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Magnet Wire Market Is Likely to Experience a Tremendous Growth by 2029

02-07-2023 06:31 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Orion Market Research

Magnet Wire Market Is Likely to Experience a Tremendous Growth

The global magnet wire market is anticipated to grow at a CAGR of around 4.9% during the forecast period. The automotive industry is expected to emerge as the fastest growing with huge application of magnet wire owing to its features possess by it such as insulation uniformity, good electric properties, resistance to mechanical stress, and resistance to chemicals. The greater performance offered for the automotive vehicle owing to the coating of the enamelled wire makes an automobile performance high by enhancing the malleability, temperature, and resistivity boosting the growth of the market. With significant automotive vehicle production especially in the Asia-Pacific region, the demand for magnet wire is increasing rapidly, thereby driving the market growth. As per India Brand Equity Foundation (IBEF), in January 2022, the total production of passenger vehicles, three-wheelers, two-wheelers, and quadricycles reached 1,860,809 units. Moreover, the automotive industry in India is expected to reach $300 billion by 2026, thereby expected to create huge demand for magnet wire. 

Moreover, the market growth is also driven by the presence of prominent players that are contributing significantly to the growth. For instance, in August 2021, Essex Furukawa won a major EV project under which the company supplied 33,000 tons of high voltage winding wire (HVWW), specifically designed for 800V-applications. Moreover, in November 2019, Sumitomo Electric expanded its business by establishing a new company in China for the development & manufacturing of its rectangular magnet wire for electric vehicles. 

To Request a Sample of our Report on Magnet Wire Market:

Market Coverage

The market number available for - 2021-2029
Base year- 2021
Forecast period- 2023-2029

Segment Covered- 

By Type
By Shape
By End-User Industry
By Application

Regions Covered-

North America
Rest of the World

Competitive Landscape- LS Cable & System Ltd., Tongling Jingda Special Magnet Wire Co., Ltd.,  Sumitomo Electric CO., Ltd., Hitachi Metals Ltd., and Samdong Co., Ltd. 

A full Report of Magnet Wire Market is Available @

Magnet Wire Market Report by Segment

By Type

Copper magnet wire
Aluminum magnet wire

By Shape


By End-use Industries

Electrical & Electronics

By Application

Home Appliances 

Magnet Wire Market Report by Region

North America                                                                                                                                                                            

United States


Rest of Europe


South Korea
Rest of APAC

Rest of the World

Latin America
Middle East and Africa 

Company Profiles 

Fujikura Ltd.
FURUKAWA Electric Co. Ltd.
LWW group
REA Magnet Wire
Von Roll Holding AG

Reasons to buy from us -

We cover more than 15 major industries, further segmented into more than 90 sectors.
More than 120 countries are for analysis.
Over 100+ paid data sources mined for investigation.
Our expert research analysts answer all your questions before and after purchasing your report.

For More Customized Data, Request for Report Customization @


Media Contact:

Company Name: Orion Market Research

Contact Person: Mr. Anurag Tiwari


Contact no:  +91 7803040404

About Orion Market Research 
Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services.

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