Magnet Wire Market Size
| Study Period | 2019-2029 |
| Market Size (2024) | USD 34.91 Billion |
| Market Size (2029) | USD 44.71 Billion |
| CAGR (2024 - 2029) | 5.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Magnet Wire Market Analysis
The Magnet Wire Market size is estimated at USD 34.91 billion in 2024, and is expected to reach USD 44.71 billion by 2029, growing at a CAGR of greater than 5% during the forecast period (2024-2029).
The market was negatively impacted by COVID-19 in 2020. Due to the COVID-19 outbreak in the first half of 2020, the electronics and transportation industries were significantly impacted. This, in turn, led to a downtrend in the consumption of magnet wire. Currently, the market recovered from the pandemic and is growing at a significant rate.
- The growing demand for electric vehicles is expected to stimulate the market growth of magnet wire. Furthermore, potential applications of magnet wire in the electronics sector, coupled with high power needs triggering demand surge for magnet wire in the energy sector in developed as well as emerging economies, are some of the driving factors augmenting the growth of the market studied.
- On the other hand, the continuous fluctuations in the raw material availability and their cost are expected to exert a depreciating impact on the market growth. Notably, the steady transition from bulk to compact motors emerged as another key factor responsible for restraining the growth of the target industry over the forecast period.
- Nevertheless, the advancements and development of new and improved magnet wires that offer increased higher temperature resistance, superior durability, or improvement in insulation properties are likely to create lucrative growth opportunities for the global market in the forecast period.
- The Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period. This growth is attributed to the rise in the consumption of magnet wire in the electronics, transportation, industrial, infrastructure, and energy sectors in the countries of this region, including China, Japan, and India.
Magnet Wire Market Trends
Growing Electric Vehicles Market
- The wire used for winding in electrical equipment is known as magnet wire. The magnet wire is used for interchanging electrical energy with magnetic energy.
- It is a type of copper wire coated with a layer of insulation. It is commonly used in electric vehicle motors due to its superior electrical conductivity and thermal resistance properties. The insulation on the wire helps to prevent short circuits and ensures optimal performance of the EV motor.
- Further, electric vehicle motors strive for high speed, high power density, lightweight and miniaturization, and high reliability.
- Electric vehicles are the essential solution for decarbonizing road transport, which accounts for a considerable portion of worldwide emissions. The sales of electric vehicles expanded exponentially in recent years, owing to the enhanced range, wider model availability, and improved vehicle performance.
- The Chinese government set a target of having 40% of electric vehicles sold in the country by 2030, which implies that a lot more vehicles will need to be charged. Furthermore, the nationwide pilot program, announced by China's Ministry of Industry and Information Technology and seven other organizations, intends to electrify vehicles used by government departments, city buses, and taxis. Vehicles for sanitation, postal services, intercity freight, and airport services are also on the agenda.
- According to California's Advanced Clean Cars II Regulations, all new passenger cars sold must include zero emissions by 2035. Beginning with the 2026 model year and continuing until 2035, the Advanced Clean Cars II rules will rapidly reduce light-duty passenger vehicle, pickup truck, and SUV emissions.
- The Indian government introduced a few incentives to promote the adoption of EVs, including subsidies on the purchase of EVs, tax exemptions, and the setting of ambitious EV sales targets. These incentives helped to drive the growth of the industry and attracted investment from domestic and international companies.
- In May 2023, Tesla presented its plans to establish a plant in India to manufacture electric cars for local and international sales, which would significantly boost the country's EV industry. Furthermore, the company planned to establish a new manufacturing site near its Gigafactory in Shanghai, China, in May 2022, with an annual capacity of 450,000 vehicles.
- A Mexican Governor, in May 2023, revealed Kia’s plans to invest around USD 1 billion for building a new electric vehicle plant in Northern Mexico.
- Therefore, considering the factors above, the demand for magnet wire is expected to rise in the electric vehicles industry significantly in the near future.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is expected to account for the largest market for magnet wire during the forecast period owing to expanding industrial sectors such as electrical and electronics and transportation etc. in major countries such as China, India, Japan, etc.
