Product Code: PM3248
The global magnet wire market size is expected to reach USD 52.80 billion by 2032, according to a new study by Polaris Market Research. The report "Magnet Wire Market Size, Share & Trends Analysis Report By Material (Copper, Aluminum), By Product (Round, Flat), By End Use (Energy, Automotive, Industrial, Residential), By Region, And Segment Forecasts, 2023 - 2032" gives a detailed insight into current market dynamics and provides analysis on future market growth.
The growing demand for the product from the energy sector is the main factor driving the magnet wire market.
Magnet wire, also known as winding wire, is an insulated electrical conductor that can be wound around a coil and energised to create an electromagnetic field for purposes requiring the transformation of energy. Typically made of copper or aluminum, the item is used in transformers, motors, and other electromagnetic equipment.
Due to rising consumer disposable income and population growth, electricity consumption has grown in emerging Asia Pacific nations like India, China, and Southeast Asia. A recent trend predicts high-capacity additions for electrification in the Asia Pacific. The substantial demand for power transformers that will result from this upward trajectory in electricity demand is expected to be the market driver for magnet wire.
Wind turbines are one of the products' primary applications in the energy sector. Growing adoption of renewable energy is predicted to create lucrative opportunities for market growth. According to the Global Wind Energy Council (GWEC), the total installed wind power output will increase from 2018 to 731.9 GW by a cumulative 22.5%.
Copper rod is the main raw material used to create magnet cable. Major companies are defined by their integrated manufacturing operations. Companies like LS Group and Sumitomo Electric Industries, Ltd. produce copper rods on-site for their magnet wire company. Businesses can maintain the quality of their raw materials and reduce manufacturing costs by doing this.
Vehicles and aeroplanes are tested in wind tunnels, which can also be powered by magnetic wires. They allow engineers to evaluate the performance of cutting-edge military and civilian vehicle and aircraft designs as well as identify and correct defects without putting the safety of a test pilot or expensive aircraft at risk.
Magnet Wire Market Report Highlights
Copper led the market for magnet wire in 2022 with a highest market share. This significant share can be ascribed to those elements because copper has better overall mechanical, physical, and chemical properties than aluminium does. For instance, copper conducts energy better than metal.
The round wire's income share was the greatest in 2022. Electronics and electric motors for household appliances are just two examples of the product's many residential applications. When compared to flat wrapping wire, the product's broad availability and lower price are what have the biggest impact on its higher market share.
The residential sector dominated the magnet wire market in 2022 with a highest revenue share. A broad range of product applications, such as heating pumps, hermetic motors for HVAC and refrigeration, home appliances, lighting, and electronics like mobile phones, computers, and televisions, are to blame for this market share dominance.
The Asia Pacific region dominated the market in 2022. A sizable part of the magnet wire market was controlled by China, one of the largest manufacturing centres in the area.
The global players include: Furukawa Electric Co., Ltd., Irce S.P.A., LS Group, REA Magnet Wire, Tongling Jingda Special Magnet Wire Co., Ltd., Sumitomo Electric Industries, Ltd., LWW Group, and Samdong Co., Ltd
Polaris Market Research has segmented the Magnet Wire Market report based on material, product type, end-use, and region:
