Global Magnet Wire Market is Segmented By Type(Aluminum, Copper, Polyimide Resin, Others), By Product(Covered Conductor Wire, Enameled Wire, Others), By Insulation(Polyamide-Imide, Polyimides, Polyetherimide, Polyurethane, Polyether Ether Ketone, Others), By Shape(Round Magnet Wire, Round Bondable Magnet Wire, Rectangle Magnet Wire, Square Magnet Wire), By End-User(Electrical & Electronics, Industrial, Energy, Automotive, Infrastructure, Others ), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024 - 2031
Magnet Wire Market Overview
[180 pages] Report on Global Magnet Wire by DataM Intelligence estimates the market to grow at a CAGR of 4.1% during the forecast period 2024 - 2031. Demand from electronic motors, transformers, automobiles, and generators industries in Europe is rising. The competitive rivalry intensifies with MWS Wire Industries, Dahren Group, Hitachi Metal Ltd and others operating in the market.
Magnet wire is an insulated aluminum or copper conductor used to wind motors, generators, transformers, and other electrical devices where electrical energy is converted to mechanical energy. Magnet wires are broadly divided into enameled wire (coating insulation), covered conductor wire (fiber/film insulation), and combinations.
Magnet wire creates an appropriate electromagnetic field when wound into a coil and energized. Without magnet wire, electricity is essentially useless. Almost 90% of all electrical energy needs modification using magnet wire to be of any use. Magnet wire utilizes various insulating films (in order of increasing temperature range) such as polyvinyl formal, polyurethane, polyamide, polyester, polyester-polyimide, and others.
Magnet Wire Market Scope and Summary
Metrics |
Details |
Market CAGR |
4.1% |
Segments Covered |
By Type, By Product, By Insulation, By Shape, By End-User, and By Region |
Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other vital insights. |
Fastest Growing Region |
Asia Pacific |
Largest Market Share |
North America |
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Source: DataM Intelligence Analysis (2023)
Magnet Wire Market Dynamics and Trends
The growing demand for electric vehicles drives the global magnet wire market growth.
Growing demand for the electric vehicles
The application of magnet wire-based electric motors is the future of the automotive industry. The companies provide magnet wire products for traction motors, regenerative braking, autonomous driving, and sensors that aid in driving performance and efficiency inside the next generation of vehicles. Recently, the 4,891-pound Tesla Model S P100D set a record when it reached 60 mph from a standstill more quickly than any other production vehicle ever tested by Motor Trend. Over half a mile of magnet wire used Over half a mile of magnet wire in both the front and high-performance rear engines of each Tesla Model S. Higher performance coupled with a lighter carbon footprint generates an undeniable allure to consumers, manufacturers, and society.
The leading companies are expanding their business to provide magnet wires for the booming electric vehicles sector. For instance, in 2020, Sumitomo Electric of Japan established a new company in China that plans to be a significant manufacturer of rectangular magnets. Meanwhile, the company will advance its technical development of the innovative product foreseeing its role as a critical enabler for lighter motors in the growing electric vehicle market. Compared to a round wire, a rectangular magnet wire can be wound without gaps in the same space, helping decrease the size and increase the motor’s output.
Presence of substitutes
The availability of better substitutes restrains the magnet wire market growth. Litz wire offers various substantial benefits in designing such HF magnetic devices. Magnetic devices utilizing wound copper Litz wire operate more efficiently than traditional magnet wire. For instance, in the low kilohertz range, efficiency gains associated with the ordinary wire can exceed 50%, while in low megahertz frequencies, 100% or more.
The fill factor sometimes called packing density, is dramatically increased by performing Litz wire. Litz wire is usually formed into square, rectangular, and keystone shapes, enabling manufacturers to maximize the Q of circuits and reduce losses and AC resistance of the device. Devices using preformed Litz wire fit more copper into smaller physical dimensions than those using ordinary magnet wire.
Covid-19 Impact on Magnet Wire Market
The market for magnet wire has declined during the covid-19 outbreak. The magnet wire has been utilized in industrial, electrical & electronics, transportation, and energy sectors. Due to the end user’s lower demand, the magnet wire production decreased significantly during the initial covid-19 phase. For instance, over the first half of 2020, worldwide electric car sales were on average 15% lower than over the same period in 2019.
Moreover, the country has also witnessed a 30% decline in wind energy installations in 2020 compared to the previous year. However, the electrical & electronics demand was stable during the covid-19 pandemic. The market is expected to gain massive growth in the upcoming years, with a potential shift to electric vehicles and renewable energy.
Magnet Wire Market Segmentation Analysis
The magnet wire market is segmented into copper, aluminum, polyimide resin, and type.
