Magnet Wire Market Forecasts to 2028 - Global Analysis By Type (Copper, Aluminum and Other Types), Material (Polyetherimide, Polyether Ether Ketone, Polyimides, Polyamide-Imide and Other Materials), Form, Product type, Application, End User and By Geography
Estimated Year Value (2022)
Projected Year Value (2028)
US $52.8 BN
CAGR (2022 - 2028)
North America, Europe, Asia Pacific, South America, and Middle East & Africa
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa
Highest Growing Market
According to Stratistics MRC, the Global Magnet Wire Market is accounted for $35.1 billion in 2022 and is expected to reach $52.8 billion by 2028 growing at a CAGR of 7.1% during the forecast period. Magnet wire is a term for the wire used to wind electrical apparatus. It is constructed of copper or aluminium and has a thin insulating layer covering to create electromagnetic fields. Films like polyvinyl formal, polyamide, and others are used to create the insulating layer. Through the use of electrical energy, a magnetic field is created. It is used to make coils for a variety of devices, including transformers, inductors, and motors. Copper is the most often used material for magnet wire, which is utilised in electric motors.
According to a study by Copper Development Association Inc., the stator windings of a pure electric car can use approx. more than a mile of copper wiring.
Growth and expansion of electric vehicles
Electric vehicles have significantly contributed to a cleaner, safer, and more energy-efficient environment. All types of electric automobiles require varying amounts of magnet wire. These cables are utilised in bus bars, electric motors, and a variety of other applications in addition to charging infrastructure. As a result of this, the increasing production of hybrid and electric vehicles ultimately drives the growth of the market.
Cracking and bulging of insulation
Magnet wires used for winding are produced in a very thin strand in order to wind a greater number of winds. The magnet wires are subjected to intense tensional and temperature stress, which alters their physical characteristics. As a result, the insulation on the magnet wires cracks. This damages the magnet wires, which affects their performance and limits market expansion.
Numerous benefits associated with magnet wire
Magnet wire features include heat resistance, good electrical qualities such as resistance to chemicals, varnishes, and solvents, insulation resistance, dielectric strength, and hydrolytic degradation. High-end electric and electronic items will be in high demand for both home and commercial uses, which will help the industry thrive. Furthermore, the rapid development of the consumer electronics sector will generate new opportunities for the market.
Shift towards compact motors
Increased demand for high-efficiency, high-performance motors and coils with small footprints the use of aluminium magnet wires is negatively impacted by upgrading larger-sized equipment since they take up more space than copper magnet wires. The use of magnet wires in these applications is declining as a result of the rising demand for small-sized applications. This is impeding market expansion.
Magnet wire demand has been significantly impacted by COVID-19 because to a decline in demand from a number of end use sectors. The pandemic's negative and immediate effects have been noticed by transportation, one of the main consumers of magnet wires. Due to the government-imposed shutdown and low demand from the electronics and electrical industries, the need for magnet wire is anticipated to decline. In order to respond to urgent situations, makers of equipment and machinery must prioritise protecting their workers, operations, and supply networks.
The round magnet wire segment is expected to be the largest during the forecast period
The round magnet wire segment is estimated to have a lucrative growth, owing to their properties. The magnet wires exact shape also determines the coil's tightness. Due to its characteristics of less space consumption and greater mechanical strength as compared to other shapes, round magnet wires hold a significant market share. These wires offer excellent flexibility, abrasion resistance, and strong mechanical strength.
The motor segment is expected to have the highest CAGR during the forecast period
The motor segment is anticipated to witness the fastest CAGR growth during the forecast period, due to they are also utilized in a wide range of industrial applications that require rotating motion. The function of an electric motor is to convert electrical current into mechanical power. Magnet wires are furthermore utilised as winding coils in motors due to their superior dielectric strength, insulation resistance, and temperature resistance.
Region with Largest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to increase in growth is the availability of low labour costs. The demand for magnet wires in the area is anticipated to increase as EV production increases. The increasing use of magnet wires in home appliances, electric power equipment, and information and communication devices is propelling revenue growth in the region.
Region with highest CAGR:
Europe is projected to have the highest CAGR over the forecast period, owing to the high demand for semiconductor equipment. Magnet wire demand is rising along with demand for electric motors, transformers, household appliances, and inductors. Furthermore, there is an increasing need for electrical devices that use tightly wound copper-insulated wire. Also, the region's installed renewable capacity is growing.
Key players in the market
Some of the key players profiled in the Magnet Wire Market include Fujikura Ltd., Sumitomo Electric Industries, Ltd., Hitachi Metals Ltd., Furukawa Electric Co., Ltd., Condumex Incorporated, LS Cable & System Ltd., MWS Wire Industries, Inc., Dahren Group, Ningbo Jintian Copper Co., Ltd., Superior Essex Inc., Elektrisola, Tongling Jingda Special Magnet Wire Co., Ltd., Ederfil Becker, Samdong Co., Ltd., LWW Group and REA Magnet Wire.
In March 2021, LS Cable & System Ltd. confirmed to have become the sole supplier of enameled magnet wire for the drive motors of Kia EV6 and IONIQ 5 electric vehicles. The company is also working on further developments of high-voltage magnet wires for potential use in EVs manufactured by General Motors.
In February 2021, Essex Furukawa finalized on deploying the Sight Machine to initiate the digital transformation of the company’s magnet wire plant in Mexico. Sight Machine is intended to aid in boosting the production of magnet wire required in electric vehicle production.
