IMARC Group, a leading market research company, has recently releases report titled “Soft Magnetic Materials Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, The study provides a detailed analysis of the industry, including the global soft magnetic materials market trends,size, share, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the soft magnetic materials market?
The global soft magnetic materials market size reached US$ 29.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 47.5 Billion by 2028, exhibiting a growth rate (CAGR) of 8.56% during 2023-2028.
Soft magnetic materials are a category of magnetic materials characterized by their ability to be easily magnetized and demagnetized. Unlike hard magnetic materials, which retain a significant amount of their magnetization after the external magnetic field is removed, soft magnetic materials exhibit low coercivity, meaning they lose their magnetization easily when the external field is removed. These materials play a crucial role in a variety of electrical and electromagnetic applications due to their high magnetic permeability and low energy loss in the presence of alternating magnetic fields.
This makes them ideal for use in transformers, inductors, motors, generators, and electromagnetic shields. The high permeability allows for efficient magnetic flux conduction, while their low hysteresis loss minimizes energy dissipation in alternating magnetic field applications. Common examples of soft magnetic materials include various types of iron, silicon steel, nickel-iron alloys (such as permalloy), and ferrites, which are ceramic-like materials. The specific properties of these materials, like saturation magnetization, permeability, and electrical resistivity, are tailored according to their intended application. Advances in material science continue to improve the performance and efficiency of these materials, enhancing their application in modern electrical and electronic devices.
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Soft Magnetic Materials Market Trends:
The increasing demand for energy-efficient electronic devices and renewable energy systems and the development of efficient transformers, motors, and generators are some of the primary factors supporting the market growth. Moreover, the rapidly expanding automotive industry and the rising adoption of electric vehicles (EVs) are fueling the market growth. Besides this, the growing electronics sector and the expansion of the renewable energy sector are other growth-inducing factors. In line with this, the increasing product use in smart grids and energy storage systems, the growth of the industrial machinery and equipment sector, and the rising investments in infrastructure development are providing an impetus to the market growth. Furthermore, burgeoning research and development activities and rapid technological advancements are propelling the market growth.
Competitive Landscape With Key Players:
The competitive landscape of the soft magnetic materials market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Arnold Magnetic Technologies
- Daido Steel Co. Ltd.
- GKN Sinter Metals Engineering GmbH
- Hitachi Ltd., Mate Co. ltd.
- Meyer Sintermetall AG
- SG Technologies
- Steward Advanced Materials
- Sumitomo Metal Mining Co. Ltd.
- Toshiba Materials Co Ltd (Toshiba Corporation)
- Vacuumschmelze GmbH & Co KG.
Key Market Segmentation:
The report has segmented the soft magnetic materials market on the basis of breakup by material, application, end-use and region.
Breakup by Material:
- Cobalt
- Iron
- Nickel
- Electric Steel
- Others
Breakup by Application:
- Motors
- Transformers
- Alternators
- Others
Breakup by End Use:
- Automotive
- Electrical and Electronics
- Telecommunication
- Energy and Power
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Turkey, South Africa, Others)
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