Magnet Wire Market to Signify Strong Growth by 2024-2031

The global magnet wire market is anticipated to grow at a CAGR of around 4.9% during the forecast period. The automotive industry is expected to emerge as the fastest growing with huge application of magnet wire owing to its features possess by it such as insulation uniformity, good electric properties, resistance to mechanical stress, and resistance to chemicals. The greater performance offered for the automotive vehicle owing to the coating of the enamelled wire makes an automobile performance high by enhancing the malleability, temperature, and resistivity boosting the growth of the market. With significant automotive vehicle production especially in the Asia-Pacific region, the demand for magnet wire is increasing rapidly, thereby driving the market growth. As per India Brand Equity Foundation (IBEF), in January 2022, the total production of passenger vehicles, three-wheelers, two-wheelers, and quadricycles reached 1,860,809 units. Moreover, the automotive industry in India is expected to reach $300 billion by 2026, thereby expected to create huge demand for magnet wire. 

Moreover, the market growth is also driven by the presence of prominent players that are contributing significantly to the growth. For instance, in August 2021, Essex Furukawa won a major EV project under which the company supplied 33,000 tons of high voltage winding wire (HVWW), specifically designed for 800V–applications. Moreover, in November 2019, Sumitomo Electric expanded its business by establishing a new company in China for the development & manufacturing of its rectangular magnet wire for electric vehicles. 

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Market Coverage

• The market number available for – 2023-2031
• Base year- 2023
• Forecast period- 2024-2031

Segment Covered- 

• By Type
• By Shape
• By End-User Industry
• By Application

Regions Covered-

• North America
• Europe
• Asia-Pacific
• Rest of the World

Competitive Landscape- LS Cable & System Ltd., Tongling Jingda Special Magnet Wire Co., Ltd.,  Sumitomo Electric CO., Ltd., Hitachi Metals Ltd., and Samdong Co., Ltd. 

A full Report of Magnet Wire Market is Available @  https://www.omrglobal.com/industry-reports/magnet-wire-market

Magnet Wire Market Report by Segment

By Type

• Copper magnet wire
• Aluminum magnet wire

By Shape

• Round
• Rectangle
• Square 

By End-use Industries

• Electrical & Electronics
• Industrial
• Transportation
• Infrastructure
• Others

By Application

• Motor
• Home Appliances 
• Transformer
• Others

Magnet Wire Market Report by Region

North America 

• United States
• Canada

Europe

• UK
• Germany
• Spain
• France
• Italy
• Rest of Europe

Asia-Pacific

• India
• China
• Japan
• South Korea
• Rest of APAC

Rest of the World

• Latin America
• Middle East and Africa 

Company Profiles 

• Elektrisola
• Fujikura Ltd.
• FURUKAWA Electric Co. Ltd.
• IRCE S.p.A.
• LWW group
• REA Magnet Wire
• Von Roll Holding AG

Reasons to buy from us –

1. We cover more than 15 major industries, further segmented into more than 90 sectors.
2. More than 120 countries are for analysis.
3. Over 100+ paid data sources mined for investigation.
4. Our expert research analysts answer all your questions before and after purchasing your report.

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