Magnet Wire, Material Outlook (Revenue - USD Billion, 2019 - 2032)
Magnet Wire, Product Outlook (Revenue - USD Billion, 2019 - 2032)
Magnet Wire, End-use Outlook (Revenue - USD Billion, 2019 - 2032)
- Energy
- Automotive
- Industrial
- Residential
Magnet Wire, Regional Outlook (Revenue - USD Billion, 2019 - 2032)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Netherlands
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Malaysia
- Latin America
- Argentina
- Brazil
- Mexico
- Middle East & Africa
- UAE
- Saudi Arabia
- Israel
- South Africa
Table of Contents
1. Introduction
- 1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
- 1.2. Stakeholders
2. Executive Summary
3. Research Methodology
- 3.1. Overview
- 3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources
4. Global Magnet Wire Market Insights
- 4.1. Magnet Wire Market - End-Use Snapshot
- 4.2. Magnet Wire Market Dynamics
- 4.2.1. Drivers and Opportunities
- 4.2.1.1. Growth and expansion of electric vehicles
- 4.2.1.2. Increasing penetration toward renewable energy
- 4.2.2. Restraints and Challenges
- 4.2.2.1. Numerous drawbacks associated with magnet wire
- 4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
- 4.4. PESTEL Analysis
- 4.5. Magnet Wire Market End-Use Trends
- 4.6. Value Chain Analysis
- 4.7. COVID-19 Impact Analysis
5. Global Magnet Wire Market, by Material
- 5.1. Key Findings
- 5.2. Introduction
- 5.2.1. Global Magnet Wire Market, by Material, 2019-2032 (USD Billion)
- 5.3. Copper
- 5.3.1. Global Magnet Wire Market, by Copper, by Region, 2019-2032 (USD Billion)
- 5.4. Aluminum
- 5.4.1. Global Magnet Wire Market, by Aluminum, by Region, 2019-2032 (USD Billion)
6. Global Magnet Wire Market, by Product
- 6.1. Key Findings
- 6.2. Introduction
- 6.2.1. Global Magnet Wire Market, by Product, 2019-2032 (USD Billion)
- 6.3. Round wire
- 6.3.1. Global Magnet Wire Market, by Round wire, by Region, 2019-2032 (USD Billion)
- 6.4. Flat wire
- 6.4.1. Global Magnet Wire Market, by Flat wire, by Region, 2019-2032 (USD Billion)
7. Global Magnet Wire Market, by End-Use
- 7.1. Key Findings
- 7.2. Introduction
- 7.2.1. Global Magnet Wire Market, by End-Use, 2019-2032 (USD Billion)
- 7.3. Energy
- 7.3.1. Global Magnet Wire Market, by Energy, By Region, 2019-2032 (USD Billion)
- 7.4. Automotive
- 7.4.1. Global Magnet Wire Market, by Automotive, By Region, 2019-2032 (USD Billion)
- 7.5. Industrial
- 7.5.1. Global Magnet Wire Market, by Industrial, By Region, 2019-2032 (USD Billion)
- 7.6. Residential
- 7.6.1. Global Magnet Wire Market, by Residential, By Region, 2019-2032 (USD Billion)
8. Global Magnet Wire Market, by Geography
- 8.1. Key findings
- 8.2. Introduction
- 8.2.1. Magnet Wire Market Assessment, By Geography, 2019-2032 (USD Billion)
- 8.3. Magnet Wire Market - North America
- 8.3.1. North America: Magnet Wire Market, by Material, 2019-2032 (USD Billion)
- 8.3.2. North America: Magnet Wire Market, by End-Use, 2019-2032 (USD Billion)
- 8.3.3. North America: Magnet Wire Market, by Product, 2019-2032 (USD Billion)
- 8.3.4. Magnet Wire Market - U.S.
- 8.3.4.1. U.S.: Magnet Wire Market, by Material, 2019-2032 (USD Billion)
- 8.3.4.2. U.S.: Magnet Wire Market, by End-Use, 2019-2032 (USD Billion)
- 8.3.4.3. U.S.: Magnet Wire Market, by Product, 2019-2032 (USD Billion)
- 8.3.5. Magnet Wire Market - Canada
- 8.3.5.1. Canada: Magnet Wire Market, by Material, 2019-2032 (USD Billion)
- 8.3.5.2. Canada.: Magnet Wire Market, by End-Use, 2019-2032 (USD Billion)
- 8.3.5.3. Canada: Magnet Wire Market, by Product, 2019-2032 (USD Billion)
- 8.4. Magnet Wire Market - Europe
- 8.4.1. Europe: Magnet Wire Market, by Material, 2019-2032 (USD Billion)
- 8.4.2. Europe.: Magnet Wire Market, by End-Use, 2019-2032 (USD Billion)
