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Magnet Wire Market worth $36.8 billion by 2024

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 2024

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Magnet Wire Market worth $36.8 billion by 2024

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  1. 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 2024 Speak To Analyst

  2. The magnet wire market size is projected to grow from USD 30.1 billion in 2019 to USD 36.8 billion by 2024, at a CAGR of 4.1% between 2019 and 2024. The market is growing owing to the high demand from end-use industries, such as transportation, industrial, electrical & electronics, and infrastructure. APAC is the largest market for magnet wire and is expected to remain the dame during the forecast year. REQUEST FREE SAMPLE REPORT !

  3. Electrical & electronics is the largest consumer of magnet wire. Electrical & electronics is the biggest end-use industry of the magnet wire market. These wires are used in the form of coil in various products in the electrical & electronics industry. For instance, products such as fans, toys, trimmers, inverters, air conditioners, and other consumer electronics use magnet wire as a coil. The increasing usage of household appliances is accountable for the increased market size of magnet wire in the electrical & electronics industry. REQUEST BUNDLE REPORTS

  4. Copper magnet wire accounted for the major share in the magnet wire market. Copper is the more widely used type of magnet wire. Copper magnet wire offers better conductivity and possesses excellent tensile strength. Additionally, it also offers superior heat shock resistance, moisture resistance, chemical resistance, and have lesser cross-section area. This makes it suitable for applications in the transportation and electrical & electronics industries. Motor is the major application of magnet wire. Motor is the biggest application of magnet wire. The large market size for magnet wire in motor application is driven by the growth of the transportation industry. The consumption of magnet wires in motor application is witnessing high growth in the automotive sector.

  5. The magnet wire market comprises major manufacturers such as LS Cable & System (South Korea), Elektrisola (Germany), REA Magnet Wire (US), Sumitomo Electric Industries, Ltd. (Japan), Samdong Co., Ltd. (South Korea), LWW Group (Sweden), IRCE S.p.A. (Italy), Tongling Jingda Special Magnet Wire Co., Ltd. (China), Furukawa Electric Co., Ltd. (Japan), and Fujikura Ltd. (Japan). The study includes an in-depth competitive analysis of these key players in the magnet wire market, with their company profiles, recent developments, and key market strategies. Download PDF Brochure

  6. Recent Developments • In June 2018, Samdong Co., Ltd. expanded its business in Europe by establishing a new production facility at Kosin, Poland. • In June 2018, REA Magnet Wire launched a high-grade magnet wire under the brand name NanoMax. This newly developed magnet wire offers excellent corona resistant property and is used in motors, generators, and other applications. • In December 2017, LS Cable & System Ltd. established a manufacturing facility at Zrenjanin, Serbia. The production facility has strong focus on development and manufacturing of magnet wires. GET 10% FREE CUSTOMIZATION ON THIS REPORT !!!

  7. Mr. Shelly Singh MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA : 1-888-600-6441 sales@marketsandmarkets.com

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