The magnet wire market size is expected to grow from USD 30.1 billion in 2019 to USD 36.8 billion by 2024, at a CAGR of 4.1%. 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.
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The electrical & electronics end-use segment accounted for the largest share of the magnet wire market in 2019.
Electrical & electronics industry is the largest consumer of magnet wire. Magnet wires are used in the form of coil in products, such as fans, trimmers, toys, inverters, air conditioners, and other consumer electronics in the electrical & electronics industry. The increasing usage of household appliances across various regions is augmenting the demand for magnet wire in the electrical & electronics industry.
Motor is the biggest application of magnet wire.
Motor is the biggest application of magnet wire. The demand for magnet wire in motor application is driven by the growing consumption in the transportation industry. The consumption of magnet wire in motor application is witnessing high growth in the automotive sector. Growing penetration of electric vehicles across the globe is the key driver for the growing consumption of magnet wire in the automotive industry.
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APAC is the largest magnet wire market and is expected to remain the same during the forecast period. China, India, and Japan are the major economies that contribute to the growth of the market in the region. The growing transportation and electrical & electronics industries is bolstering the market for magnet wire in the region.
The major players in the magnet wire market include 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).
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