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