The growing transportation and electrical & electronics industries are responsible for the growth of magnet wires. They are being highly preferred for use as winding coil in these industries. The magnet wire market is valued at USD 30.1 billion in 2019 and is expected to reach USD 36.8 billion by 2024, at a CAGR of 4.1% between 2019 and 2024. The increasing use of magnet wire in electrical & electronics and transportation industries is bolstering the growth of the market, globally.
The magnet wire market is segmented on the basis of end-use industry as electrical & electronics, industrial, transportation, infrastructure, and other industries. Electrical & electronics is projected to be the fastest-growing end-use industry of magnet wire during the forecast period, in terms of both value and volume. Magnet wires are widely used in consumer electronics and automotive motors. The growing consumption of electronic products in APAC, Europe, and North America is bolstering the usage of magnet wire in the electrical & electronics industry.
There are mainly two types of materials used for manufacturing magnet wire, copper and aluminum. Copper magnet wire is the more widely used type of magnet wire and is used in various applications, such as electrical motors, transformers, generators, and reactors. Copper magnet wire has excellent conductivity, high dielectric strength, and moisture resistance. The market for aluminum magnet wire is expected to register a higher CAGR during the forecast period.
The increasing demand from the APAC region is a key opportunity for magnet wire manufacturers. The market in APAC is expected to witness the highest growth during the forecast period. The emerging market for electric vehicles is one of the key drivers of the market. The growth of end-use industries such as transportation, industrial, and electrical & electronics in countries such as China, India, and Japan is also a major factor driving the demand for magnet wire.