- 8.4.3. Europe: Magnet Wire Market, by Product, 2019-2032 (USD Billion)
- 8.4.4. Magnet Wire Market - UK
- 8.4.4.1. UK: Magnet Wire Market, by Material, 2019-2032 (USD Billion)
- 8.4.4.2. UK.: Magnet Wire Market, by End-Use, 2019-2032 (USD Billion)
- 8.4.4.3. UK: Magnet Wire Market, by Product, 2019-2032 (USD Billion)
- 8.4.5. Magnet Wire Market - France
- 8.4.5.1. France: Magnet Wire Market, by Material, 2019-2032 (USD Billion)
- 8.4.5.2. France.: Magnet Wire Market, by End-Use, 2019-2032 (USD Billion)
- 8.4.5.3. France: Magnet Wire Market, by Product, 2019-2032 (USD Billion)
- 8.4.6. Magnet Wire Market - Germany
- 8.4.6.1. Germany: Magnet Wire Market, by Material, 2019-2032 (USD Billion)
- 8.4.6.2. Germany.: Magnet Wire Market, by End-Use, 2019-2032 (USD Billion)
- 8.4.6.3. Germany: Magnet Wire Market, by Product, 2019-2032 (USD Billion)
- 8.4.7. Magnet Wire Market - Italy
- 8.4.7.1. Italy: Magnet Wire Market, by Material, 2019-2032 (USD Billion)
- 8.4.7.2. Italy.: Magnet Wire Market, by End-Use, 2019-2032 (USD Billion)
- 8.4.7.3. Italy: Magnet Wire Market, by Product, 2019-2032 (USD Billion)
- 8.4.8. Magnet Wire Market - Spain
- 8.4.8.1. Spain: Magnet Wire Market, by Material, 2019-2032 (USD Billion)
- 8.4.8.2. Spain.: Magnet Wire Market, by End-Use, 2019-2032 (USD Billion)
- 8.4.8.3. Spain: Magnet Wire Market, by Product, 2019-2032 (USD Billion)
- 8.4.9. Magnet Wire Market - Netherlands
- 8.4.9.1. Netherlands: Magnet Wire Market, by Material, 2019-2032 (USD Billion)
- 8.4.9.2. Netherlands.: Magnet Wire Market, by End-Use, 2019-2032 (USD Billion)
- 8.4.9.3. Netherlands: Magnet Wire Market, by Product, 2019-2032 (USD Billion)
- 8.4.10. Magnet Wire Market - Russia
- 8.4.10.1. Russia: Magnet Wire Market, by Material, 2019-2032 (USD Billion)
- 8.4.10.2. Russia.: Magnet Wire Market, by End-Use, 2019-2032 (USD Billion)
- 8.4.10.3. Russia: Magnet Wire Market, by Product, 2019-2032 (USD Billion)
- 8.5. Magnet Wire Market - Asia Pacific
- 8.5.1. Asia Pacific: Magnet Wire Market, by Material, 2019-2032 (USD Billion)
- 8.5.2. Asia Pacific.: Magnet Wire Market, by End-Use, 2019-2032 (USD Billion)
- 8.5.3. Asia Pacific: Magnet Wire Market, by Product, 2019-2032 (USD Billion)
- 8.5.4. Magnet Wire Market - China
- 8.5.4.1. China: Magnet Wire Market, by Material, 2019-2032 (USD Billion)
- 8.5.4.2. China.: Magnet Wire Market, by End-Use, 2019-2032 (USD Billion)
- 8.5.4.3. China: Magnet Wire Market, by Product, 2019-2032 (USD Billion)
- 8.5.5. Magnet Wire Market - India
- 8.5.5.1. India: Magnet Wire Market, by Material, 2019-2032 (USD Billion)
- 8.5.5.2. India.: Magnet Wire Market, by End-Use, 2019-2032 (USD Billion)
- 8.5.5.3. India: Magnet Wire Market, by Product, 2019-2032 (USD Billion)
- 8.5.6. Magnet Wire Market - Malaysia
- 8.5.6.1. Malaysia: Magnet Wire Market, by Material, 2019-2032 (USD Billion)
- 8.5.6.2. Malaysia.: Magnet Wire Market, by End-Use, 2019-2032 (USD Billion)
- 8.5.6.3. Malaysia: Magnet Wire Market, by Product, 2019-2032 (USD Billion)
- 8.5.7. Magnet Wire Market - Japan
- 8.5.7.1. Japan: Magnet Wire Market, by Material, 2019-2032 (USD Billion)
- 8.5.7.2. Japan.: Magnet Wire Market, by End-Use, 2019-2032 (USD Billion)
- 8.5.7.3. Japan: Magnet Wire Market, by Product, 2019-2032 (USD Billion)
- 8.5.8. Magnet Wire Market - Indonesia
- 8.5.8.1. Indonesia: Magnet Wire Market, by Material, 2019-2032 (USD Billion)
- 8.5.8.2. Indonesia.: Magnet Wire Market, by End-Use, 2019-2032 (USD Billion)
- 8.5.8.3. Indonesia: Magnet Wire Market, by Product, 2019-2032 (USD Billion)
- 8.5.9. Magnet Wire Market - South Korea
- 8.5.9.1. South Korea: Magnet Wire Market, by Material, 2019-2032 (USD Billion)
- 8.5.9.2. South Korea.: Magnet Wire Market, by End-Use, 2019-2032 (USD Billion)
- 8.5.9.3. South Korea: Magnet Wire Market, by Product, 2019-2032 (USD Billion)
- 8.6. Magnet Wire Market - Middle East & Africa
