Global Magnet Wire Market Overview
Magnet Wire Market Size was valued at USD 27.37 Billion in 2023. The Magnet Wire market industry is projected to grow from USD 28.49 Billion in 2024 to USD 37.75 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.58% during the forecast period (2024 - 2032). The rising use of home appliances and an increasing need for electric cars are significant market drivers augmenting the growth of the market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Magnet Wire Market Trends
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Increasing transportation industry demand for magnet wire is driving the market growth
Due to the fact that magnet wire is a key part of the motors used in today's hybrid and electric vehicles, these vehicles' functionality is heavily dependent on magnet wire. In busbars and charging stations, magnet wire is also used. With growing consumer awareness and the propensity of governments in numerous nations to prioritize environmental concerns, the demand for electric vehicles has recently increased very sharply. The expanding market for electric vehicles, accelerated development of charging infrastructure, and rising consumer spending power in various parts of the world have all boosted magnet wire demand fundamentals. This is due to the accompanying energy efficiency.
The target industry is expanding due to several main causes, including the expanding electric car market and the increasing use of magnet wire in various applications. For example, The Electric Vehicle World Sales Database reports that the sale of electric vehicles increased by an astounding 109% between 2020 and 2021, with Tesla, a prominent electric vehicle manufacturer, accounting for the largest part of 14%. Toyota announced in December 2021 that up to 30 electrified vehicles might be introduced by the business by 2025. SUVs, sports cars, crossovers, and concepts are all part of the portfolio. As a result, the demand for magnet wire in the transportation sector is anticipated to increase significantly during the forecast period.
Magnet wire that can be used in progressively compact devices is becoming more and more necessary as smart gadgets, and the Internet of Things (IoT) become more popular. As a result, magnet wire that can fit into tight locations while still providing the necessary electrical performance has become thinner and more flexible.
There is a rising need for magnet wire that may be specifically tailored to satisfy requirements due to the complexity of applications. Due to this, new materials, coatings, and production techniques have been created, enabling increased production flexibility for magnet wire with particular qualities.
There is a rising demand for magnet wire that can endure greater temperatures as industries continue to push the limits of what machines can perform. Due to this, there has been an increase in the manufacturing and use of magnet wire with specialized insulating systems that can resist temperatures of up to 220°C.
Magnet Wire Market Segment Insights
Magnet Wire Type Insights
The Magnet Wire market segmentation, based on type, includes Copper and Aluminum. The copper segment is expected to lead the magnet wire market during the forecast period. Copper and aluminum are primarily used in the production of magnet wires. They are used in various end-use industries, including transportation, industrial, and the electrical and electronics industries. In applications with limited space, copper magnet wire is chosen over aluminum magnet wire because it offers superior conductivity with less space consumption.
The Aluminum type magnet wire segment is expected to be the fastest-growing segment of the Magnet Wire market during the forecast period. A lot of electrical applications, especially in transformers and motors, require aluminum magnet wire. Coils are made using aluminum magnet wire, especially for high-frequency applications. This covers radio frequency identification (RFID) systems, data transmission, and telecommunications applications.
Figure 1: Magnet Wire Market, by Type, 2022 & 2032 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Magnet Wire Form Insights
The Magnet Wire market segmentation, based on form, includes Round Magnet Wires, Rectangular Magnet Wires, Square Magnet Wire, and Round Bondable Magnet Wire. The round magnet wires segment is expected to hold the largest market shares throughout the forecast period. To generate the electromagnetic fields that drive rotation, round magnet wire is frequently used to wind motors and generators. Applications for motors and generators include power generation, electric cars, and industrial machinery. Solenoids, which are utilized in several applications such as valves, switches, and locking mechanisms, are created using round magnet wire.
Magnet Wire Application Insights
The Magnet Wire market segmentation, based on application, includes Transformers, Motors, Home Appliance, Generators, Inductors, and Others. The Motors segment is expected to hold the largest market shares throughout the forecast period. Magnet wire that is thinner and more flexible is used to develop smaller, more compact motor designs due to the drive toward smaller, more effective motors. In applications like robotics, drones, and other tiny devices, this enables higher efficiency and better performance.
The Transformers application segment is expected to be the fastest-growing segment of the Magnet Wire market during the forecast period. Magnet wire that has minimal losses and can retain high efficiency at high frequencies is necessary for transformers used in high-frequency applications, such as telecommunications and radio frequency identification (RFID) systems. In these applications, magnet wire with specialized insulation methods designed for high-frequency applications is used.
