This Magnet Wire market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
The magnet wire market size has grown steadily in recent years. It will grow from $31.68 billion in 2024 to $32.82 billion in 2025 at a compound annual growth rate (CAGR) of 3.6%. The growth in the historic period can be attributed to electrification and industrialization, automotive industry expansion, energy generation and transmission, consumer electronics, aerospace and defense applications.
The magnet wire market size is expected to see strong growth in the next few years. It will grow to $40.07 billion in 2029 at a compound annual growth rate (CAGR) of 5.1%. The growth in the forecast period can be attributed to electric vehicle (ev) market growth, renewable energy expansion, aging infrastructure replacement, materials and coating innovations, globalization of manufacturing. Major trends in the forecast period include 5g and data centers, smart grid implementation, electric aircraft development, miniaturization in electronics, digital transformation in industries.
The rising demand for electric vehicles is anticipated to drive the growth of the magnet wire market in the coming years. Electric vehicles are automobiles that are powered fully or partially by electricity. They have lower operating costs due to fewer components that require maintenance, and they are environmentally friendly because they use little to no fossil fuels (such as petrol or diesel). Magnet wires with microcellular coating are employed in electric vehicles to reduce dielectric properties and processing resistance, enhancing efficiency. For example, in November 2023, the U.S. Energy Information Administration, a government agency in the United States, reported that the share of battery-electric vehicles (BEVs) in new light-duty vehicle sales reached 17.7% in the third quarter of 2023, with BEVs comprising 16% of total new vehicle sales so far this year, an increase from 12.5% in 2022 and 9% in 2021. This data highlights a significant upward trend in electric vehicle demand, reflecting increasing consumer preference and market growth. Therefore, the rising demand for electric vehicles is propelling 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.
The number of companies entering into strategic agreements or acquiring other firms to expand their market presence or develop new products has risen in the magnet wire market. For example, in October 2022, Bain Capital LP, a US-based firm, acquired Hitachi Metals, Ltd. for $5.84 billion. This acquisition is part of Bain Capital's strategy to broaden its portfolio by integrating Hitachi's expertise in magnet wire production. Hitachi Metals, Ltd. is a US-based company that specializes in magnet wires.
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 March 2024, Superior Essex Inc., a US-based company, acquired Furukawa Electric Group for an undisclosed amount. This acquisition allows Superior Essex to expand its portfolio by integrating Furukawa Electric's expertise in magnet wire production. Furukawa Electric Group is a Japan-based company that specializes in magnet 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 2024. 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.
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 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.
This product will be delivered within 3-5 business days.
The magnet wire market size has grown steadily in recent years. It will grow from $31.68 billion in 2024 to $32.82 billion in 2025 at a compound annual growth rate (CAGR) of 3.6%. The growth in the historic period can be attributed to electrification and industrialization, automotive industry expansion, energy generation and transmission, consumer electronics, aerospace and defense applications.
The magnet wire market size is expected to see strong growth in the next few years. It will grow to $40.07 billion in 2029 at a compound annual growth rate (CAGR) of 5.1%. The growth in the forecast period can be attributed to electric vehicle (ev) market growth, renewable energy expansion, aging infrastructure replacement, materials and coating innovations, globalization of manufacturing. Major trends in the forecast period include 5g and data centers, smart grid implementation, electric aircraft development, miniaturization in electronics, digital transformation in industries.
The rising demand for electric vehicles is anticipated to drive the growth of the magnet wire market in the coming years. Electric vehicles are automobiles that are powered fully or partially by electricity. They have lower operating costs due to fewer components that require maintenance, and they are environmentally friendly because they use little to no fossil fuels (such as petrol or diesel). Magnet wires with microcellular coating are employed in electric vehicles to reduce dielectric properties and processing resistance, enhancing efficiency. For example, in November 2023, the U.S. Energy Information Administration, a government agency in the United States, reported that the share of battery-electric vehicles (BEVs) in new light-duty vehicle sales reached 17.7% in the third quarter of 2023, with BEVs comprising 16% of total new vehicle sales so far this year, an increase from 12.5% in 2022 and 9% in 2021. This data highlights a significant upward trend in electric vehicle demand, reflecting increasing consumer preference and market growth. Therefore, the rising demand for electric vehicles is propelling 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.
