Magnet Wire Market Size, Share, Growth, And Industry Analysis By Type (Copper Magnet Wire, Aluminum Magnet Wire) By Application (Motors, Transformers, Home Appliance, Reactor and Others), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Magnet Wire Market Report Overview

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The global magnet wire market size was USD 26500 million in 2022 and is expected to reach USD 31677.06 million in 2031, exhibiting a CAGR of 2% during the forecast period.

In basic terms, magnet wire is used to synthesize electrical energy into magnetic energy.  It is an insulated medium composed of copper or aluminum that has application in wind propellers, transformers, power systems, and all kinds of industrial appliances that converts electrical energy into mechanical energy. Usually made of copper or aluminum, magnet wire produces an electrical field when coiled into a circuit and activated. 90% of all electrical energy needs to be modified with the help of an electromagnet in order to be usable. Magnet wire is utilized in everything from telephones to high-voltage transformers.

The demand for magnet wire is growing owing to its uses to make electromagnets, hard disc drive actuators, motors, speakers, transformers, inductors, and other devices that need tightly wrapped insulation. In the motors, it turns electrical power into mechanical mobility, primarily via the interplay of magnetic flux and current-carrying circuits, and electric motors incorporate coils to provide the necessary magnetic fields. Copper magnet wire is used to make transformer windings in two different forms, strips for bigger electronics and wire for smaller devices.

COVID-19 Impact: Market Experienced Decline Due To The Low Demand

The global COVID-19 pandemic has been unprecedented and staggering, with the magnet wire market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The rise in CAGR is attributable to the magnet wire market growth and demand returning to pre-pandemic levels once the pandemic is over.

The COVID-19 was unusual and created significant societal turbulence. It altered the way of life, had an effect on enterprises, and constrained medical resources. The healthcare industry put tremendous pressure on the economy's limited resources. During such periods, various industries' manufacturing processes were impacted and shut down. Additionally, demand has decreased to unexpectedly low levels across all industries. As a result, the decline in the number of goods made with magnet wire during the pandemic had a detrimental effect on the demand for the material.

Latest Trends

"High-Powered Magnet Wires To Increase The Market Share "

The extremely versatile electric motors used in high-end electric vehicles like Tesla have elevated the status of electric vehicles, which were formerly thought of as substandard to fuel-based vehicles. Due to the critical function that magnet wire performs it has been made possible in electric vehicles that now electric automobiles are on par with or even superior to their fuel-based counterparts. The future of vehicular transportation resides in the use of magnet wire-based electric motors. The adoption of such application of magnet wire has the allure that the improved performance and a smaller carbon footprint generate for buyers, producers, and other market players in the industry.

Magnet Wire Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Copper Magnet Wire and Aluminum Magnet Wire. Copper magnet wire holds the majority of the market by type segment.

• By Application Analysis

Based on application, the market can be divided into Motors, Transformers, Home Appliance, Reactor and others. Motors is the leading segment in the magnet wire market by application segment.

Driving Factors

"Emerging Demand For Electric Vehicles To Drive The Market Growth"

The development of magnet wire electric motors used in electric vehicles dispels any uncertainty over the performance capability of an electric-powered vehicle, even though high speed is not required to navigate a demand for the electric vehicle in today's busy cities and clogged roadways. The main reasons for this increase in demand are the requirement for improved technology, more electric chargers, and increasing affordability. For all types of electric cars, magnet wire is essential in large amounts. These cables are used in electric motors, charging infrastructure, and bus bars in addition to many other applications. Consequently, the increase in sales of electric vehicles is propelling the magnet wire market share.

"Infrastructure Developments In Emerging Markets To Increase The Market Demand"

The infrastructural progress in roadways, the power sector, and the IT infrastructure has been enormous in the emerging market economies due to which there has been a demand for electronic gadgets and other electronic devices which employs magnet wire. Due to the robust growth in transportation, the power sector, and the IT infrastructure, the demand for products based on such infrastructure has been growing steadily which is meant to drive the demand for magnet wire and is expected to continue this upward trend in the projected period. Additionally, after COVID-19, governments across the world are pushing infrastructural development projects which are set to contribute to the growth of the magnet wire market.

Restraining Factors

"Market To Restrict Due To The Inherent Limitations Of Magnet Wire"

The magnet wire thus suffers significant heat and tensile stress, which affects some of its mechanical properties. Consequently, the coating of the magnet wires tends to disintegrate. When the resin is applied to lacquer the wires are of inferior quality, this might also occur from time to time. Additionally, the damaged magnet wire reduces its efficiency and anticipated lifespan of the devices due to short-circuiting of wires from inside.  The magnet wire market growth to restrict as a result of these disadvantages.

Magnet Wire Market Regional Insights

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"Asia Pacific Is The Leading Region Owing To Its Large Industrial Base"

Asia Pacific is the major manufacturing hub of the world. Most of the market players are concentrated in the region. The Asia Pacific has emerged as the largest market for magnet wire due to the region's steadily rising demand for finished goods created with magnet wire. Owing to its substantial customer base and anticipated growth over the forecast period, North America is the second-largest area for the magnet wire market.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by collaborating with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Superior Essex (U.S.)
• Rea (Australia)
• Sumitomo Electric (Japan)
• Liljedahl (Sweden)
• Fujikura (Japan)
• Hitachi (Japan)
• IRCE (Italy)
• Magnekon (U.S.)
• Condumex (U.S.)
• Elektrisola (Germany)
• Von Roll (Switzerland)
• Alconex (U.S.)
• Jingda (China)
• Citychamp Dartong (China)
• Shanghai Yuke (China)
• Roshow Technology (China)
• Shangfeng Industrial (China)
• Tongling Copper Crown Electrical (China)
• HONGYUAN (China)
• Ronsen Super Micro-Wire (China)
• Shenmao Magnet Wire (China)
• GOLD CUP ELECTRIC (China)
• Tianjin Jing Wei Electric Wire (China)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.