The magnet wire market 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 major factor driving the market is growing demand from transportation and electrical & electronics industries in the APAC region.
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 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). These players have adopted various growth strategies, such as mergers & acquisitions, expansions, and new product launches, to expand their presence in the global market. Expansions and new product launches were the most commonly adopted strategies by the major players from 2014 to 2018. These strategies helped them to innovate their product offerings and broaden their customer base.
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Samdong Co., Ltd. is an established company in the global magnet wire market. The company possesses a wide product portfolio of magnet wire. The company is constantly engaged in providing high-grade magnet wire. As a part of its growth strategy, it is highly focused on expansion. For instance, in June 2018, the company expanded its presence in the European market by opening a facility in Poland to meet the growing demand in Europe.
LS Cable & System Ltd. is a major manufacturer of magnet wire, globally. It has focused mainly on new product developments and expansions as its major growth strategies. For instance, the company has introduced a new magnet wire solution for electric vehicle traction motors. Also, the company opened a new facility in Serbia to develop high-grade magnet wires.
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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