The number of companies entering into strategic agreements or acquiring other firms to expand their market presence or develop new products has risen in the magnet wire market. For example, in October 2022, Bain Capital LP, a US-based firm, acquired Hitachi Metals, Ltd. for $5.84 billion. This acquisition is part of Bain Capital's strategy to broaden its portfolio by integrating Hitachi's expertise in magnet wire production. Hitachi Metals, Ltd. is a US-based company that specializes in magnet wires.
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 March 2024, Superior Essex Inc., a US-based company, acquired Furukawa Electric Group for an undisclosed amount. This acquisition allows Superior Essex to expand its portfolio by integrating Furukawa Electric's expertise in magnet wire production. Furukawa Electric Group is a Japan-based company that specializes in magnet 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 2024. 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.
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 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.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Magnet Wire Market Characteristics3. Magnet Wire Market Trends and Strategies4. Magnet Wire Market - Macro Economic Scenario Including the Impact of Interest Rates, Inflation, Geopolitics and Covid and Recovery on the Market32. Global Magnet Wire Market Competitive Benchmarking and Dashboard33. Key Mergers and Acquisitions in the Magnet Wire Market34. Recent Developments in the Magnet Wire Market
5. Global Magnet Wire Growth Analysis and Strategic Analysis Framework
6. Magnet Wire Market Segmentation
7. Magnet Wire Market Regional and Country Analysis
8. Asia-Pacific Magnet Wire Market
9. China Magnet Wire Market
10. India Magnet Wire Market
11. Japan Magnet Wire Market
12. Australia Magnet Wire Market
13. Indonesia Magnet Wire Market
14. South Korea Magnet Wire Market
15. Western Europe Magnet Wire Market
16. UK Magnet Wire Market
17. Germany Magnet Wire Market
18. France Magnet Wire Market
19. Italy Magnet Wire Market
20. Spain Magnet Wire Market
21. Eastern Europe Magnet Wire Market
22. Russia Magnet Wire Market
23. North America Magnet Wire Market
24. USA Magnet Wire Market
25. Canada Magnet Wire Market
26. South America Magnet Wire Market
27. Brazil Magnet Wire Market
28. Middle East Magnet Wire Market
29. Africa Magnet Wire Market
30. Magnet Wire Market Competitive Landscape and Company Profiles
31. Magnet Wire Market Other Major and Innovative Companies
35. Magnet Wire Market High Potential Countries, Segments and Strategies
36. Appendix
Executive Summary
Magnet Wire Global Market Report 2025 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on magnet wire market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Description
Where is the largest and fastest growing market for magnet wire? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The magnet wire market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) Covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) By Type: Copper; Aluminum2) By Shape: Round; Rectangle; Square
3) By Application: Motor; Home Appliance; Transformer; Other Applications
4) By End-User: Electrical and Electronics; Industrial; Transportation; Other End Users
Subsegments:
1) By Copper: Enameled Copper Wire; Polyurethane Copper Wire; Polyester Copper Wire; Other Coated Copper Wire2) By Aluminum: Enameled Aluminum Wire; Aluminum Magnet Wire With Protective Coatings; Other Aluminum Wire Types
Key Companies Mentioned: Elektrisola Incorporated; Essex Furukawa Magnet Wire LLC; Fujikura Ltd.; Furukawa Electric Co. Ltd.; Gold Cup Electric Electromagnetic Wire Co. Ltd.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned
Some of the major companies featured in this Magnet Wire market report 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.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | February 2025 |
| Forecast Period | 2025 - 2029 |
| Estimated Market Value ( USD | $ 32.82 Billion |
| Forecasted Market Value ( USD | $ 40.07 Billion |
| Compound Annual Growth Rate | 5.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 37 |