- The application of magnet wire in the electrical and electronics segment propels the market growth in the Asia-Pacific region. Several consumer products, such as inverters, air conditioners, toys, trimmers, fans, etc., carry magnet wire coil components.
- The demand for magnet wire from the energy sector also increased owing to the growing infrastructural advancements and the surge in the need for continuous power supply in households, industries, and other commercial setups, along with the growing use of portable energy-carrying electronic devices.
- The increasing usage and widening arena of application in the electrical and electronics industry is expected to drive the market studied during the forecast period.
- According to the Japan Electronics and Information Technology Industries Association (JEITA), the production by the global electronics and IT industry was estimated at USD 3,436.8 billion in 2022, registering a growth rate of 1% year on year, compared to USD 3,415.9 billion in 2021. Moreover, the industry is expected to reach USD 3,526.6 billion, with a growth rate of 3% year on year, by 2023.
- According to the India Brand Equity Foundation (IBEF), the Indian electronics manufacturing industry is expected to reach USD 520 billion by 2025. Electrical and electronics production in India is expected to increase rapidly due to government initiatives with policies, such as Make in India, National Policy of Electronics, Net Zero Imports in Electronics, and Zero Defect Zero Effect, which offer a commitment to growth in domestic manufacturing, lowering import dependence, energizing exports, and manufacturing, like the “Make in India” program to make the country self-reliant.
- All factors above are likely to fuel the growth of the Asia-Pacific magnet wire market over the forecast time frame.
Magnet Wire Industry Overview
The magnet wire market is partially fragmented in nature. The major players (not in any particular order) include Ningbo Jintian Copper (Group) Co. Ltd, Sumitomo Electric Industries, Ltd., LS Cable & System Ltd., Superior Essex Inc., and Fujikura Ltd., among others.
Magnet Wire Market Leaders
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Sumitomo Electric Industries, Ltd.
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LS Cable & System Ltd.
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Superior Essex Inc.
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Fujikura Ltd.
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Ningbo Jintian Copper (Group) Co. Ltd
*Disclaimer: Major Players sorted in no particular order
Magnet Wire Market News
- September 2023: LS C&S launched electric vehicle and charging infrastructure solutions, busducts, and EV-way for electric vehicle charging stations at K-BATTERY SHOW 2023.
- May 2023: Essex Brownell, an international distributor of magnet wire, announced the expansion of its operational footprint in the Southeastern United States by relocating and expanding its distribution center in McDonough, Georgia.
- March 2023: Elektrisola announced the acquisition of Rea Magnet Wire North American magnet wire assets. It includes five manufacturing plants in Indiana, Connecticut, Virginia, and Mexico and its leased corporate offices in Fort Wayne, Indiana. Through the acquisition, the company strengthened its market presence.
Magnet Wire Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Drivers
- 4.1.1 Growing Electric Vehicles Market
- 4.1.2 Increasing Demand For Renewable Energy
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4.2 Restraints
- 4.2.1 Shift Towards Compact Motors
- 4.2.2 Fluctuating Raw Materials Prices
- 4.3 Industry Value Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Buyers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
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4.5 Price Analysis
- 4.5.1 Copper Magnet Wire
- 4.5.2 Aluminum Magnet Wire
5. MARKET SEGMENTATION (Market Size in Value)
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5.1 Material
- 5.1.1 Copper
- 5.1.2 Aluminum
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5.2 Insulation Type
- 5.2.1 Enameled Wire
- 5.2.2 Covered Conductor Wire
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5.3 End-use Industry
- 5.3.1 Electric Vehicle
- 5.3.2 Energy
- 5.3.2.1 Transformers
- 5.3.2.2 Other Energy Types
- 5.3.3 Industrial
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5.4 Geography
- 5.4.1 Asia-Pacific
- 5.4.1.1 China
- 5.4.1.2 India
- 5.4.1.3 Japan
- 5.4.1.4 South Korea
- 5.4.1.5 Rest of Asia-Pacific
- 5.4.2 North America
- 5.4.2.1 United States
- 5.4.2.2 Canada
- 5.4.2.3 Mexico
- 5.4.3 Europe
- 5.4.3.1 Germany
- 5.4.3.2 United Kingdom
- 5.4.3.3 Italy
- 5.4.3.4 France
- 5.4.3.5 Rest of Europe
- 5.4.4 South America
- 5.4.4.1 Brazil
- 5.4.4.2 Argentina
- 5.4.4.3 Rest of South America
- 5.4.5 Middle East and Africa
- 5.4.5.1 Saudi Arabia
- 5.4.5.2 South Africa
- 5.4.5.3 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 Dahren Group (Liljedahl Group AB)
- 6.4.2 Ederfil Becker
- 6.4.3 Elektrisola
- 6.4.4 Fujikura Ltd.
