Magnet wire is largely used across various end-use industries, which is a significant factor in the overall growth of the market. The uniformity and degree of insulation, heat resistance, good electrical characteristics such as insulation resistance and dielectric strength, resistance to chemicals, varnishes, and solvents, resistance to moisture and water, and hydrolytic degradation are just a few of the key advantages that magnet wires can provide. Great-end electric and electronic items for both industrial and domestic use are in high demand, which will help the business expand. Over the projection period, the demand for magnet wire applications will be driven by the consumer electronics industry’s rapid expansion.
Global Magnet Wire Market was valued at USD 32.70 billion in 2021 and is expected to reach USD 50.18 billion by 2029, registering a CAGR of 5.50% during the forecast period of 2022-2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Market Definition
An electrical field is produced by magnet wire, an insulated electrical conductor that is usually made of copper or aluminum and coiled into a coil. It is a winding material, usually made of copper or aluminum, used to wind electromagnetic devices like motors and transformers. A thin layer of varnish known as enamel, fibrous polyester or fiberglass yarn, or a combination of both enamel and fibrous insulations may be used as insulation.
Magnet Wire Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints, and challenges. All of this is discussed in detail below:
Drivers
Growth of Electric Vehicles
Electric vehicles (EVs) contribute to a safer, cleaner, and more energy-efficient environment. It is anticipated that demand for hybrid and electric vehicles would increase significantly. The need for more electric chargers, improved technology, and rising affordability are the key causes of this surge in demand. The rise in electric vehicle sales is boosting magnet wire demand. Magnet wire is necessary for significant quantities for all kinds of electric cars. In addition to several other uses, these wires are utilized in electric motors, charging infrastructure, and bus bars. According to a study by Copper Development Association Inc., the stator windings of a pure electric car can use more than a mile of copper wiring. As a result, the growing production of electric and hybrid vehicles ultimately drives the demand for magnet wires.
The demand for magnet wire is rising across the globe due to the expansion of end-use industries. Magnet wire end-use industries, including the transportation, infrastructure, and power sectors, are expanding quickly in the area and are anticipated to significantly contribute to the need for magnet wires in the upcoming years. Moreover, the increasing tax incentives along with government stimulus packages will further propel the growth rate of the magnet wire market.
Opportunities
Research And Development And Advancement
Furthermore, the growth in research and development activities further enhances the applications of the product and extends profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the advancement in technology in magnetic wire will further expand the future growth of the magnet wire market.
