Magnet Wire Market worth $41.8 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, March 16, 2022 /PRNewswire/ -- According to the new market research report "Magnet Wire Market by Type (Copper, Aluminum), Shape (Round, Rectangle, Square), Application (Motor, Home Appliance, Transformer), End-Use Industry (Electrical& Electronics, Industrial, Transportation, Infrastructure), Region - Global Forecast to 2026", published by MarketsandMarkets™, the global Magnet Wire Market size is expected to grow from USD 32.7 billion in 2021 to USD 41.8 billion by 2026, at a CAGR of 5.0% during the forecast period. The magnet wire industry is growing due to the increase in the demand from electrical & electronics, transportation, industrial, and infrastructure industries. Furthermore, government stimulus packages, and recovering end-use industries are fuelling the demand for magnet wires across the world.
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Copper magnet wire comprise a major share of the magnet wire market in terms of value and volume.
Magnet wires manufactured using copper possess various characteristics such as excellent moisture resistance, chemical resistance, high conductivity, and better windability. Copper magnet wire is widely used in traction motors, solenoids, generators, transformers, and high-voltage transformers, among others, in electrical & electronics, automotive, infrastructure, marine, and other industries.
The copper metal exhibits less thermal expansion coefficient and considerably lower electrical resistance. For the very same reason, the equipment manufacturers prefer the usage of copper magnet wires in their applications for higher efficiency of generation and usage of electricity.
Round magnet wires accounted for the largest market share in the global magnet wire market during the forecast period in terms of value and volume.
Round magnet wires are widely used for their extensive mechanical strength and their compact size windability, resistance to abrasion (as it has no edges), along with superior flexibility. They find their application in electrical motors, generators, utility distribution transformers, and electrical coils in electronic gadgets.
Round magnet wires have very less tendency to get twisted and stranded compared to the rectangle and square magnet wires. This is one of the major reasons for their use as the twisted wires can lead to mechanical failures in various applications. Another reason for the increased use of round-shaped magnet wire is their compaction
But, because of the lockdown situation occurred due to COVID-19, many floor workers were unable to work in manufacturing facilities, which was resulted in the reduction in output of magnet wires, such as. Thus, the demand for round magnet wires was declined in 2020.
Motor application dominates the global magnet wire market in terms of value and volume
The motors segment leads the consumption market of magnet wires. Motors find their applications in various end-use industries such as transportation, industrial, and electronics. The consumption of magnet wire is expected to be driven by the growth in demand for electric vehicles, urbanization, and infrastructural and industrial developments around the globe
Electric motor possesses the ability to convert electrical current into mechanical power. The motor uses magnet wires as winding coils due to their various properties such as insulation resistance, superior dielectric strength, and thermal resistance. These properties make them suitable for manufacturing motors for various applications in the automotive industry such as door motor, ventilation motor, sun-roof motor, wiper motor, solenoids, seat adjustment motor, and other automotive parts. Motors are also used in various industrial purposes where rotational motion is needed.
The electrical & electronics end-use industry accounted for the largest market share in the global magnet wire market during the forecast period in terms of value and volume.
Electronics is the leading industry in the consumption of magnet wires. Growth in urbanization around the globe, advancements in technology, and an increase in buying power of the population are the major reasons for the increase in consumption by the electronics segment. Developments in the industrial and transportation segments have a major impact on magnet wire consumption globally. Post-pandemic incentives and industrial development policies of various governments are expected to have a positive impact on the magnet wire market
As COVID-19 related restrictions are subsiding, the electrical & electronics market is starting to see an upturn. The recovering various end-use industries is boosting the demand for magnet wires across the world.
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APAC is expected to account for the largest market share in the magnet wire market during the forecast period.
APAC is the largest market for magnet wires. The major international players are exploring opportunities in the region owing to cheap labor, raw materials, and high demand from various end-use industries, such as electrical & electronics, industrial, transportation, infrastructure, and others. However, COVID-19 affected the entire world disastrously, and APAC is one of the most affected regions, globally. The deadly virus has affected various major markets in APAC including China and India. It forced the government to lock down the that resulted in slow down across various sectors, including industrial, and transportation in 2020.
The key players in the market include LS Cable & System Ltd. (South Korea), Tongling Jingda Special Magnet Wire Co., Ltd. (China), Sumitomo Electric CO., Ltd. (Japan), Hitachi Metals Ltd. (Japan), and Samdong Co., Ltd. (South Korea), FURUKAWA Electric Co. Ltd. (Japan), IRCE S.p.A (Italy), Fujikura Ltd. (Japan), Von Roll Holding AG (Switzerland), and LWW group (Sweden) are among others. These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the magnet wire market. These players have taken different organic and inorganic developmental strategies over the past five years.
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