The copper wire market is growing due to its superior properties compared to other materials.
Magnet wire is an insulated copper conductor used to wind motors, transformers, generators, and any other electrical device where electrical energy is converted to mechanical energy. Raw copper is drawn to meet specific size requirements based on the National Electrical Manufacturer’s Association standards. The most common application of copper magnet wire is in electric motors.
Copper magnet wire offers excellent conductivity and possesses superior tensile strength. It also provides superior chemical and moisture resistance and has a lesser cross-section area, making it suitable for transportation and electrical & electronics applications. Aluminum magnet wire is sometimes employed for large transformers and motors. Still, an aluminum wire must have 1.6 times the cross-sectional area of copper wire to achieve comparable DC resistance because of its lower electrical conductivity. Due to this, copper magnet wires improve energy efficiency in equipment.
Source: DataM Intelligence Analysis (2023)
Global Magnet Wire Market Geographical Share
Expanding demand for EVs is boosting sales in Europe.
Europe is expected to grow at a significant growth rate in the forecast period because of the high sales rate of e-vehicles. The region is witnessing substantial demand for magnet wires in electronic motors, transformers, automobiles, generators, and small electrical appliances. The companies are expanding their innovations and capacities to satisfy the growing need for magnet wire. For instance, in 2019, Essex Magnet Wire and Furukawa Electric Co., Ltd announced that the two company boards had accepted the framework of a new global joint venture. The joint venture will expand upon a former magnet wire partnership between the two entities in Europe and concentrate on developing innovation for the electrification of the transportation industry. Upon completing the definitive agreements and other approvals, the companies will merge their magnet wire business operations to create a global market leader.
Moreover, in 2019, Superior Essex opened its new magnet wire factory in eastern Europe. The 14,000-square-meter facility is located in Zrenjanin, about 90 miles from Belgrade’s capital. Starting in 2019, SPSX will produce around 12,000 tons of magnetic wire products from the 42 production lines to assist the auto parts and electrical components markets in Europe. With additional investment, the company intends to double the production capacity to 24,000 tons by 2021.
Source: DataM Intelligence Analysis (2023)
Magnet Wire Companies and Competitive Landscape
The magnet wire market is fragmented with local and global companies due to its easy production. Some of the key players contributing to the market’s growth are Rea Magnet Wire Company, Inc, Essex Furukawa Magnet Wire LLC, MWS Wire Industries, LS Cable & System Ltd, Dahren Group, Sumitomo Electric Industries, Ltd, Hitachi Metal Ltd, Tongling Jingda Special Magnet Wire Co., Ltd, Samdong Co., Ltd., and others. The major players are adopting new strategies to dominate the market, such as acquisitions, launching new technologies, expansions, and collaborations, contributing to the global growth of the magnet wire market.
Essex Furukawa Magnet Wire LLC
Overview: Essex Furukawa Magnet Wire LLC is the global magnet wire provider used by the most prominent industry leaders in the automotive, industrial, energy, and commercial & residential sectors. The Atlanta-based company is a joint venture formed in 2020 between Furukawa Electric Co., Ltd and Essex Magnet Wire., both leaders in magnet wire production and custom solutions.
Product Portfolio: The company offers various products, including magnet wire sections, produced according to EN 10025-5 and have similar mechanical properties to conventional S355 grades. The company is also environmental and sustainability standard BES 6001 certified, assuring commitment to responsibly sourced materials.
Critical Development: In 2021, Essex Furukawa selected Sight Machine Inc. as the manufacturing productivity platform for its plants in China, the US, and Germany. The agreement extends the digital transformation initiative begun at Essex Furukawa’s magnet wire plant in Torreón, Mexico, where Sight Machine has helped Essex Furukawa increase the production needed to meet fast-growing demand from EV production.
Why Purchase the Report?
- Visualize the magnet wire market segmentation by type, product, insulation, shape, end-user, and region, highlighting the critical commercial assets and players
- Identify commercial opportunities in the magnet wire by analyzing trends and co-development deals.
- Excel data sheet with thousands of data points of magnet wire market-level 4/5 segmentation
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study
- Product mapping in excel for the critical product of all major market players
The global magnet wire market report would provide approximately 77 market data tables, 80 figures, and 180 pages.
Target Audience 2024
- Raw Material Providers
- Buyers
- Magnet Wire Manufacturers
- Distributors
- EV manufacturers
- Wind Turbine Manufacturers
- Electric Motor Companies
- Industry Investors/Investment Bankers
- Education & Research Institutes
- Research Professionals
- Emerging Companies
- Distributors
