Magnet Wire Market worth $41.8 billion by 2026 | Key players Hitachi Metals Ltd. (Japan), and Samdong Co., Ltd. (South Korea), FURUKAWA Electric Co. Ltd. (Japan).

According to recent market research the "Magnet Wire Market by Type (Copper, Aluminum), Shape (Round, Rectangle, Square), Application (Motor, Home Appliance, Transformer), End-Use Industry ( Electrical& Electronics, Industrial, Transportation, Infrastructure), Region - Global Forecast to 2026" The global magnet wire market size is expected to grow from USD 32.7 billion in 2021 to USD 41.8 billion by 2026, at a CAGR of 5.0% during the forecast period. The magnet wire industry is growing due to the increase in the demand from electrical & electronics, transportation, industrial, and infrastructure industries. Furthermore, government stimulus packages, and recovering end-use industries are fuelling the demand for magnet wires across the world.

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Magnet wires manufactured using copper possess various characteristics such as excellent moisture resistance, chemical resistance, high conductivity, and better wind ability. Copper magnet wire is widely used in traction motors, solenoids, generators, transformers, and high-voltage transformers, among others, in electrical & electronics, automotive, infrastructure, marine, and other industries.
The copper metal exhibits less thermal expansion coefficient and considerably lower electrical resistance. For the very same reason, the equipment manufacturers prefer the usage of copper magnet wires in their applications for higher efficiency of generation and usage of electricity.

Round magnet wires are widely used for their extensive mechanical strength and their compact size windability, resistance to abrasion (as it has no edges), along with superior flexibility. They find their application in electrical motors, generators, utility distribution transformers, and electrical coils in electronic gadgets.

Round magnet wires have very less tendency to get twisted and stranded compared to the rectangle and square magnet wires. This is one of the major reasons for their use as the twisted wires can lead to mechanical failures in various applications. Another reason for the increased use of round-shaped magnet wire is their compaction.

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APAC is the largest market for magnet wires. The major international players are exploring opportunities in the region owing to cheap labor, raw materials, and high demand from various end-use industries, such as electrical & electronics, industrial, transportation, infrastructure, and others. However, COVID-19 affected the entire world disastrously, and APAC is one of the most affected regions, globally. The deadly virus has affected various major markets in APAC including China and India. It forced the government to lock down the that resulted in slow down across various sectors, including industrial, and transportation in 2020.

The key players in the market include 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 are involved in adopting various inorganic and organic strategies to increase their foothold in the magnet wire market. These players have taken different organic and inorganic developmental strategies over the past five years.

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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.

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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