The generation of an axial magnetic field caused by the interaction of standing waves formed by two counterpropagating, elliptically polarized electromagnetic waves with a laser‐produced plasma has been investigated. Study of the variation of magnetization with different powers and wavelengths available from Nd–glass and CO2lasers shows that induced axial magnetization increases linearly with an increase in power for all wavelengths and increases exponentially with the wavelengths for different laser powers at a particular plasma density. The variation of magnetization with plasma density reveals that the peak value of magnetization occurs below the critical density (nc) for a particular wavelength and power. Scaling laws for the induced axial magnetic field have been given. The poloidal fields arising from such mechanisms are important in the lateral energy and axial energy transport mechanisms. Such a field inhibits lateral energy transport, but axial energy propagation may be increased.