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The global soft magnetic materials market reached a value of US$ 27.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 43.8 Billion by 2027, exhibiting a CAGR of 8.3% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Soft magnetic materials are functional elements used to measure the magnetic field, electric current, displacement, and mechanical stress. They offer utmost permeability, slight coercive force, small hysteresis loss, remanent induction, and high saturation magnetization. They are utilized in the magnetic cores of transformers, inductors, motors, and generators worldwide. Some of the commonly used soft magnetic materials include pure iron, silicon iron alloys, and nickel-iron alloys.
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Due to the growing global population, rapid infrastructural developments, and increasing manufacturing activities, the demand for soft magnetic materials in the energy and power industry is escalating around the world. Apart from this, there is a considerable increase in the application of these materials in the automotive industry across the globe. This can be accredited to the rising usage of high functional automotive components, such as the alternator, gearbox, induction coil, and antenna core. Soft magnetic materials are also increasingly being utilized in electric vehicles (EVs) on account of their benefits, such as compact design, low noise, and energy savings. As a result, the rising adoption of EVs around the world is catalyzing the demand for soft magnetic materials. Moreover, they are employed in the stators of brushless direct current (DC) motors, switch reluctance motors, claw pole motors, steppers motors, transformers, and alternators. Furthermore, the market is driven by numerous innovations in the development of harvesting renewable energy and growing investments in the power distribution sector. Other major factors, including the coronavirus diseases (COVID-19) outbreak and a significant need for medical equipment like ventilators that are made up of motors, are anticipated to positively influence the market across the globe.
IMARC Group provides an analysis of the key trends in each sub-segment of the global soft magnetic materials market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on material, application and end use.
Breakup by Material:
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Breakup by Application:
Breakup by End Use:
Breakup by Region:
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The competitive landscape of the industry has also been examined along with the profiles 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.
|Base Year of the Analysis||2021|
|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|
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The global soft magnetic materials market was valued at US$ 27.6 Billion in 2021.
We expect the global soft magnetic materials market to exhibit a CAGR of 8.3% during 2022-2027.
The growing automotive industry, along with the rising utilization of soft magnetic materials in the EVs as they have compact design, provide low noise, and save energy, is primarily driving the global soft magnetic materials market.
The sudden outbreak of the COVID-19 pandemic has led to the increasing demand for soft magnetic materials, owing to the rising requirement for various medical equipment, such as ventilators across the healthcare sector.
Based on the material, the global soft magnetic materials market can be segmented into cobalt, iron, nickel, electric steel, and others. Currently, electric steel holds the majority of the total market share.
Based on the application, the global soft magnetic materials market has been divided into motors, transformers, alternators, and others. Among these, motors currently exhibit a clear dominance in the market.
Based on the end use, the global soft magnetic materials market can be categorized into automotive, electrical and electronics, telecommunication, energy and power, and others. Currently, the electrical and electronics sector accounts for the largest market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.
Some of the major players in the global soft magnetic materials market 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), and Vacuumschmelze GmbH & Co KG.
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