Magnet Wire Market Expected to Surpass $41.8 Billion Valuation by 2026
Magnet wires find their applications in manufacturing motors, coils, transformers, and generators. Globally, electrification and advancement of technology in this sector have created a huge demand for magnet wires. The global economy, security, and health & safety depend on this electricity. This situation drives the growth of the magnet wire market in this sector for more generators, transformers, and motors across the globe. Magnet wires are widely being used in renewable energy solutions like wind and solar energy. The wind turbine installation is increasing every year, indirectly increasing the demand for magnet wires for manufacturing generators. The solar panels installation for harvesting solar energy also requires enameled wires for connectivity and transmission of energy from solar farms to distribution centers.
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The government regulations and policies in the energy sector are indirectly impacting the magnet wire market in a positive manner. The demand for energy resources, both conventional and renewable, and their growth in future do leave a positive impact over the magnet wire market.
Electric Vehicles (EV) are contributing to a safer, cleaner, and more energy-efficient environment. The demand for hybrid and electric vehicles is growing and is expected to see high growth in the coming years. This growth in demand is mainly due to increased affordability, technology improvements, and the need for more electric chargers. The increased demand for electric vehicles is augmenting the demand for magnet wires. All types of electric vehicles require a considerable amount of magnet wire. These wires are used in busbars, electric motors, charging infrastructure, and various other applications. As per a study conducted by Copper Development Association Inc., a pure electric vehicle can consume more than a mile of copper wiring in its stator windings. Hence, the increasing production of electric and hybrid vehicles is ultimately driving the demand for magnet wires.
The global magnet wire market size is expected to grow from USD 32.7 billion in 2021 to USD 41.8 billion by 2026, projecting a CAGR of 5.0% during the forecast period between 2021 and 2026.
The magnet wire market is highly fragmented. Companies operating in the magnet wire market have strengthened their position in the global magnet wire market by adopting expansions, partnerships, agreements, new product/technology launches, joint ventures, contracts, and mergers & acquisitions from 2016-2021. However, the novel coronavirus pandemic has created ripples across the global electrical & electronics, industrial, transportation, infrastructure, and many other sectors, affecting the global supply chains. These factors have affected the demand for magnet wire. The demand has been recovered up and getting momentum from 2021.
The major magnet wire manufacturers are LS Cable & System Ltd. (South Korea), Tongling Jingda Special Magnet Wire Co., Ltd. (China), Sumitomo Electric CO., Ltd. (Japan), Hitachi Metals Ltd. (Japan), and Samdong Co., Ltd. (South Korea), FURUKAWA Electric Co. Ltd. (Japan), IRCE S.p.A (Italy), Fujikura Ltd. (Japan), Von Roll Holding AG (Switzerland), and LWW group (Sweden) are among others. These companies have adopted various organic and inorganic growth strategies.
Sumitomo Electric Industries Ltd. as a company with over 120 years of experience is specialized in manufacturing products with high quality and precision. The company operates in various business segments like automotive, info-communications, electronics, environment & energy, IT, and industrial materials. The company offers magnet wires as a product under its environment & energy business segment. With 415 subsidiaries and affiliates, the company has business operations in 40 countries with their presence in APAC, North America, and Europe.
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Hitachi Metals Ltd. is a well-established player in the magnet wire market from Japan. The company operates in different business segments like specialty steel, functional components and equipment, magnetic materials and power electronics, and wires and cables. Magnet wire is a product offered by the company under its wires and cables business segment. The product offered by the company finds its usage in elevated temperature and extended performance delivery sections of applications like electric vehicles, electrical machinery, heavy electricals, coils, and solenoids in reactors and power transmission equipment. The company has its business operations in APAC, Europe, and North America.
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