Magnet Wire Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2030

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Magnet Wire Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2030

Status : January, 2023 | Metals and Minerals

Report Digest

Magnet Wire Market – Overview

The magnet wire market has been anticipated to expand at a noteworthy pace throughout the forecast period. The growth prospects in the global market are attributed to the increasing demand for magnet wire from transportation, industrial infrastructure, and electrical & electronics. Along with this, increasing tax incentives and government stimulus packages have also been estimated to fuel the growth opportunities in the global market in the coming years.

Electric vehicles have been contributing to a cleaner, safer, and more energy-efficient environment. Further, the demand for electric and hybrid vehicles has been increasing at a rapid pace in recent years. This rising demand is commonly attributed to the requirement for more electric chargers, technology improvements, and increased affordability. Furthermore, growing demand for electric vehicles has been estimated to augment the demand for these magnet wires. A handsome amount of these wires is required for electric vehicles and are used in charging infrastructure, electric motors, busbars, and various other applications. Thus, based on the increasing production of hybrid and electric vehicles, the magnet wire market is likely to experience demand avenues in the following years.

Magnet Wire Market – Key Drivers

In recent years, there has been a noteworthy increase in the demand for high-performance and high-efficiency coils and motors with space efficiency. The need for these motors has been estimated to increase with the rising demand to reduce the consumption of space and energy. In addition to this, the growing application of these motors in different industries, for instance, electronics, electrical, and transportation is also predicted to put a direct impact on the growth avenues in the magnet wire market in the coming years.

The automotive industry has been growing at a noteworthy speed around the world at present time. This rapidly growing industry is estimated to drive the demand for magnet wire is present as well as coming years. Thus, based on these factors, the magnet wire market has been proposed to grow at a significant speed in the near future.

Magnet Wire Market – Recent Developments and Key Players

The has been fragmented moderately. The global market has been commonly characterized with the presence of some local as well as international players. Further, these players have been projected to concentrate on different strategies in order to achieve a share in the global market, develop brand awareness, and penetrate the developing markets. Along with these efforts, these players are focusing to enhance their services to gain a larger consumer base. Mergers and acquisitions, novel product launches, expansion of company networks, and agreements or partnerships are some of the other noteworthy factors that are likely to fuel the market growth in the following years.

For instance, Von Roll Holding AG has received IATF certification in October 2021 for its resins manufacturing plant for its Italian production site at Trofarello.

Some of the key players in the magnet wire market are:

  • LS Cable & System Ltd.
  • Sumitomo Electric CO., Ltd.
  • Hitachi Metals Ltd.
  • Samdong Co., Ltd.
  • FURUKAWA Electric Co. Ltd.
  • IRCE S.p.A
  • Fujikura Ltd.
  • Von Roll Holding AG
  • LWW group

Magnet Wire Market – Regional Assessment

The magnet wire market has been spread around different geographical regions including Europe, North America, Asia Pacific, the Middle East & Africa, and Latin America. Among these areas, APAC has been estimated to hold the largest share in the global market due to pocket-friendly raw materials, economic labor, and increased demand from different end-use industries, for instance, infrastructure, transportation, industrial, electrical & electronics, and many others. However, the sudden emergence of the COVID-19 cases around the world has put certain negative effects on the growth impetuses in the magnet wire market in the following years.

The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.

TMR Research is a leader in developing well-researched reports. The expertise of the researchers at TMR Research makes the report stand out from others. TMR Research reports help the stakeholders and CXOs make impactful decisions through a unique blend of innovation and analytical thinking. The use of innovation and analytical thinking while structuring a report assures complete and ideal information of the current status of the market to the stakeholders.

TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.

5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?