Global Soft Magnetic Materials Market to Reach US$ 61.0 Billion by 2032, Supported by Increasing Product Demand in the Automotive Industry

September 19, 2022 | Chemical & Materials

According to the latest report by IMARC Group, titled “Soft Magnetic Materials Market Report by Material (Cobalt, Iron, Nickel, Electric Steel, and Others), Application (Motors, Transformers, Alternators, and Others), End Use (Automotive, Electrical and Electronics, Telecommunication, Energy and Power, and Others), and Region 2024-2032," the global soft magnetic materials market reached a value of US$ 31.8 Billion in 2023. Soft magnetic materials are functional elements that are easily magnetized and demagnetized. They are manufactured using iron, nickel, electric steel, and cobalt. They are commonly used to measure the electric current, magnetic field, displacement, and mechanical stress of transformers, motors, and alternators. Soft magnetic materials exhibit permeability, small hysteresis loss, remanent induction, low retentivity, coercivity, and high saturation magnetization. As compared to hard magnetic materials, they exhibit lower hysteresis loss due to small hysteresis area and reduce electronic components' dimensions and promote work efficiency. As a result, these materials are used for making temporary magnets.

Global Soft Magnetic Materials Market Trends: 

The widespread product adoption across the automotive industry in stators of brushless and brushed direct current (DC), stepper, switch reluctance, and claw pole motors due to their high electrical resistivity to iron and high permeability are creating a positive outlook for the market. In line with this, the increasing utilization of soft magnetic materials in electric vehicles (EVs), owing to their compact design, low noise, and energy-saving features, is acting as another growth-inducing factor. Apart from this, the introduction of nanostructured soft magnetic materials that exhibit improved hardness, wear, erosion and corrosion resistance, and higher chemical activity is providing an impetus to the market growth. Additionally, the increasing product demand in the energy and power industry, the rising population, rapid infrastructural development, and the growing need for improving energy distribution are propelling the market growth. Furthermore, the widespread product adoption in hospitals to manufacture medical equipment that utilize motors for regulated airflow, high torque density, proper control, and less noise is positively influencing the market growth. Other factors, including extensive research and development (R&D) activities and the implementation of various government initiatives for increasing power generation, are supporting the market growth. On account of the aforementioned factors, the market value is expected to reach US$ 61.0 Billion by 2032, exhibiting a CAGR of 7.3% during 2024-2032.

Market Summary

  • Based on the material, the market has been classified into cobalt, iron, nickel, electric steel, and others.
  • On the basis of the application, the market has been divided into motors, transformers, alternators, and others.
  • Based on the end use, the market has been categorized into automotive, electrical and electronics, telecommunication, energy and power, and others.
  • On a regional basis, the market has been categorized into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and Others) Latin America (Brazil, Mexico and Others), and Middle East and Africa.
  • The competitive landscape of the industry has also been examined, with some of the key players being 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) and Vacuumschmelze GmbH & Co KG.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Material, Application, End Use, Region
Region Covered Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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) and Vacuumschmelze GmbH & Co KG
Customization Scope 10% Free Customization
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Global Soft Magnetic Materials Market to Reach US$ 61.0 Billion by 2032, Supported by Increasing Product Demand in the Automotive Industry
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