Magnet Wire Market Size, Share & Trends Analysis Report By Material (Copper, Aluminum), By Product (Round, Flat), By End Use (Energy, Automotive, Industrial, Residential), By Region, And Segment Forecasts, 2023 - 2032

Magnet Wire Market Size, Share & Trends Analysis Report By Material (Copper, Aluminum), By Product (Round, Flat), By End Use (Energy, Automotive, Industrial, Residential), By Region, And Segment Forecasts, 2023 - 2032

The global magnet wire market size is expected to reach USD 52.80 billion by 2032, according to a new study by Polaris Market Research. The report “Magnet Wire Market Size, Share & Trends Analysis Report By Material (Copper, Aluminum), By Product (Round, Flat), By End Use (Energy, Automotive, Industrial, Residential), By Region, And Segment Forecasts, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The growing demand for the product from the energy sector is the main factor driving the magnet wire market.

Magnet wire, also known as winding wire, is an insulated electrical conductor that can be wound around a coil and energised to create an electromagnetic field for purposes requiring the transformation of energy. Typically made of copper or aluminum, the item is used in transformers, motors, and other electromagnetic equipment.

Due to rising consumer disposable income and population growth, electricity consumption has grown in emerging Asia Pacific nations like India, China, and Southeast Asia. A recent trend predicts high-capacity additions for electrification in the Asia Pacific. The substantial demand for power transformers that will result from this upward trajectory in electricity demand is expected to be the market driver for magnet wire.

Wind turbines are one of the products' primary applications in the energy sector. Growing adoption of renewable energy is predicted to create lucrative opportunities for market growth. According to the Global Wind Energy Council (GWEC), the total installed wind power output will increase from 2018 to 731.9 GW by a cumulative 22.5%.

Copper rod is the main raw material used to create magnet cable. Major companies are defined by their integrated manufacturing operations. Companies like LS Group and Sumitomo Electric Industries, Ltd. produce copper rods on-site for their magnet wire company. Businesses can maintain the quality of their raw materials and reduce manufacturing costs by doing this.

Vehicles and aeroplanes are tested in wind tunnels, which can also be powered by magnetic wires. They allow engineers to evaluate the performance of cutting-edge military and civilian vehicle and aircraft designs as well as identify and correct defects without putting the safety of a test pilot or expensive aircraft at risk.

Magnet Wire Market Report Highlights

Copper led the market for magnet wire in 2022 with a highest market share. This significant share can be ascribed to those elements because copper has better overall mechanical, physical, and chemical properties than aluminium does. For instance, copper conducts energy better than metal.

The round wire's income share was the greatest in 2022. Electronics and electric motors for household appliances are just two examples of the product's many residential applications. When compared to flat wrapping wire, the product's broad availability and lower price are what have the biggest impact on its higher market share.

The residential sector dominated the magnet wire market in 2022 with a highest revenue share. A broad range of product applications, such as heating pumps, hermetic motors for HVAC and refrigeration, home appliances, lighting, and electronics like mobile phones, computers, and televisions, are to blame for this market share dominance.

The Asia Pacific region dominated the market in 2022. A sizable part of the magnet wire market was controlled by China, one of the largest manufacturing centres in the area.

The global players include Furukawa Electric Co., Ltd., Irce S.P.A., LS Group, REA Magnet Wire, Tongling Jingda Special Magnet Wire Co., Ltd., Sumitomo Electric Industries, Ltd., LWW Group, and Samdong Co., Ltd

Polaris Market Research has segmented the Magnet Wire Market report based on material, product type, end-use, and region:

Magnet Wire, Material Outlook (Revenue - USD Billion, 2019 - 2032)

Copper

Aluminium

Magnet Wire, Product Outlook (Revenue - USD Billion, 2019 - 2032)

Round Wire

Flat Wire

Magnet Wire, End-use Outlook (Revenue - USD Billion, 2019 - 2032)

Energy

Automotive

Industrial

Residential

Magnet Wire, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

North America

U.S.

Canada

Europe

Germany

UK

France

Italy

Spain

Russia

Netherlands

Asia Pacific

China

India

Japan

South Korea

Indonesia

Malaysia

Latin America

Argentina

Brazil

Mexico

Middle East & Africa

UAE

Saudi Arabia

Israel

South Africa