The market for Soft Magnetic Material is expected to grow at a CAGR of more than 5% globally during the forecast period.
- The increasing number of industries and the growing need for electricity and electronic devices are driving the market growth.
- The high cost of raw materials and the complexity involved in the mining of earth materials are expected to hinder the market growth.
Key Market Trends
Growing Demand from Electronics and Energy Production Sectors
- The usage of soft magnetic material has been increasing in electronics and energy generation industries. Soft magnetic materials find their application in AC and DC converter devices, electric motors, transformers, alternators, power inductors, and computers, amongst others.
- Transformers made of soft magnetic materials are used for transferring electrical energy from one circuit to another circuit by using an electromagnetic induction process.
- Soft magnetic materials are also used in various electronic devices such as wireless charging, data storage devices, sensors, high-frequency products amongst others.
- With the rising number of power generation plants in Asia-Pacific, the demand for transformers, actuators, electric motors has witnessed decent growth in recent years.
- Technological advancements in AC and DC electric motors and telecommunications in developed regions are driving the need for advanced materials, which in turn is expected to drive the market for soft magnetic material through the years to come.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific is expected to dominate the global market owing to the vast power generation sector in China, in addition to the continuous investments done in the region to advance the electronics and automotive sector through the years.
- Moreover, the growing government regulations on automobiles in the Asia-Pacific region have been augmenting the adoption of electric vehicles. This, in turn, has fueled the usage of soft magnetic materials in electric motors in the region.
- Increasing demand for applications of soft magnetic materials in automobiles for applications such as sensors, driving motors, electric brakes, actuators, gear shifts, etc. Also, soft magnetic materials are used in easily magnetized and demagnetized devices in scrap industries.
- The growing need for electricity transmission from generators and increasing industrialization in the Asia-Pacific region in recent years is expected to drive the market for soft magnetic material through the years to come.
The global soft magnetic material market is partially consolidated in nature with a few major players dominating a significant portion of the market. Some of the major companies are Vacuumschmelze GmbH & C0. Kg, Daido Steel, Hitachi Metals Ltd, Sumitomo Metal Mining Co., Ltd, and Arnold Magnetic Technologies, among others.
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