Magnet Wire Market Size Worth $33.0 Billion By 2025 | CAGR: 3.7%

The global magnet wire market size is anticipated to reach USD 33.0 billion by 2025, expanding at a revenue-based CAGR of 3.7%, according to a new report by Grand View Research, Inc. The rising demand for power transformers owing to burgeoning electricity demand is the crucial factor supporting the market growth.

Magnet wire is used in various applications such as transformers, motors, inductors, generators, and actuators. The rising electricity demand especially in emerging economies of Asia Pacific is estimated to drive the demand for transformers, which in turn is predicted to propel the demand for magnet wire.

In North America, the U.S. market is driven by high replacement rates of power equipment and steady penetration of renewables. Mexico is one of the largest exporters of consumer appliances and electronics. In recent years, electronics production in Mexico has witnessed growth in an upward trajectory, which has resulted in strong demand for magnet wires.

Europe is the second largest market after Asia Pacific. The European market is mainly driven by energy sector. Rising number of installations of wind power capacities in the region and growing production of electric and hybrid vehicles is expected to drive the product demand over the coming years.

The major players in the market include LS Group, Sumitomo Electric Industries, Ltd., Superior Essex, and Furukawa Electric Co., Ltd. The major players are currently focused on introducing advanced products for emerging applications in renewable energy and electric vehicle industry.

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Further key findings from the report suggest:

• Copper dominated the market in 2018 and acquired a share of 87.6%, in terms of revenue, in 2018. Copper has better conductivity than aluminum and as a result is largely preferred by end-product manufacturers
• The flat wire segment+ is estimated to witness the fastest CAGR of 4.2%, in terms of revenue, from 2019 to 2025 due to rising demand form the energy sector
• Residential end-use dominated the market with a volume share of approximately 33% in 2018. This large share is attributable to huge demand for consumer appliances such as air conditioners and refrigerators around the globe
• Asia Pacific is estimated to exhibit the fastest CAGR of 4.0%, in terms of revenue from 2019 to 2025, owing to accelerating product demand from emerging economies like India and Southeast Asia
• China was the largest consumer of magnet wire and acquired a global volume share of 41.4% in 2018. The large end-product manufacturing base in the region is responsible for the growth the market in China.

Grand View Research has segmented the global magnet wire market on the basis of material, product, end use, and region:

Magnet Wire Material Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

• Copper
• Aluminum

Magnet Wire Product Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

• Round

Flat