Make the text box in the drawing bit enlarged so that it occupies the largest name. The material name will automatically fit into the box.
Wordwrapping is easy. Simple click on the annotation note object and drag it to the size you wish. This will make the note object automatically wordwrap.
On a side note, I don't recommend using the material names in SolidWorks. They don't really follow any useful naming convention, as far as I can tell. They are not capitalized (required for drawings to have all letters capitalized unless a unit of measure abbreviation). And the material names do not include the standard that controls their specifications.
Might I recommend using a property tab instead. Include a field for material on the drawing and have a list of materials included there which can be selected quickly.