Magnet Wire End-Use Industry Insights
The Magnet Wire market segmentation, based on the end-use industry, includes Electrical & Electronics, Industrial, Transportation, Infrastructure, Medical, Aerospace, Automotive, Telecommunication, and Others. The Electrical & Electronics segment is expected to hold the largest market shares throughout the forecast period. In the electrical and electronics sector, magnet wire is a key component that is utilized in a variety of applications. The electromagnetic field that drives the speaker cone is produced using magnet wire, which is utilized in producing speakers and other audio equipment. Magnet wire is also used in medical devices like MRI machines to generate the magnetic field for imaging the human body.
The Automotive end-use industry segment is expected to be the fastest-growing segment of the Magnet Wire market during the forecast period. In the automobile sector, magnet wire is used in a wide range of applications to generate the electromagnetic fields that power motors, generators, and other electrical parts. The high-voltage spark that ignites the fuel in the engine is produced by magnet wire, which is utilized in automotive ignition systems.
Magnet Wire Regional Insights
By region, the analysis offers market insights into North America, Asia Pacific, Europe and the Rest of the World. The Asia-Pacific region is expected to lead the magnet wire market throughout the forecast period. The demand for magnet wires in the region is anticipated to increase as EV production increases. Additionally, the increasing use of magnet wires in electrical appliances, power equipment, and information-communication devices drive the region's market's revenue expansion.
Further, the major countries studied in the market report are The US, Canada, France, German, the UK, Italy, Spain, Japan, China, India, Australia, South Korea, and Brazil.
Figure 2: MAGNET WIRE MARKET SHARE BY REGION 2022 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The North American Magnet Wire market accounts for a significant market share throughout the forecast period. This is a result of the increased use of electrical and technological equipment in the region. Additionally, a certain amount of market revenue growth is anticipated to be driven by increased demand from the industrial and transportation sectors. Further, the U.S. Magnet Wire market held the largest market share, and the Canada Magnet Wire market was the fastest-growing market in the North American region.
Europe Magnet Wire Market is expected to grow at the fastest CAGR from 2023 to 2032. The energy industry in Europe is a sizable market for magnet wire. The European Environment Agency estimates that wind energy will be crucial in helping Europe meet its goals for renewable energy. Moreover, the German Magnet Wire market held the largest market share, and the UK Magnet Wire market was the fastest-growing market in the European region.
Magnet Wire Key Market Players & Competitive Insights
Top industry players are investing a lot in R&D to broaden their product lines, which will contribute to the growth of the magnet wire market. Market participants are also taking part in various strategic initiatives to increase their reach. New product introductions, binding contracts, mergers and acquisitions, increased investments, and cooperation with other organizations are noteworthy market developments. If the magnet wire sector wants to expand and survive in an increasingly tough and competitive market climate, it must offer products at fair prices.
Local production to cut operating costs is one of the most crucial business tactics manufacturer’s use in the Magnet Wire industry to help clients and expand the market sector. The electrical and electronics industries have recently experienced some of the biggest gains from the magnet wire industry. Major companies in the Magnet Wire market, including LS Cable & System Ltd (South Korea), Elektrisola (Germany), REA Magnet Wire (US), Irce SPA (Italy), Samdong Co., Ltd (South Korea), and others, are trying to increase market demand by capitalizing in research and development procedures.
Furukawa Electric Co Ltd (Furukawa) is a supplier of equipment and products for the automotive, industrial, and telecommunications sectors, in addition to metal communication cables, semiconductor optical devices, network equipment, electric power products, industrial wires and equipment, CATV system, optical fiber and cable products, electric power products, industrial wires and equipment, and energy infrastructure. Additionally, it provides copper and aluminum wires, power transmission cables, wiring harnesses for automobiles, magnet wires, and aluminum plates. The company creates its products for the telecommunications, energy, automotive, electrical parts and components, and building and architecture industries. The products and services offered by Furukawa include research and development of new products, leasing of real estate, hydroelectric power generation, and logistics. Furukawa Electric Thermal Management Solutions & Goods, Laguna, the Philippines, is where FURUKAWA Electric Co. Ltd. started mass-producing heat dissipation/cooling goods in March 2021.
Von Roll Holding AG is a manufacturer and service provider. Von Roll Composites and Von Roll Insulation make up its two business divisions. The manufacture and distribution of electrical insulation materials, winding wires, resins, and varnishes are done by the Insulation sector, which generates the majority of the company's revenue. The product lines for composites, which are available as semi-finished items, prepregs, tubes, or machined parts, are included in the composites category. The business serves a variety of markets, including those for energy generation, gearbox, industry, electric motors, and transportation. Europe, the Middle East, Africa (EMEA), America, and Asia are its three divisions. For its resins manufacturing facility at the Italian production location at Trofarello, Von Roll Holding AG received IATF accreditation in October 2021.
