Global Soft Magnetic Material Market, By Material Type (Soft Magnetic Composites (SMC), Electrical Steel, Soft Ferrite, Cobalt, Others), Application (Motors, Transformers, Alternators, Others), End User (Automotive, Electronics and Telecommunications, Electrical, Others) – Industry Trends and Forecast to 2029.
Soft Magnetic Material Market Analysis and Size
The increasing global population, growing manufacturing activities and rapid infrastructural developments increase the demand of soft magnetic materials in the power and energy sector. Among all other segments, “electrical steel” accounted for the largest revenue share of over 60.0% in 2019. Furthermore, Iron-silicon alloys are also used for several applications such as transformer cores because silicon helps reduce the length of magnetization and enhance the electric resistivity. Also, growing investments in medical equipment production are propelling production of motors, transformers, electric vehicles manufacturing, power transmission sector, and generators are expected to boosting the demand for soft magnetic materials globally.
Data Bridge Market Research analyses that the soft magnetic material market is expected to undergo a CAGR of 9.30% during the forecast period. This indicates that the market value, which was USD 61.76 billion million in 2021, would rocket up to USD 125.80 billion by 2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Soft Magnetic Material Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Material Type (Soft Magnetic Composites (SMC), Electrical Steel, Soft Ferrite, Cobalt, Others), Application (Motors, Transformers, Alternators, Others), End User (Automotive, Electronics and Telecommunications, Electrical, Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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SG Technologies (U.K.), VACUUMSCHMELZE GmbH & Co. KG (Germany), Steward Advanced Materials LLC. (U.K.), MATE CO., LTD (Germany), KN Powder Metallurgy (Germany), Hitachi Metals, Ltd (Japan), Sintex (Denmark), Toshiba Materials Co Ltd, (Japan) AMES (Spain), Daido Steel (Japan), Fluxtrol Inc, (U.S.), FJ Industries A/S (Denmark), Arnold Magnetic Technologies (U.S.), voestalpine High Performance Metals GmbH (Austria), BMW AG (Germany), FCA US LLC (U.S.)
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Market Opportunities
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Market Definition
Soft magnetic materials are those materials which are easily magnetised and demagnetised. They usually have less than 1000 Am-1 intrinsic coercivity. They are mainly used to increase the flux which has produced by an electric current. The traditional soft magnetic materials such as Si-steel, soft ferrite and electronic iron, have been used for more than or almost one centenary. Even the most recent soft magnetic materials are nanocrystalline and amorphous alloys.
Soft Magnetic Material Market Dynamics
Drivers
- Increasing demand of electric motors
Electric motor segments cover the largest revenue share of the overall market. Electric motors find many applications in numerous end-use industries included, electric vehicles, electric transmission, consumer electronics and medical equipment. In the manufacturing of medical devices and equipment such as hemodialysis machines, high-quality pumps, infusion pumps, compressors, respirators, centrifuges, scanners, and others used electric motors. The rising demand of electric motor in medical devices and many other equipment’s are expected to increase the demand of soft magnetic material and drive the market growth rate.
- Rising demand of soft magnetic material in automotive sector
The demand of soft magnetic material increases in automotive sector. During the forecast period, the automotive sector is projected to be the fastest-growing and largest end-user industry in the soft magnetic materials market. The major automotive applications include motors, compressors, anti-lock brake systems, fuel injectors and other rotating devices, which are expected to drive the market's growth rate.
- Government initiatives for increasing the power generation capacity
The government has started some initiatives such as IPDS, DDUGJY and progressive measures for increasing the power generation capacity and improving distribution which is further projected to increase motors demand and ultimately increase the demand of soft magnetic materials in the forecast period of 2022-2029.
Opportunities
- Increase focus towards expansion
The major companies are generally shifting their focus towards developing new and innovative products and growing their production capacities into the soft magnetic material market to attain a competitive advantage. The development of nano-structured soft magnetic material is expected to come up with new applications which will create immense opportunities in soft magnetic material market.
- Increase in investments by major market players
The growing investments by major market players further offer the numerous growth opportunities within the market. For instance, Hydro-Québec declared an investment in July 2019 for securing the growth of Dana TM4 in the electric powertrain industry. Dana TM4 is a joint venture company which has focussed on manufacturing and designing electric motors.
Restraints/Challenges
- High Cost associated with the soft magnetic raw material
The growth of the soft magnetic material market is expected to be hindered by the unexpected fluctuations in the prices of soft magnetic raw material. As a result, it disrupted the supply chain of soft magnetic raw materials and pose a challenge for manufacturers.
This soft magnetic material market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the soft magnetic material market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.
Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.
COVID-19 Impact on Soft Magnetic Material Market
The outbreak of COVID-19 pandemic has adversely affected several markets including soft magnetic materials, in terms of supply and demand. However, the pandemic has also increased the demand for medical equipment such as ventilators, which increase the use of motors for proper control, regulated airflow, high torque density and less noise. The spread of coronavirus upsurge the demand of ventilators due to increase in the number of patients in the globe, which is expected to rise the demand for motors and eventually increase the soft magnetic material market growth.
Expected Impact of Economic Slowdown on the Pricing and Availability of Products
When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.
Global Soft Magnetic Material Market Scope
The soft magnetic material market is segmented on the basis of material type, application and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Material Type
- Soft Magnetic Composites (SMC)
- Pure Iron/Iron Powder
- Silicon Ferrite
- Supermalloy
- Permalloy
- Electrical Steel
- Soft Ferrite
- Cobalt
- Others
- Application
- Motors
- 1hp-100hp
- 101hp-200hp
- 201hp-1000hp
- Above 1000hp
- Transformers
- Portable
- Transmission
- Distribution
- Alternators
- Others
End User
- Automotive
- Electronics and Telecommunications
- Electrical
- Others
Soft Magnetic Material Market Regional Analysis/Insights
The soft magnetic material market is analysed and market size insights and trends are provided by country, material type, application and end user as referenced above.
The countries covered in the soft magnetic material market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific dominates the soft magnetic material market in the forecast period due to rising electronics, automotive and telecommunications industries in this region on a wide range
North America and Europe are expected to be the fastest developing region during the forecast period of 2022-2029 due to the availability of cheap labour force coupled with a goal to target untapped market areas of this region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Soft Magnetic Material Market Share Analysis
The soft magnetic material market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to soft magnetic material market.
Some of the major players operating in the soft magnetic material market are:
- SG Technologies (U.K.)
- VACUUMSCHMELZE GmbH & Co. KG (Germany)
- Steward Advanced Materials LLC. (U.K.)
- MATE CO., LTD (Germany)
- KN Powder Metallurgy (Germany)
- Hitachi Metals, Ltd (Japan)
- Sintex (Denmark)
- Toshiba Materials Co Ltd, (Japan)
- AMES (Spain), Daido Steel (Japan)
- Fluxtrol Inc, (U.S.)
- FJ Industries A/S (Denmark)
- Arnold Magnetic Technologies (U.S.)
- voestalpine High Performance Metals GmbH (Austria)
- BMW AG (Germany)
- FCA US LLC (U.S.)
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