Magnet Wire Market
Magnet Wire Market Size, Share, and Trends Analysis Report, By Type (Copper Magnet Wire and Aluminum Magnet Wire), By Shape (Round, Rectangle, and Square), By End-Use Industry (Electrical & Electronics, Industrial, Transportation, Infrastructure, and Others), By Application (Motor, Home Appliances, Transformer, and Others), Forecast Period (2022-2028) Update Available - Forecast 2024-2030
Magnet wire market is anticipated to grow at a CAGR of 4.9% during the forecast period. Magnet wire is a copper (Cu) or aluminium (Al) wire coated with a very thin layer of insulation. It serves as an electrical conductor in motors, inductors, speakers, transformers, and other electromagnetic equipment, and allows multiple layers of wire to be wound together without short-circuiting. The rising adoption of magnetic wire in the electrical & electronics industry is a prominent factor in the market growth. In the electrical industry, magnet wire is primarily used in power transformers. The increasing production of power transformers and generators owing to growing electricity demand globally and rising industrialization are the key factors expected to drive the industry forwards during the forecast period. For instance, as per the US Energy Information Administration, in 2021, about 4,116 billion kilowatt-hours (kWh) (or about 4.12 trillion kWh) of electricity were generated at utility-scale electricity generation facilities in the US.
Moreover, hydropower plants produced about 6.3% of total US electricity generation and about 31.5% of electricity generation from renewable energy in 2021, whereas wind energy was the source of about 9.2% of total US electricity generation and about 46% of electricity generation from renewable energy in 2021. With further increase in electricity demand, the power generation is expected to increase which in turn will drive the demand for magnet wire for power transformer manufacturing. Apart from these, increasing demand for magnet wire in the automotive industry and significant investment by electric vehicle manufacturers in vehicle production are projected to bring new growth opportunities to the market. Whereas, the growing demand for compact-sized applications may decrease the usage of magnet wires in these applications, which will hamper the market growth.
Segmental Outlook
The global magnet wire market is segmented based on type, shape, end-user industry, and application. Based on type, the market is segmented into copper magnet wire and aluminum magnet wire. Among these, the copper magnet wire segment is expected to contribute the highest share to the market growth during the forecast period. There are multiple advantages of copper magnet wire, such as dielectric strength, resistance to insulation, heat, moisture, stretching, bending, and others. Therefore, it has significant applications in the electrical and electronics industry, thereby driving the segment growth.
Based on shape, the market is further segmented into round, rectangle, and square. Based on the end-user industry, the market is segmented into electrical & electronics, industrial, transportation, infrastructure, and others. Furthermore, based on application, the market is segmented into motors, home appliances, transformers, and others.
Regional Outlook
Geographically, the global magnet wire market is classified into four major regions including North America (the US and Canada), Europe (UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and Rest of the World (Latin America and the Middle East and Africa (MEA)). Among these, the Asia-Pacific region is expected to be the fastest growing during the forecast period. The increasing demand for magnet wire in the production of electric vehicles, growing spending on technological advancements, and rapid growth in the automotive sector are the prominent factors leading to the high product demand, thereby driving the market growth in the region.
Global Magnet Wire Market Growth, By Region 2022-2028
North America Region Dominates the Global Magnet Wire Market
Geographically, North America region dominated the market in 2021, and it is expected that the region is further going to maintain its dominance during the forecast period. The regional growth is attributed to the factors which include high production and replacements of power transformers in the US and increasing electric vehicle production. The presence of the largest players in the region has further made it the most lucrative regional market for the growth of magnet wire. Apart from these factors, increasing spending on technological advancements in the electric industry is further expected to create huge scope and demand for magnet wire. Growth in electrical and electronics and transportation industries is the main cause behind the dominance of the North America region.
Market Players Outlook
The major players operating in the global magnet wire market include LS Cable & System Ltd., Tongling Jingda Special Magnet Wire Co., Ltd., Sumitomo Electric CO., Ltd., Hitachi Metals Ltd., and Samdong Co., Ltd. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market.
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global magnet wire market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
• Recovery Scenario of Global Magnet Wire Market
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.1.1. LS Cable & System Ltd.
