MARC Group, a leading market research company, has recently releases report titled “Soft Magnetic Materials Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, The study provides a detailed analysis of the industry, including the global soft magnetic materials market share, size, trends, 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$ 31.8 Billion in 2023. Looking forward, the market is expected to reach US$ 61.0 Billion by 2032, exhibiting a growth rate (CAGR) of 7.3% during 2024-2032.
Factors Affecting the Growth of the Soft Magnetic Materials Industry:
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 growing demand for soft magnetic materials in the electrical and electronics industry represents one of the key factors driving the growth of the market across the globe. The electrical and electronics industry extensively uses soft magnetic materials in various components like transformers, inductors, and motors. The growth in this industry, especially with the rise in the production of electric vehicles, renewable energy systems, and advanced electronics, significantly drives the demand for these materials. Technological advancements in material science are leading to the development of new and improved soft magnetic materials. These advancements enhance efficiency, reduce energy loss, and offer better performance characteristics, thus making them more desirable for a range of applications.
The global increase in power generation capacity, including renewable energy sources like wind and solar, necessitates the use of efficient transformers and generators, which extensively utilize soft magnetic materials. The automotive industry's shift towards electric vehicles is a significant driver for the market. Components such as motors and inductors in EVs rely on these materials for efficient operation. Governments and international bodies are increasingly focusing on energy efficiency and reducing carbon footprints.
This trend encourages the use of efficient materials, like soft magnetic materials, in electrical and electronic applications. The expansion of telecommunications infrastructure, including 5G technology, requires components that are made using soft magnetic materials, thus driving their market. The versatility of soft magnetic materials in various applications, from small-scale electronics to large industrial machinery, ensures a steady demand from multiple sectors. Emerging economies are witnessing rapid industrialization and urbanization, which is leading to increased demand for power and electronic products, thus subsequently driving the market for soft magnetic materials.
Soft Magnetic Materials Market Report Segmentation:
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)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Turkey, South Africa, Others)
Leading Companies Operating in the Global Soft Magnetic Materials Industry:
- 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.
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