Magnet Wire Market Size Hit USD 37.46 Billion at a CAGR of 4.0 % in 2028 | LS Cable & System, Superior Essex
Technological advancements and rising demand from various end-use industries, such and industrial, transportation, electrical & electronics are encouraging the growth of the magnet wire market. Market Size – USD 27.50 Billion in 2020, Market Growth - CAGR of 4.0 %, Market Trends – Rising demand from telecommunication industries The Magnet Wire Market is forecast to reach USD 37.46 Billion by 2028, according to a new report by Reports and Data. Magnet wire, also known as enameled wire, is made up of two types, which are copper or aluminum. It has a fragile layer of insulation coating for generating electromagnetic fields when energized. It is often used for creating coils in several applications including inductors, transformers, motors, hard disk head actuators, speakers, and electromagnets. It is mainly used for interchanging electrical energy with magnetic energy. Moreover, magnet wire is shaped and is available in round, square, or rectangular cross-section. The expandin