Magnet Wire Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Magnet Wire Market is Segmented by Material (Copper and Aluminum), Insulation Type (Enameled Wire, Covered Conductor Wire, and Other Types), Application (Motors, Transformers, Home Appliances, Current Sensors, and Other Applications), End-user Industry (Electrical and Electronics, Transportation, Industrial, Infrastructure, Energy, and Other End-user Industries), and Geography (Asia-Pacific, North America, Europe, South America, and Middle East and Africa). The report offers market size and forecasts for Magnet Wire in value (USD Million) for all the above segments.

Market Snapshot

Magnet Wire Market Outlook
Study Period: 2017-2027
Base Year: 2021
Fastest Growing Market: Asia-Pacific
Largest Market: Asia-Pacific
CAGR: >5 %
Magnet Wire Market Key Players

Need a report that reflects how COVID-19 has impacted this market and its growth?

Market Overview

The Global Magnet Wire Market is projected to register a CAGR of over 5% during the forecast period (2022-2027).

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. However, with pandemic retraction the market is projected to grow steadily, owing to replenishing demand for electronics and automobiles in 2021.

  • Over the medium term, 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 the developed as well as emerging economies worldwide, 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 has emerged as another key factor responsible for restraining the growth of the target industry over the forecast period.
  • Nevertheless, the advancements and expansion in the transportation and energy sectors coupled with speeding government initiatives to support infrastructural development in the emerging economies of Asia, Africa, and South America 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.

Scope of the Report

Magnet wire also referred to as winding wire, is typically composed of copper or aluminum having 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. Coils of magnet wire are created to function in various manners such as for surging voltage in transformers, powering electric motors, producing sound, enabling volume control in speakers and headphones, etc. The magnet wire market is segmented by material, insulation type, application, 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, covered conductor wire, and other types. By application, the market is segmented into motors, transformers, home appliances, current sensors, and other applications. By end-user industry, the market is segmented into electrical and electronics, transportation, industrial, infrastructure, energy, and other end-user industries. The report also covers the market size and forecasts for the magnet wire market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done based on value (USD Million).

Insulation Type
Enameled Wire
Covered Conductor Wire
Other Insulation Types
Home Appliances
Current Sensors
Other Applications
End-use Industry
Electrical and Electronics
Other End-use Industries
South Korea
Rest of Asia-Pacific
North America
United States
United Kingdom
Rest of Europe
South America
Rest of South America
Middle East and Africa
Saudi Arabia
South Africa
Rest of Middle East and Africa

Report scope can be customized per your requirements. Click here.

Key Market Trends

Rising Demand for Magnet Wire in the Transportation Sector

  • Today’s hybrid and electric vehicles are significantly dependent on magnet wire for functioning as a magnet wire is an important component of motors used in these vehicles. Magnet wire is also employed in busbars and charging stations. Lately, the demand for electric vehicles has gained an astonishingly steep rise with dawning awareness among consumers and the inclination of governments of several economies under environmental concerns.
  • The associated energy efficiency, expediting construction of charging infrastructure, and increasing consumer purchasing power in many regions of the world have contributed to the widening of the market size of electric vehicles, in turn strengthening the demand fundamentals of magnet wire.
  • Augmenting electric vehicle market, and the rising adoption of magnet wire in respective applications, are among the key factors driving the growth of the target industry. For instance,
    • According to the stats generated by The Electric Vehicle World Sales Database, the sale of electric vehicles registered a remarkable hike of 109% in 2021 from the year 2020 with Tesla, a renowned electric vehicle manufacturer, accounting for the highest share of 14%.
    • In December 2021, Toyota revealed that the company will be launching as many as 30 electric vehicles by 2025. The lineup will include SUVs, sports cars, crossovers, and concepts.
    • In September 2021, Ford announced its commitment to spending USD 11.4 billion on electrifying its vehicle line-up of trucks and cars on the new manufacturing sites of Tennessee and Kentucky.
    • In July 2021, Mercedes Benz laid out its intentions to go completely electric towards the end of the decade. The company will be launching three electric-only architectures in 2025.
    • Electric vehicles predominantly use copper-based magnet wire. According to Copper Development Association Inc., the demand for copper in electric vehicles is expected to see a rise of 1,700 kilotons by 2027.
    • Thus, with the growing electric vehicle launch and sales, the demand for magnet wire will also significantly increase.
  • Therefore, considering the aforementioned factors, the demand for magnet wire is expected to rise in the transportation industry significantly in near future.
Magnet Wire Market Trends