- 6.4.5 Grupo Condumex
- 6.4.6 Irce S.P.A.
- 6.4.7 Ls Cable & System Ltd
- 6.4.8 Ningbo Jintian Copper (Group) Co., Ltd.
- 6.4.9 Proterial, Ltd
- 6.4.10 Sam Dong
- 6.4.11 Stimple & Ward Company
- 6.4.12 Sumitomo Electric Industries, Ltd
- 6.4.13 Superior Essex Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Advancements In Magnet Wire
- 7.2 Increasing Demand From Medical Sector
Magnet Wire Industry Segmentation
Magnet wire also referred to as winding wire, is typically composed of copper or aluminum with a thin coating of insulation around it. These wires enable the conversion of electrical energy into an electromagnetic field, which makes them a critical component in various electronic and energy devices, automotive and home appliances, etc. Magnet wire offers superior dielectric strength as well as resistance to insulation, heat, solvents, moisture, chemicals, and varnishes. Magnet wire comes in various shapes and sizes with commonly used magnet wire being round, rectangular, and square.
The magnet wire market is segmented by material, insulation type, end-user industry, and geography. By material, the market is segmented into copper and aluminum. By insulation type, the market is segmented into enameled wire and covered conductor wire. By end-user industry, the market is segmented into electric vehicles, energy {transformers and other energy types}, and industrial. The report also covers the market size and forecasts for the market in 15 countries across the globe. For each segment, the market sizing and forecasts are done on the basis of value (USD).
| Material | Copper | |
| Aluminum | ||
| Insulation Type | Enameled Wire | |
| Covered Conductor Wire | ||
| End-use Industry | Electric Vehicle | |
| Energy | Transformers | |
| Other Energy Types | ||
| Industrial | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| Italy | ||
| France | ||
| Rest of Europe | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America | ||
| Geography | Middle East and Africa | Saudi Arabia |
| South Africa | ||
| Rest of Middle East and Africa |
Magnet Wire Market Research FAQs
How big is the Magnet Wire Market?
The Magnet Wire Market size is expected to reach USD 34.91 billion in 2024 and grow at a CAGR of greater than 5% to reach USD 44.71 billion by 2029.
What is the current Magnet Wire Market size?
In 2024, the Magnet Wire Market size is expected to reach USD 34.91 billion.
Who are the key players in Magnet Wire Market?
Sumitomo Electric Industries, Ltd., LS Cable & System Ltd., Superior Essex Inc., Fujikura Ltd. and Ningbo Jintian Copper (Group) Co. Ltd are the major companies operating in the Magnet Wire Market.
Which is the fastest growing region in Magnet Wire Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Magnet Wire Market?
In 2024, the Asia-Pacific accounts for the largest market share in Magnet Wire Market.
What years does this Magnet Wire Market cover, and what was the market size in 2023?
In 2023, the Magnet Wire Market size was estimated at USD 33.16 billion. The report covers the Magnet Wire Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Magnet Wire Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Magnet Wire Industry Report
Statistics for the 2024 Magnet Wire market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Magnet Wire analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
