The global magnet wire market size is anticipated to reach USD 33.0 billion by 2025, expanding at a revenue-based CAGR of 3.7%, according to a new report by Grand View Research, Inc. The rising demand for power transformers owing to burgeoning electricity demand is the crucial factor supporting the market growth.
Magnet wire is used in various applications such as transformers, motors, inductors, generators, and actuators. The rising electricity demand especially in emerging economies of Asia Pacific is estimated to drive the demand for transformers, which in turn is predicted to propel the demand for magnet wire.
In North America, the U.S. market is driven by high replacement rates of power equipment and steady penetration of renewables. Mexico is one of the largest exporters of consumer appliances and electronics. In recent years, electronics production in Mexico has witnessed growth in an upward trajectory, which has resulted in strong demand for magnet wires.
Europe is the second largest market after Asia Pacific. The European market is mainly driven by energy sector. Rising number of installations of wind power capacities in the region and growing production of electric and hybrid vehicles is expected to drive the product demand over the coming years.
The major players in the market include LS Group, Sumitomo Electric Industries, Ltd., Superior Essex, and Furukawa Electric Co., Ltd. The major players are currently focused on introducing advanced products for emerging applications in renewable energy and electric vehicle industry.
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Key Takeaways from the report:
- Copper dominated the market in 2018 and acquired a share of 87.6%, in terms of revenue, in 2018. Copper has better conductivity than aluminum and as a result is largely preferred by end-product manufacturers
- The flat wire segment is estimated to witness the fastest CAGR of 4.2%, in terms of revenue, from 2019 to 2025 due to rising demand form the energy sector
- Residential end-use dominated the market with a volume share of approximately 33% in 2018. This large share is attributable to huge demand for consumer appliances such as air conditioners and refrigerators around the globe
- Asia Pacific is estimated to exhibit the fastest CAGR of 4.0%, in terms of revenue from 2019 to 2025, owing to accelerating product demand from emerging economies like India and Southeast Asia
- China was the largest consumer of magnet wire and acquired a global volume share of 41.4% in 2018. The large end-product manufacturing base in the region is responsible for the growth the market in China.
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Grand View Research has segmented the global magnet wire market on the basis of material, product, end use, and region:
Magnet Wire Material Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
Magnet Wire Product Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
Magnet Wire End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
Magnet Wire Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
- North America
- Asia Pacific
- South & Central America
- Middle East and Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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