Global Magnet Wires Market to Reach $57.2 Billion by 2030
The global market for Magnet Wires estimated at US$37.9 Billion in the year 2023, is expected to reach US$57.2 Billion by 2030, growing at a CAGR of 6.1% over the period 2023-2030. Copper-based Magnet Wires, one of the segments analyzed in the report, is expected to record 6.5% CAGR and reach US$47.5 Billion by the end of the analysis period. Growth in the Aluminum-based Magnet Wires segment is estimated at 4% CAGR for the next 7-year period.
The U.S. Market is Estimated at $9.9 Billion, While China is Forecast to Grow at 9.2% CAGR
The Magnet Wires market in the U.S. is estimated at US$9.9 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$13.2 Billion by the year 2030 trailing a CAGR of 9.2% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.7% and 4.9% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 4.5% CAGR.
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