Magnet Wire Market Outlook In 2023 : Trends, Growth Strategies

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The Magnet Wire Global Market Report 2023 by The Business Research Company, provides magnet wire market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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https://www.thebusinessresearchcompany.com/report/magnet-wire-global-market-report

According to The Business Research Company’s Magnet Wire Global Market Report 2023, the market size grew from $29.63 billion in 2022 to $31.68 billion in 2023 at a compound annual growth rate (CAGR) of 6.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The market size of global magnet wire is expected to grow to $39.64 billion in 2027 at a CAGR of 5.8%.

The increase in the demand for electric vehicles is expected to propel the growth of the magnet wire market going forward. Automobiles that are powered totally or partially by electricity are known as electric vehicles. Electric vehicles have low running costs due to fewer operating components to maintain, and they are also very environmentally friendly because they utilise little to no fossil fuels (petrol or diesel). Magnet wires with microcellular coating are used in electric vehicles to lower dielectric properties and processing resistance, increasing efficiency.

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The magnet wire market is segmented:

1) By Type: Copper, Aluminum

2) By Shape: Round, Rectangle, Square

3) By Application: Motor, Home Appliance, Transformer, Other Applications

4) By End-User: Electrical And Electronics, Industrial, Transportation, Other End Users.

The number of firms adopting strategic agreements or acquiring other companies to expand the market or develop new products has increased in the magnet wire market. For instance, in November 2021, Elcowire, a Sweden-based magnet wires manufacturer, acquired the wire and rod business from KME Group, a Germany-based company that manufactures aluminium conductors, rectangular wires, and profiles for electrical purposes, for $670 million. Elcowire’s acquisition of KME’s Rod and Wire business will enhance the company by giving it access to a broader customer base and product portfolio, as well as expanding its geographic reach.

The magnet wire market report table of contents includes: