Global Soft Magnetic Materials Market is valued at USD 20.56 Billion in 2020 and is expected to reach USD 27.67 Billion by 2027 with a CAGR of 3.78% over the forecast period.
Global Soft Magnetic Materials Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2027– Increasing demand for electric vehicles and growing industrialization are the significant factors that are driving the growth of the Global Soft Magnetic Materials Market.
Soft Magnetic Materials are those that can be magnetized easily and have an intrinsic coercivity of less than 1000 Am-1. Soft Magnetic Materials are commonly used to enhance and channel the flux produced by an electric current. The important parameter often used as a figure of merit for these materials, is the relative permeability, which is a measure of how readily the material responds to the applied magnetic field. Coercivity, saturation magnetization, and electrical conductivity are the other major parameters. The applications of Soft Magnetic Materials fall into two types AC and DC. In a DC application, the material is magnetized before performing an operation and then demagnetized afterward.
In AC applications Soft Magnetic Materials will be continuously cycled from being magnetized from one direction to another direction, throughout the time of operation e.g. power supply transformers. Soft Magnetic Materials also play a very important role in electric motors, where they increase the field produced by motor windings. These are also used to channel the flux emitted by permanent magnets in permanent magnet motors. Soft Magnetic Materials are used in DC applications in the field of magnetic shielding. First Soft Magnetic Materials were invented in 1900 by Barret; Brown Handfield which was Si steel plate (Fe-1.5 to 2.5% Si) then in 1923 Arnold Elemen used Permalloy (Fe-Ni).
The COVID-19 outbreak has affected the growth of the Soft Magnetic Materials market. However, due to the rising prevalence of Covid-19 cases, it has increased its demand for medical equipment such as CT- Scanner, ventilators and MRI machines, etc.
The regions covered in the Soft Magnetic Materials market report are North America, Europe, Asia-Pacific, and the Rest of the World. Based on a country level, the market of Soft Magnetic Materials is subdivided into the U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
Some of the key players for global Soft Magnetic Materials market are TDK, Hitachi Metals Ltd., CSC, AT and M, Fastron, Zhixin Electric, POCO Magnetic, VACCUMSCHMELZE, Magnetics, DMEGC, Zhaojing Incorporated, Qingado Yunlu, Foshan Catech, Delta Magnets group, Ferroxcube, Acme Electronics, JPMF Guangdong, KaiYuan Magnetism, Haining Lianfeng magnet, Nanjing New Conda, Toshiba Materials, Huzhou Careful Magnetism, Daido Steel, Mate Co. Ltd., MK Magnetics, Sg technologies, Steward Advanced Materials, Sumitomo Metal Mining Co. Ltd., syntax A/S, GKN Sinter Metals, Ames SA and others.
The Soft Magnetic Materials market is segmented on the basis of material types, end-use, application, and region & country level. Based on material types, the market is segmented into cobalt, iron, nickel, electric steel, and others. Also based on end-use, the Soft Magnetic Materials market is segmented into automotive, electrical and electronics, telecommunication, energy & power, and others. On the basis of application, the market is divided into AC and DC.
Increasing demand of Soft Magnetic Materials in automotive industry is one of the major factors driving the growth of global Soft Magnetic Materials market. For instance; according to The Automobile Industry Pocket Guide ACEA 2019-2020, In Europe in 2018 automobile manufacturers produced 16.5 million passenger cars which are about 21 % of total global car production. And they also produced more than 2.6 million commercial vehicles. In automotive application, high frequency and low frequency Soft Magnetic Materials are used. Soft Magnetic Materials are used in MPP, HI-FLUX, SUPER-MSS, and Silectron for magnetic use in special ignition systems. Also, these are used in wielding transformers and special Silectron structures for fuel injection systems. So its increasing use in the automotive sector is fostering the demand of Soft Magnetic Materials.
In addition, increase demand for electrical vehicles is also supplementing the market growth. According to the Multidisciplinary Digital Publishing Institute (MDPI) 2021, in many countries governments are heavily investing in electric mobility with more than 5.1 million electric passenger cars on the roads globally in 2018, several countries are achieving high rates of EV adoption such as Norway which approached an EV market share of almost 47% in 2019. Most electric vehicles use rare magnets around 1.0-1.5 kg per car. The use of Soft Magnetic Materials has several advantages like reducing temperature of operation of motor and increasing efficiency of EV. So, the need for Soft Magnetic Materials for the production of electric vehicles is increasing the demand for Soft Magnetic Materials.
Furthermore, growing industrialization, technical advancement in AC and DC electric motors and telecommunication, and rising number of power generation plants are some other factors fostering the market growth. However, complexity in the mining of earth materials may restraint the growth of the Soft Magnetic Materials market. In spite of that, the increasing advancements in this field may create more opportunities for the further growth of global Soft Magnetic Materials market.
Geographically; North America is expected to dominate the global Soft Magnetic Materials market over the forecast period is due to its increasing demand for medical equipment, highly advanced healthcare infrastructure, and high investment in R & D activities in this region.
The Asia Pacific is expected to witness the fastest growth in this market owing to the growing need for electricity transmission in developing countries like India, China. For instance, according to Energy Statistics 2019, the Generation of electricity increased by 5.71% and consumption of electricity increased by 7.39% during 2017-18 in India. Per capita, energy consumption showed a CAGR of 2.34% in 2017-2018. The maximum energy-intensive sector was the industrial sector accounting for about 56% of total energy consumption.
|Historical data||2015 - 2020|
|Forecast Period||2021 - 2027|
|Market Size in 2020:||USD 20.56 Billion|
|Base year considered||2020|
|Forecast Period CAGR %:||
|Market Size Expected in 2027:||USD 27.67 Billion|
|Tables, Charts & Figures:||175|
|Key Players/Companies||TDK, Hitachi Metals Ltd., CSC, AT and M, Fastron, Zhixin Electric, POCO Magnetic, VACCUMSCHMELZE, Magnetics, DMEGC, Zhaojing Incorporated, Qingado Yunlu, Foshan Catech, Delta Magnets group, Ferroxcube, Acme Electronics, JPMF Guangdong, KaiYuan Magnetism, Haining Lianfeng magnet, Nanjing New Conda, Toshiba Materials, Huzhou Careful Magnetism, Daido Steel, Mate Co. Ltd., MK Magnetics, Sg technologies, Steward Advanced Materials, Sumitomo Metal Mining Co. Ltd., syntax A/S, GKN Sinter Metals, Ames SA and others|
|Segments Covered||By Material Type, By End-Use|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
Middle East and Africa
Magnetic Material Market Size, Share & Trends Analysis Report 2021-2027