Asia-Pacific Region to Dominate the Market

  • The Asia-Pacific region dominated the worldwide market in 2021, with a lion’s share in the magnet wire market, and is projected to maintain its dominance during the forecast period of 2022-2027. 
  • The application of magnet wire in the electrical and electronics segment propels the market growth in the Asia-Pacific region. Many consumer products such as inverters, air conditioners, toys, trimmers, fans, etc., carry magnet wire coil components. China is the hub for the electronics and home appliances market followed by Japan with many brands originating from these countries. 
  • The demand for magnet wire from the energy sector has 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. Furthermore, the increasing expenditure by governments on the establishment of renewable sources for power generation has grown the appetite for magnet wire in the energy sector.
  • Growing demand for magnet wire in electronics, transportation, industrial, and infrastructure applications across the Asian countries is the primary factor driving the growth of the target industry in the Asia-Pacific.
  • According to the stats released by the National Bureau of Statistics of China, the annual growth rate of value added in the electronics manufacturing industry in China accounted for 15.7% in 2021, compared to 7.7% in 2020.
  • As per the National Bureau of Statistics of China, the output value of the construction works in China accounted for CNY 25.92 trillion in 2021 compared to CNY 23.27 trillion in 2020, thereby enhancing the demand for magnet wire in respective infrastructure applications.
  • As per the commitments made by India at the COP26 Climate Conference held in Glasgow, the country is targeting to achieve 500 GW of non-fossil energy capacity by 2030. The initiative will require installations of solar and wind-energy derived power generation infrastructure on a large scale, thereby creating a high demand for magnet wire.
  • As per India Energy Storage Alliance (IESA), the Indian EV industry is expected to expand at a CAGR of 36%, which in turns will stimulate the demand for magnet wire.
  • Moreover, as per India Brand Equity Foundation, the domestic production of electronics in India has grown from USD 29 billion in 2014-15 to USD 67 billion in 2020-21, which has propelled the demand for magnet wire in respective applications in the electronics segment. 
  • As per the Ministry of Land, Infrastructure, Transport and Tourism, (MLIT), the value of orders received for construction works in Japan was valued at JPY 15.1trillion in 2021 compared to JPY 14.88 trillion in 2020, thereby fuelling demand for the magnet wire market.
  • The Asia-Pacific region is home to key magnet coil manufacturers such as LS Cable & System Ltd. (South Korea), Hitachi Metals, Ltd. (Japan), Sumitomo Electric Industries, Ltd. (Japan), Fujikura Ltd. (Japan), Samdong Co., Ltd. (South Korea), to name few.
  • All aforementioned factors are likely to fuel the growth of the Asia-Pacific magnet wire market over the forecast time frame.

Magnet Wire Market Forecast

Competitive Landscape

The magnet wire market is partially fragmented in nature. Some of the major players in the market include Hitachi Metals, Ltd., Sumitomo Electric Industries, Ltd., LS Cable & System Ltd., Superior Essex Inc., and Fujikura Ltd. among others (not in any particular order).

Recent Development

  • 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.
  • In October 2020, Superior Essex Inc., which is the parent company of magnet wire producing key companies Furukawa Electric Co., Ltd. and Essex Magnet Wire, finalized a joint venture with the name Essex Furukawa Magnet Wire LLC. The new venture has expanded its magnet wire portfolio and its reach to the customers through the synergistic strengths of the involved companies.

Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Drivers

      1. 4.1.1 Expanding Market for Electric Vehicles

      2. 4.1.2 Increasing Application in the Electrical and Electonics Segment

      3. 4.1.3 High Demand from the Energy Sector with Increasing Energy Needs

    2. 4.2 Restraints

      1. 4.2.1 Transition to Compact Motors

      2. 4.2.2 Volatility in Raw Material Prices

      3. 4.2.3 Other Restraints

    3. 4.3 Industry Value-Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition


    1. 5.1 Material

      1. 5.1.1 Copper

      2. 5.1.2 Aluminum

    2. 5.2 Insulation Type

      1. 5.2.1 Enameled Wire

      2. 5.2.2 Covered Conductor Wire

      3. 5.2.3 Other Insulation Types

    3. 5.3 Application

      1. 5.3.1 Motors

      2. 5.3.2 Transformers

      3. 5.3.3 Home Appliances

      4. 5.3.4 Current Sensors

      5. 5.3.5 Other Applications

    4. 5.4 End-use Industry

      1. 5.4.1 Electrical and Electronics

      2. 5.4.2 Transportation

      3. 5.4.3 Industrial

      4. 5.4.4 Infrastructure

      5. 5.4.5 Energy

      6. 5.4.6 Other End-use Industries

    5. 5.5 Geography

      1. 5.5.1 Asia-Pacific

        1. China

        2. India

        3. Japan

        4. South Korea

        5. Rest of Asia-Pacific

      2. 5.5.2 North America

        1. United States

        2. Canada

        3. Mexico

      3. 5.5.3 Europe

        1. Germany

        2. United Kingdom

        3. Italy

        4. France

        5. Rest of Europe

      4. 5.5.4 South America

        1. Brazil

        2. Argentina

        3. Rest of South America

      5. 5.5.5 Middle East and Africa

        1. Saudi Arabia

        2. South Africa

        3. Rest of Middle East and Africa


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share (%) **/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Condumex Incorporated

      2. 6.4.2 Dahren Group (Liljedahl Group AB)

      3. 6.4.3 Ederfil Becker

      4. 6.4.4 Elektrisola

      5. 6.4.5 Fujikura Ltd.

      6. 6.4.6 Hitachi Metals, Ltd.

      7. 6.4.7 IRCE S.p.A.

      8. 6.4.8 LEONI Draht GmbH

      9. 6.4.9 LS Cable & System Ltd.

      10. 6.4.10 MWS Wire Industries, Inc.

      11. 6.4.11 Ningbo Jintian Copper (Group) Co. Ltd.

      12. 6.4.12 REA

      13. 6.4.13 Sam Dong

      14. 6.4.14 Sumitomo Electric Industries, Ltd.

      15. 6.4.15 Superior Essex Inc.

    5. *List Not Exhaustive

    1. 7.1 Advancements in the Transportation and Energy Sectors

    2. 7.2 Government Support Towards Infrastructure Development in Emerging Economies

**Subject to Availability

You can also purchase parts of this report. Do you want to check out a section wise price list?

Frequently Asked Questions

The Magnet Wire Market market is studied from 2017 - 2027.

The Magnet Wire Market is growing at a CAGR of >5% over the next 5 years.

Asia-Pacific is growing at the highest CAGR over 2021- 2026.

Asia-Pacific holds highest share in 2021.

Hitachi Metals, Ltd., Sumitomo Electric Industries, Ltd., LS Cable & System Ltd., Superior Essex Inc., Fujikura Ltd. are the major companies operating in Magnet Wire Market.

80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Please enter a valid email id!

Please enter a valid message!