consumption of Magnet Wire in Transformers
9 Magnet Wire Market, By End-Use Industry
9.2 Electrical & Electronics
9.2.1 Electrical & Electronics is the Major End-Use Industry of Magnet Wire
9.3.1 Increasing Demand From Transformers Will Drive the Market in the Industrial Sector
9.4.1 Growing Demand for Electric Vehicle is Driving the Consumption of Magnet Wire in the Transportation Industry
9.5.1 APAC is the Biggest Consumer of Magnet Wire in the Infrastructure Industry
10 Magnet Wire Market, By Region
10.2 North America
10.2.1.1 High Demand From Motor Application is Driving the Market in the US
10.2.2.1 Electrical & Electronics Industry is Boosting the Demand in Canada
10.3.1.1 Germany is the Leading Consumer of Magnet Wire in Europe
10.3.2.1 Growing Demand for Magnet Wire From Electric Vehicles
10.3.3.1 Transportation Industry is Driving the Market in France
10.3.4.1 Transportation is One of the Major End-Use Industries of Magnet Wire in Italy
10.3.5 Rest of Europe
10.4.1.1 China is the Largest Consumer of Magnet Wire
10.4.2.1 Presence of Major Magnet Wire Manufacturers in the Country Contributes to Market Growth
10.4.3 South Korea
10.4.3.1 Consumption of Magnet Wire in Electrical & Electronics Industry is Increasing in the Country
10.4.4.1 Demand for Copper Magnet Wire is Growing From Motor and Transformer Applications
10.4.5 Rest of APAC
10.5 Latin America
10.5.1.1 Mexico is the Largest Market in Latin America
10.5.2.1 Growing Consumption From Transportation Industry is Driving the Demand for Magnet Wire in Brazil
10.5.3.1 High Demand for Magnet Wire Witnessed From the Electrical & Electronics Industry
10.5.4 Rest of Latin America
10.6.1 Saudi Arabia
10.6.1.1 Saudi Arabia is the Largest Market in the MEA
10.6.2.1 Increasing Demand From Industrial Application is Driving the Market in the UAE
10.6.3 Rest of MEA
11 Competitive Landscape
11.2 Competitive Leadership Mapping
11.2.1 Dynamic Differentiators
11.2.3 Visionary Leaders
11.2.4 Emerging Companies
11.3 Competitive Benchmarking
11.3.1 Product Offering
11.3.2 Business Strategy
11.4 Market Ranking
11.5 Competitive Scenario
11.5.1 New Product Launches
11.5.2 Expansions & Investments
11.5.3 Mergers & Acquisitions
12 Company Profiles
12.1 LS Cable & System Ltd.
12.2 REA Magnet Wire
12.3 Irce S.P.A.
12.5 Tongling Jingda Special Magnet Wire Co. Ltd.
12.6 Furukawa Electric Co. Ltd.
12.7 Samdong Co. Ltd.
12.8 Sumitomo Electric Industries Ltd.
12.9 Fujikura Ltd.
12.10 LWW Group
12.11 Other Key Players
12.11.1 Hitachi Metals Ltd.
12.11.3 Von Roll Holding AG
12.11.4 Condumex Inc.
12.11.5 Precision Wires India Limited
12.11.6 Roshow Technology Co. Ltd.
12.11.8 Schwering & Hasse Elektrodraht GmbH
12.11.9 Aislantes, Conductores Esmaltados Y Barnices S.A.
12.11.10 ZML Industries S.P.A.
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