Magnet Wire Global Market Report 2024

Magnet wire, also known as winding wire, is copper or aluminum wire coated with an extremely thin layer of insulation. It finds applications in the construction of transformers, inductors, motors, speakers, hard disk head actuators, potentiometers, electromagnets, and various other applications that require tightly wound coils of wire. Magnet wire possesses favorable electrical characteristics, including high dielectric strength and insulation resistance, along with resistance to heat, water, and moisture.

The primary types of magnet wire are copper and aluminum. Copper magnet wire, renowned for its excellent conductivity and windability, is employed in various applications. For special requirements, copper is chosen for its diverse conductor materials and unique characteristics such as enhanced mechanical strength or bending performance. Different shapes like round, rectangle, and square cater to specific applications in motors, home appliances, transformers, and more. Various industries, including electrical and electronics, industrial, transportation, among others, utilize magnet wire in their operations.

The magnet wire market research report is one of a series of new reports that provides magnet wire market statistics, including magnet wire industry global market size, regional shares, competitors with a magnet wire market share, detailed magnet wire market segments, market trends and opportunities, and any further data you may need to thrive in the magnet wire industry. This magnet wire market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The magnet wire market size has grown steadily in recent years. It will grow from $30.88 billion in 2023 to $32.24 billion in 2024 at a compound annual growth rate (CAGR) of 4.4%. The growth observed in the historical period can be attributed to factors such as electrification and industrialization, the expansion of the automotive industry, advancements in energy generation and transmission, the growth of the consumer electronics sector, and increased applications in aerospace and defense.

The magnet wire market size is expected to see steady growth in the next few years. It will grow to $38.96 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The anticipated growth in the forecast period can be linked to various factors, including the expansion of the electric vehicle (EV) market, the growth of renewable energy, the replacement of aging infrastructure, innovations in materials and coatings, and the globalization of manufacturing. Major trends expected in this period encompass the integration of 5G and data centers, the implementation of smart grids, the development of electric aircraft, miniaturization in electronics, and the ongoing digital transformation in industries.

The growth of the magnet wire market is anticipated to be propelled by the increasing demand for electric vehicles. Electric vehicles, powered entirely or partially by electricity, offer advantages such as low running costs and environmental friendliness. The utilization of magnet wires with microcellular coating in electric vehicles contributes to enhanced efficiency by lowering dielectric properties and processing resistance. In May 2022, the International Energy Agency reported a significant surge in electric vehicle sales, nearly doubling to 6.6 million in 2021, resulting in a total of 16.5 million electric vehicles on the roads. Consequently, the rising demand for electric vehicles is a key driver for the growth of the magnet wire market.

The magnet wire market is also expected to experience growth due to the increasing number of household appliances. These appliances, designed for various tasks within homes, rely on magnetic wire for efficient and reliable operation, contributing to reduced energy consumption and a safer living environment. A report by Trend Economy in May 2023 highlighted a 15.7% increase in sales of washing machines capable of both washing and drying in the USA between 2021 and 2022. This surge in household appliances further propels the growth of the magnet wire market.

A notable trend of companies adopting strategic agreements or acquiring others to expand market presence and develop new products. For instance, in November 2021, Elcowire, a Sweden-based magnet wire manufacturer, acquired the wire and rod business from KME Group, a Germany-based company specializing in aluminum conductors. This $670 million acquisition is expected to enhance Elcowire's customer base, product portfolio, and geographical reach.

Major players in the magnet wire market are focusing on innovative products to drive revenues, such as Solvay S.A.'s KetaSpire KT-857. This novel polyetheretherketone (PEEK) extrusion compound is engineered for copper magnet wire insulation in electric motors. Solvay's KetaSpire KT-857 ensures improved adhesion in a more economical monolayer process, offering significant sustainability advantages compared to the enamel method. The extrusion of a single insulation layer requires less energy, and no volatile organic compounds are used, contributing to a more homogeneous insulation layer.

In December 2021, Hindalco, an Indian-based aluminum manufacturing company, acquired Norsk Hydro for an undisclosed amount. This strategic acquisition allows Hindalco to expand its portfolio in the aluminum extrusion business, serving esteemed customers with an experienced team of employees. Norsk Hydro, a Norway-based aluminum and renewable energy company, is known for manufacturing aluminum wires.

Major companies operating in the magnet wire market include Elektrisola Incorporated, Essex Furukawa Magnet Wire LLC, Fujikura Ltd., Furukawa Electric Co. Ltd., Gold Cup Electric Electromagnetic Wire Co. Ltd., Hitachi Cable Ltd., Hongyuan Group Co. Ltd., Roshow Technology, Tongling Jingda Special Magnet Wire Co. Ltd., Condumex Inc., Aislantes SA, Alconex Inc., LS Cable & System Ltd., Magnekon SA, REA Magnet Wire SA, Sumitomo Electric Industries Ltd., Superior Essex Inc., Samdong Co. Ltd., IRCE S.p.A, Von Roll Holding AG, LWW group, Altana AG, TE Connectivity PLC, Salzer Electronics Limited, Schwering & Hasse Elektrodraht GmbH, Strunk Connect GmbH & Co. KG, Wuxi Xizhou Magnet Wires Co. Ltd., Shibata Co. Ltd., Hi-Wire Limited, Ormiston Wire Limited, Citychamp Dartong Co. Ltd., Dahren Group AS, Ederfil Becker GmbH, HPW Metallwerk GmbH, Proterial Ltd., Sumitomo Electric Wiring Systems Inc.

The Asia-Pacific was the largest region in the magnet wire market share in 2023. The regions covered in the global magnet wire industry report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the magnet wire market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The magnet wire market consists of sales of enameled wire, polyurethane wire, litz wire, and polyamide-imide wire. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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