Key Companies in the Magnet Wire market include
- LS Cable & System Ltd (South Korea)
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Elektrisola (Germany)
- REA Magnet Wire (US)
- Irce SPA (Italy)
- Samdong Co., Ltd (South Korea)
- Hitachi Metals, Ltd (Japan)
- Tongling Jingda Special Magnet Wire Co Ltd (China)
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Sumitomo Electric Industries Ltd (Japan)
- FurUKawa Electric Co Ltd (Japan)
- K. Winding Wires Limited (India)
- LWW Group (Sweden)
- MWS Wire Industries (US)
- Condumex Inc. (US)
- Fujikura Ltd (Japan)
Magnet Wire Industry Developments
March 2021: For the drive motors of the electric Kia EV6 and IONIQ 5 vehicles, LS Cable & System Ltd. announced that it had become the sole provider of enameled magnet wire. Additionally, the business is developing high-voltage magnet wires further for prospective usage in EVs produced by General Motors.
February 2021: Essex Furukawa decided to use the Sight Machine to start the company's magnet wire plant in Mexico's digital transformation. The sight Machine is designed to help increase the output of magnet wire, which is necessary for the manufacture of electric vehicles.
Magnet Wire Market Segmentation
Magnet Wire Type Outlook
Magnet Wire Form Outlook
- Round Magnet Wires
- Rectangular Magnet Wires
- Square Magnet Wire
- Round Bondable Magnet Wire
Magnet Wire Application Outlook
- Transformers
- Motors
- Home Appliance
- Generators
- Inductors
- Others
Magnet Wire End-Use Industry Outlook
- Electrical & Electronics
- Industrial
- Transportation
- Infrastructure
- Medical
- Aerospace
- Automotive
- Telecommunication
- Others
Magnet Wire Regional Outlook
- North America
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
| Report Attribute/Metric |
Details |
| Market Size 2023 |
USD 27.37 Billion |
| Market Size 2024 |
USD 28.49 Billion |
| Market Size 2032 |
USD 37.75 Billion |
| Compound Annual Growth Rate (CAGR) |
3.58% (2024-2032) |
| Base Year |
2023 |
| Market Forecast Period |
2024-2032 |
| Historical Data |
2018- 2022 |
| Market Forecast Units |
Value (USD Billion) |
| Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Type, Form, Application, End-Use Industry, and Region |
| Geographies Covered |
North America, Asia Pacific, Europe and the Rest of the World |
| Countries Covered |
The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, South Korea, Australia, and Brazil |
| Key Companies Profiled |
LS Cable & System Ltd (South Korea), Elektrisola (Germany), REA Magnet Wire (US), Irce SPA (Italy), Samdong Co., Ltd (South Korea), Hitachi Metals, Ltd (Japan), Tongling Jingda Special Magnet Wire Co Ltd (China), Sumitomo Electric Industries Ltd (Japan), FurUKawa Electric Co Ltd (Japan), G. K. Winding Wires Limited (India), LWW Group (Sweden), MWS Wire Industries (US), Condumex Inc. (US) and Fujikura Ltd (Japan) |
| Key Market Opportunities |
Increasing transportation industry demand for magnet wire |
| Key Market Dynamics |
The rising use of home appliances and an increasing need for electric cars |
Magnet Wire Market Highlights:
Frequently Asked Questions (FAQ) :
The Magnet Wire market size was valued at USD 27.37 Billion in 2023.
The Magnet Wire market is projected to grow at a CAGR of 3.58% during the forecast period, 2024-2032.
Asia Pacific had the largest share of the Magnet Wire market
The key players in the Magnet Wire market are LS Cable & System Ltd (South Korea), Elektrisola (Germany), REA Magnet Wire (US), Irce SPA (Italy), Samdong Co., Ltd (South Korea), Hitachi Metals, Ltd (Japan), Tongling Jingda Special Magnet Wire Co Ltd (China), Sumitomo Electric Industries Ltd (Japan), FurUKawa Electric Co Ltd (Japan), G. K. Winding Wires Limited (India), LWW Group (Sweden), MWS Wire Industries (US), Condumex Inc. (US) and Fujikura Ltd (Japan).
The Copper category dominated the Magnet Wire market in 2023.
The Round Magnet Wire had the largest share in the Magnet Wire market.
