NEWARK, Del, May 11, 2022 (GLOBE NEWSWIRE) -- Soft magnetic composites (SMCs) are used extensively in the automotive industry for their ferromagnetic properties. Majorly driven by this, global is projected to exhibit a robust CAGR during the forecast period of 2022-2029, reaching a value of US$ 80 Bn in 2029. Correct SMC combination provides a technology that consumes less energy, is optimally efficient, and capable of use in extreme frequencies and temperatures.
High demand is witnessed from the automotive industry for electronic components such as motors, inductors, and other electronic machines that enhance reliability and efficiency. Moreover, the industry demands space reductions of components such as inductors that capture a lot of space. As a result, efforts to attain balance between working efficiency and smaller dimensions, have propelled the use of soft magnetic materials such as soft magnetic composites.
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Key Takeaways
- Demand for electrical steel segment is expected to grow at a healthier rate. Its market share is anticipated to increase owing to application in different end-use industries, along with cost-effective nature of the material.
- 5P type, though most expensive, is prominently used in the power generation industry. As the demand for this segment is increasing, SMC manufacturers are under high pressure to reduce its price.
- The Asia Pacific region holds a prominent share of soft magnetic composites market owing to the constantly increasing presence of strong electronic and automotive sector in countries such as China, India, ASEAN Countries, and Japan.
- East Asia is projected to be a hub for electronic industry, countries such as China, are anticipated to be at the epicenter of opportunities in the electronic industry.
- Soft magnetic composites are increasingly gaining traction within the 3D-printing technology space.
SMC are advantageous as they offer the possibility of developing three dimensional shapes with complex geometry in extreme conditions, along with being cost effective and energy efficient. Moreover, acceptance of new technologies in automotive and consumer (electronics) goods industry such as 3D printing has paved a path of new opportunities for soft magnetic composites market.
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Market Landscape Moving towards Consolidation
The soft magnetic composites market is highly consolidated owing to the prominence of handful of players with extensive R&D capabilities. Key manufacturers in the tier I such as GKN Powder Metallurgy (Melrose PLC) and Hitachi Metals Ltd. are pushing towards consolidation by opting for growth strategies such as acquisitions, joint ventures, and others.
Know More About Report Inclusions
Future Market Insights has published a market research report on the soft magnetic composites market that contains global industry analysis for 2014–2021 and opportunity assessment for 2022–2029. The report provides insightful analysis of the Soft magnetic composites market through three different segments, namely material, type, application, end-use industry, and region. The soft magnetic composites market report also provides demand trends of different types across industry verticals, a comprehensive list of service providers in the market, various projects around the world along with a detailed overview of the parent market.
Soft Magnetic Composites Market By Category
By Material:
- Iron
- Soft ferrite
- Electrical steel
By Type:
- 1P
- 2P
- 3P
By Application:
- Electrical Coils
- Motors
- Generators
- Transformers
- Inductors
- Sensors
- Others
By End Use:
- Automotive
- Industrial Machinery & Equipment
- Consumer Goods
- Power Generation
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
2. Market Overview
2.1. Market Taxonomy
2.2. Market Definition
3. Key Market Trends
3.1. Key Trends Impacting the Market
4. Key Success Factors
5. Global Soft Magnetic Composites Market Demand Analysis 2014-2021 and Forecast, 2022-2029
5.1. Historical Market Volume (Tons) Analysis, 2014-2021
5.2. Current and Future Market Volume (Tons) Projections, 2022-2029
5.3. Y-o-Y Growth Trend Analysis
6. Global Soft Magnetic Composites Market - Pricing Analysis
6.1. Regional Pricing Analysis By Product Type
6.2. Pricing Break-up
6.2.1. Manufacturer Level Pricing
6.2.2. Distributor Level Pricing
6.3. Global Average Pricing Analysis Benchmark
TOC Continue…
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