• Other Types
• Polyether Ether Ketone
• Other Materials
• Rectangle Magnet Wire
• Round Magnet Wire
• Square Magnet Wire
• Round Bondable Magnet Wire
• Other Forms
Product Types Covered:
• Covered Conductor Wire
• Enamelled Wire
• Other Product Types
• Home Appliance
• Other Applications
End Users Covered:
• Electrical & Electronics
• Other End Users
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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All the customers of this report will be entitled to receive one of the following free customization options:
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• Competitive Benchmarking
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Table of Contents
1 Executive Summary
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
3 Market Trend Analysis
3.6 Product Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Magnet Wire Market, By Type
5.4 Other Types
6 Global Magnet Wire Market, By Material
6.3 Polyether Ether Ketone
6.6 Other Materials
7 Global Magnet Wire Market, By Form
7.2 Rectangle Magnet Wire
7.3 Round Magnet Wire
7.4 Square Magnet Wire
7.5 Round Bondable Magnet Wire
7.6 Other Forms
8 Global Magnet Wire Market, By Product Type
8.2 Covered Conductor Wire
8.3 Enamelled Wire
8.4 Other Product Types
9 Global Magnet Wire Market, By Application
9.2 Home Appliance
9.5 Other Applications
10 Global Magnet Wire Market, By End User
10.5 Electrical & Electronics
10.11 Other End Users
11 Global Magnet Wire Market, By Geography
11.2 North America
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.5 Other Key Strategies
13 Company Profiling
13.1 Fujikura Ltd.
13.2 Sumitomo Electric Industries, Ltd.
13.3 Hitachi Metals Ltd.
13.4 Furukawa Electric Co., Ltd.
13.5 Condumex Incorporated
13.6 LS Cable & System Ltd.
13.7 MWS Wire Industries, Inc.
13.8 Dahren Group
13.9 Ningbo Jintian Copper Co., Ltd.
13.10 Superior Essex Inc.
13.12 Tongling Jingda Special Magnet Wire Co., Ltd.
13.13 Ederfil Becker
13.14 Samdong Co., Ltd.
13.15 LWW Group
13.16 REA Magnet Wire
List of Tables
1 Global Magnet Wire Market Outlook, By Region (2020-2028) ($MN)
2 Global Magnet Wire Market Outlook, By Type (2020-2028) ($MN)
3 Global Magnet Wire Market Outlook, By Copper (2020-2028) ($MN)
4 Global Magnet Wire Market Outlook, By Aluminum (2020-2028) ($MN)
5 Global Magnet Wire Market Outlook, By Otherr Types (2020-2028) ($MN)
6 Global Magnet Wire Market Outlook, By Material (2020-2028) ($MN)
7 Global Magnet Wire Market Outlook, By Polyetherimide (2020-2028) ($MN)
8 Global Magnet Wire Market Outlook, By Polyether Ether Ketone (2020-2028) ($MN)
9 Global Magnet Wire Market Outlook, By Polyimides (2020-2028) ($MN)
10 Global Magnet Wire Market Outlook, By Polyamide-Imide (2020-2028) ($MN)
11 Global Magnet Wire Market Outlook, By Otherr Materials (2020-2028) ($MN)
12 Global Magnet Wire Market Outlook, By Form (2020-2028) ($MN)
13 Global Magnet Wire Market Outlook, By Rectangle Magnet Wire (2020-2028) ($MN)
14 Global Magnet Wire Market Outlook, By Round Magnet Wire (2020-2028) ($MN)
15 Global Magnet Wire Market Outlook, By Square Magnet Wire (2020-2028) ($MN)
16 Global Magnet Wire Market Outlook, By Round Bondable Magnet Wire (2020-2028) ($MN)
17 Global Magnet Wire Market Outlook, By Otherr Forms (2020-2028) ($MN)
18 Global Magnet Wire Market Outlook, By Product Type (2020-2028) ($MN)
19 Global Magnet Wire Market Outlook, By Covered Conductor Wire (2020-2028) ($MN)
20 Global Magnet Wire Market Outlook, By Enamelled Wire (2020-2028) ($MN)
21 Global Magnet Wire Market Outlook, By Other Product Types (2020-2028) ($MN)
22 Global Magnet Wire Market Outlook, By Application (2020-2028) ($MN)
23 Global Magnet Wire Market Outlook, By Home Appliance (2020-2028) ($MN)
24 Global Magnet Wire Market Outlook, By Motor (2020-2028) ($MN)
25 Global Magnet Wire Market Outlook, By Transformer (2020-2028) ($MN)
26 Global Magnet Wire Market Outlook, By Otherr Applications (2020-2028) ($MN)
27 Global Magnet Wire Market Outlook, By End User (2020-2028) ($MN)
28 Global Magnet Wire Market Outlook, By Industrial (2020-2028) ($MN)
29 Global Magnet Wire Market Outlook, By Automotive (2020-2028) ($MN)
30 Global Magnet Wire Market Outlook, By Infrastructure (2020-2028) ($MN)
31 Global Magnet Wire Market Outlook, By Electrical & Electronics (2020-2028) ($MN)
32 Global Magnet Wire Market Outlook, By Energy (2020-2028) ($MN)
33 Global Magnet Wire Market Outlook, By Residential (2020-2028) ($MN)
34 Global Magnet Wire Market Outlook, By Transportation (2020-2028) ($MN)
35 Global Magnet Wire Market Outlook, By Medical (2020-2028) ($MN)
36 Global Magnet Wire Market Outlook, By Aerospace (2020-2028) ($MN)
37 Global Magnet Wire Market Outlook, By Otherr End Users (2020-2028) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
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