- 8.6.1. Middle East & Africa: Magnet Wire Market, by Material, 2019-2032 (USD Billion)
- 8.6.2. Middle East & Africa.: Magnet Wire Market, by End-Use, 2019-2032 (USD Billion)
- 8.6.3. Middle East & Africa: Magnet Wire Market, by Product, 2019-2032 (USD Billion)
- 8.6.4. Magnet Wire Market - Saudi Arabia
- 8.6.4.1. Saudi Arabia: Magnet Wire Market, by Material, 2019-2032 (USD Billion)
- 8.6.4.2. Saudi Arabia.: Magnet Wire Market, by End-Use, 2019-2032 (USD Billion)
- 8.6.4.3. Saudi Arabia: Magnet Wire Market, by Product, 2019-2032 (USD Billion)
- 8.6.5. Magnet Wire Market - UAE
- 8.6.5.1. UAE: Magnet Wire Market, by Material, 2019-2032 (USD Billion)
- 8.6.5.2. UAE.: Magnet Wire Market, by End-Use, 2019-2032 (USD Billion)
- 8.6.5.3. UAE: Magnet Wire Market, by Product, 2019-2032 (USD Billion)
- 8.6.6. Magnet Wire Market - Israel
- 8.6.6.1. Israel: Magnet Wire Market, by Material, 2019-2032 (USD Billion)
- 8.6.6.2. Israel.: Magnet Wire Market, by End-Use, 2019-2032 (USD Billion)
- 8.6.6.3. Israel: Magnet Wire Market, by Product, 2019-2032 (USD Billion)
- 8.6.7. Magnet Wire Market - South Africa
- 8.6.7.1. South Africa: Magnet Wire Market, by Material, 2019-2032 (USD Billion)
- 8.6.7.2. South Africa.: Magnet Wire Market, by End-Use, 2019-2032 (USD Billion)
- 8.6.7.3. South Africa: Magnet Wire Market, by Product, 2019-2032 (USD Billion)
- 8.7. Magnet Wire Market - Latin America
- 8.7.1. Latin America: Magnet Wire Market, by Material, 2019-2032 (USD Billion)
- 8.7.2. Latin America.: Magnet Wire Market, by End-Use, 2019-2032 (USD Billion)
- 8.7.3. Latin America: Magnet Wire Market, by Product, 2019-2032 (USD Billion)
- 8.7.4. Magnet Wire Market - Mexico
- 8.7.4.1. Mexico: Magnet Wire Market, by Material, 2019-2032 (USD Billion)
- 8.7.4.2. Mexico.: Magnet Wire Market, by End-Use, 2019-2032 (USD Billion)
- 8.7.4.3. Mexico: Magnet Wire Market, by Product, 2019-2032 (USD Billion)
- 8.7.5. Magnet Wire Market - Brazil
- 8.7.5.1. Brazil: Magnet Wire Market, by Material, 2019-2032 (USD Billion)
- 8.7.5.2. Brazil.: Magnet Wire Market, by End-Use, 2019-2032 (USD Billion)
- 8.7.5.3. Brazil: Magnet Wire Market, by Product, 2019-2032 (USD Billion)
- 8.7.6. Magnet Wire Market - Argentina
- 8.7.6.1. Argentina: Magnet Wire Market, by Material, 2019-2032 (USD Billion)
- 8.7.6.2. Argentina.: Magnet Wire Market, by End-Use, 2019-2032 (USD Billion)
- 8.7.6.3. Argentina: Magnet Wire Market, by Product, 2019-2032 (USD Billion)
9. Competitive Landscape
- 9.1. Expansion and Acquisition Analysis
- 9.1.1. Expansion
- 9.1.2. Acquisitions
- 9.2. Partnerships/Collaborations/Agreements/Exhibitions
10. Company Profiles
- 10.1. Furukawa Electric Co., Ltd
- 10.1.1. Company Overview
- 10.1.2. Financial Performance
- 10.1.3. Product Benchmarking
- 10.1.4. Recent Development
- 10.2. Irce S.P.A.
- 10.2.1. Company Overview
- 10.2.2. Financial Performance
- 10.2.3. Product Benchmarking
- 10.2.4. Recent Development
- 10.3. LS Group
- 10.3.1. Company Overview
- 10.3.2. Financial Performance
- 10.3.3. Product Benchmarking
- 10.3.4. Recent Development
- 10.4. REA Magnet Wire
- 10.4.1. Company Overview
- 10.4.2. Financial Performance
- 10.4.3. Product Benchmarking
- 10.4.4. Recent Development
- 10.5. Tongling Jingda Special Magnet Wire Co., Ltd
- 10.5.1. Company Overview
- 10.5.2. Financial Performance
- 10.5.3. Product Benchmarking
- 10.5.4. Recent Development
- 10.6. Sumitomo Electric Industries, Ltd
- 10.6.1. Company Overview
- 10.6.2. Financial Performance
- 10.6.3. Product Benchmarking
- 10.6.4. Recent Development
- 10.7. LWW Group
- 10.7.1. Company Overview
- 10.7.2. Financial Performance
- 10.7.3. Product Benchmarking
- 10.7.4. Recent Development
- 10.8. Samdong Co., Ltd.
- 10.8.1. Company Overview
- 10.8.2. Financial Performance
- 10.8.3. Product Benchmarking
- 10.8.4. Recent Development