3.1.1.1. Overview
3.1.1.2. Financial Analysis
3.1.1.3. SWOT Analysis
3.1.1.4. Recent Developments
3.1.2. Tongling Jingda Special Magnet Wire Co. Ltd.
3.1.2.1. Overview
3.1.2.2. Financial Analysis
3.1.2.3. SWOT Analysis
3.1.2.4. Recent Developments
3.1.3. Sumitomo Electric CO., Ltd.
3.1.3.1. Overview
3.1.3.2. Financial Analysis
3.1.3.3. SWOT Analysis
3.1.3.4. Recent Developments
3.1.4. Hitachi Metals Ltd.
3.1.4.1. Overview
3.1.4.2. Financial Analysis
3.1.4.3. SWOT Analysis
3.1.4.4. Recent Developments
3.1.5. Samdong Co., Ltd.
3.1.5.1. Overview
3.1.5.2. Financial Analysis
3.1.5.3. SWOT Analysis
3.1.5.4. Recent Developments
3.2. Key Strategy Analysis
4. Market Segmentation
4.1. Global Magnet Wire Market by Type
4.1.1. Copper Magnet Wire
4.1.2. Aluminum Magnet Wire
4.2. Global Magnet Wire Market by Shape
4.2.1. Round
4.2.2. Rectangle
4.2.3. Square
4.3. Global Magnet Wire Market by End-Use Industry
4.3.1. Electrical & Electronics
4.3.2. Industrial
4.3.3. Transportation
4.3.4. Infrastructure
4.3.5. Others
4.4. Global Magnet Wire Market by Application
4.4.1. Motor
4.4.2. Home Appliances
4.4.3. Transformer
4.4.4. Others
5. Regional Analysis
5.1. North America
5.1.1. US
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
6. Company Profiles
6.1. Elektrisola
6.2. Fujikura Ltd.
6.3. FURUKAWA Electric Co. Ltd.
6.4. IRCE S.p.A.
6.5. LWW group
6.6. REA Magnet Wire
6.7. Von Roll Holding AG
1. GLOBAL MAGNET WIRE MARKET RESEARCH AND ANALYSIS BY TYPE, 2021-2028 ($ MILLION)
2. GLOBAL COPPER MAGNET WIRE MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
3. GLOBAL ALUMINUM MAGNET WIRE MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
4. GLOBAL MAGNET WIRE MARKET RESEARCH AND ANALYSIS BY SHAPE, 2021-2028 ($ MILLION)
5. GLOBAL ROUND MAGNET WIRE MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
6. GLOBAL RECTANGLE MAGNET WIRE MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
7. GLOBAL SQUARE MAGNET WIRE MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
8. GLOBAL MAGNET WIRE MARKET RESEARCH AND ANALYSIS BY END-USE INDUSTRY, 2021-2028 ($ MILLION)
9. GLOBAL MAGNET WIRE IN ELECTRICAL & ELECTRONICS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
10. GLOBAL MAGNET WIRE IN INDUSTRIAL MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
11. GLOBAL MAGNET WIRE IN TRANSPORTATION MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
12. GLOBAL MAGNET WIRE IN INFRASTRUCTURE MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
13. GLOBAL MAGNET WIRE IN OTHER END-USER INDUSTRIES MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
14. GLOBAL MAGNET WIRE MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2021-2028 ($ MILLION)
15. GLOBAL MAGNET WIRE IN MOTOR MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
16. GLOBAL MAGNET WIRE IN HOME APPLIANCES MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
17. GLOBAL MAGNET WIRE IN TRANSFORMER MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
18. GLOBAL MAGNET WIRE IN OTHER APPLICATIONS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
19. GLOBAL MAGNET WIRE MARKET RESEARCH AND ANALYSIS BY GEOGRAPHY, 2021-2028 ($ MILLION)
20. NORTH AMERICAN MAGNET WIRE MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
21. NORTH AMERICAN MAGNET WIRE MARKET RESEARCH AND ANALYSIS BY TYPE, 2021-2028 ($ MILLION)
22. NORTH AMERICAN MAGNET WIRE MARKET RESEARCH AND ANALYSIS BY SHAPE, 2021-2028 ($ MILLION)
23. NORTH AMERICAN MAGNET WIRE MARKET RESEARCH AND ANALYSIS BY END-USE INDUSTRY, 2021-2028 ($ MILLION)
24. NORTH AMERICAN MAGNET WIRE MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2021-2028 ($ MILLION)
25. EUROPEAN MAGNET WIRE MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
26. EUROPEAN MAGNET WIRE MARKET RESEARCH AND ANALYSIS BY TYPE, 2021-2028 ($ MILLION)
