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.
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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.
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- Market Coverage
- Market number available for – 2022-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill Inc., and others
Market Segmentation
Global Magnet Wire Market by Type
- Copper Magnet Wire
- Aluminum Magnet Wire
Global Magnet Wire Market by Shape
- Round
- Rectangle
- Square
Global Magnet Wire Market by End-Use Industry
- Electrical & Electronics
- Industrial
- Transportation
- Infrastructure
- Others
Global Magnet Wire Market by Application
- Motor
- Home Appliances
- Transformer
- Others
Regional Analysis
- North America
- US
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- Elektrisola
- Fujikura Ltd.
- FURUKAWA Electric Co. Ltd.
- IRCE S.p.A.
- LWW group
- REA Magnet Wire
- Von Roll Holding AG
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.
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