27. EUROPEAN MAGNET WIRE MARKET RESEARCH AND ANALYSIS BY SHAPE, 2021-2028 ($ MILLION)
28. EUROPEAN MAGNET WIRE MARKET RESEARCH AND ANALYSIS BY END-USE INDUSTRY, 2021-2028 ($ MILLION)
29. EUROPEAN MAGNET WIRE MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2021-2028 ($ MILLION)
30. ASIA-PACIFIC MAGNET WIRE MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
31. ASIA-PACIFIC MAGNET WIRE MARKET RESEARCH AND ANALYSIS BY TYPE, 2021-2028 ($ MILLION)
32. ASIA-PACIFIC MAGNET WIRE MARKET RESEARCH AND ANALYSIS BY SHAPE, 2021-2028 ($ MILLION)
33. ASIA-PACIFIC MAGNET WIRE MARKET RESEARCH AND ANALYSIS BY END-USE INDUSTRY, 2021-2028 ($ MILLION)
34. ASIA-PACIFIC MAGNET WIRE MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2021-2028 ($ MILLION)
35. REST OF THE WORLD MAGNET WIRE MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
36. REST OF THE WORLD MAGNET WIRE MARKET RESEARCH AND ANALYSIS BY TYPE, 2021-2028 ($ MILLION)
37. REST OF THE WORLD MAGNET WIRE MARKET RESEARCH AND ANALYSIS BY END-USE INDUSTRY, 2021-2028 ($ MILLION)
38. REST OF THE WORLD MAGNET WIRE MARKET RESEARCH AND ANALYSIS BY SHAPE, 2021-2028 ($ MILLION)
39. REST OF THE WORLD MAGNET WIRE MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2021-2028 ($ MILLION)
1. GLOBAL MAGNET WIRE MARKET SHARE BY TYPE, 2021 VS 2028 (%)
2. GLOBAL MAGNET WIRE MARKET SHARE BY SHAPE, 2021 VS 2028 (%)
3. GLOBAL MAGNET WIRE MARKET SHARE BY END-USE INDUSTRY, 2021 VS 2028 (%)
4. GLOBAL MAGNET WIRE MARKET SHARE BY APPLICATION, 2021 VS 2028 (%)
5. GLOBAL MAGNET WIRE MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
6. GLOBAL COPPER MAGNET WIRE MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
7. GLOBAL ALUMINUM MAGNET WIRE MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
8. GLOBAL ROUND MAGNET WIRE MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
9. GLOBAL RECTANGLE MAGNET WIRE MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
10. GLOBAL SQUARE MAGNET WIRE MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
11. GLOBAL MAGNET WIRE IN ELECTRICAL & ELECTRONICS MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
12. GLOBAL MAGNET WIRE IN INDUSTRIAL MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
13. GLOBAL MAGNET WIRE IN TRANSPORTATION MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
14. GLOBAL MAGNET WIRE IN INFRASTRUCTURE MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
15. GLOBAL MAGNET WIRE IN OTHER END-USER INDUSTRIES MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
16. GLOBAL MAGNET WIRE IN MOTOR MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
17. GLOBAL MAGNET WIRE IN HOME APPLIANCES MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
18. GLOBAL MAGNET WIRE IN TRANSFORMER MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
19. GLOBAL MAGNET WIRE IN OTHER APPLICATIONS MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
20. US MAGNET WIRE MARKET SIZE, 2021-2028 ($ MILLION)
21. CANADA MAGNET WIRE MARKET SIZE, 2021-2028 ($ MILLION)
22. UK MAGNET WIRE MARKET SIZE, 2021-2028 ($ MILLION)
23. FRANCE MAGNET WIRE MARKET SIZE, 2021-2028 ($ MILLION)
24. GERMANY MAGNET WIRE MARKET SIZE, 2021-2028 ($ MILLION)
25. ITALY MAGNET WIRE MARKET SIZE, 2021-2028 ($ MILLION)
26. SPAIN MAGNET WIRE MARKET SIZE, 2021-2028 ($ MILLION)
27. REST OF EUROPE MAGNET WIRE MARKET SIZE, 2021-2028 ($ MILLION)
28. INDIA MAGNET WIRE MARKET SIZE, 2021-2028 ($ MILLION)
29. CHINA MAGNET WIRE MARKET SIZE, 2021-2028 ($ MILLION)
30. JAPAN MAGNET WIRE MARKET SIZE, 2021-2028 ($ MILLION)
31. SOUTH KOREA MAGNET WIRE MARKET SIZE, 2021-2028 ($ MILLION)
32. REST OF ASIA-PACIFIC MAGNET WIRE MARKET SIZE, 2021-2028 ($ MILLION)
33. REST OF THE WORLD MAGNET WIRE MARKET SIZE, 2021-2028 ($ MILLION)
