Rockville, June 23, 2023 (GLOBE NEWSWIRE) -- Fact.MR – A Market Research and Competitive Intelligence Provider: The soft magnetic composites (SMCs) market is expected to grow from its current value of US$ 4.5 billion in 2023 to US$ 8.9 billion by the end of 2033. From 2023 to 2033, the market is expected to grow at a CAGR of 7%.
The usage of soft magnetic composites is being driven by an increase in motor demand in the automotive and electric industries. 60% of the global market for motors is currently accounted for by the use of soft magnetic composites.
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Key Driving Forces Accelerating the Market Growth
- There is a growing demand for high-performance electrical machines, such as motors and transformers, that are more efficient and consume less energy. Soft magnetic composites offer excellent magnetic properties, low core losses, and reduced eddy current losses, making them a preferred choice for such applications. The need for energy-efficient solutions is driving the adoption of SMCs in various industries, including automotive, electronics, and renewable energy.
- The global push toward electrification of transportation, including electric vehicles (EVs) and hybrid electric vehicles (HEVs), is a significant driver for the SMCs market. SMCs are used in electric motors and generators in these vehicles due to their superior magnetic properties, high efficiency, and lightweight characteristics. As the demand for EVs and HEVs continues to rise, the demand for SMCs is also expected to increase significantly.
- The increasing emphasis on renewable energy sources, such as wind and solar power, is driving the demand for SMCs. SMCs are used in the manufacturing of generators and transformers used in wind turbines and solar power systems. The ability of SMCs to enhance energy conversion efficiency and reduce core losses makes them a preferred choice for these applications. The growing installation of renewable energy systems is, therefore, fueling the demand for SMCs.
Vital indicators shaping the future of the industry
- Ongoing technological advancements play a crucial role in shaping the future of the SMCs industry. Advancements in material science, manufacturing processes, and magnetic property optimization techniques are expected to drive the development of more advanced SMCs. These advancements will lead to improved magnetic properties, reduced losses, and enhanced performance, expanding the application areas of SMCs and enabling their use in new industries and products.
- Continued research and development (R&D) efforts in the field of SMCs are vital indicators of the industry's future. R&D activities focus on exploring new materials, improving manufacturing processes, and addressing challenges related to scalability, cost-effectiveness, and performance optimization. Investments in R&D by companies, academic institutions, and government organizations will drive innovation and foster the growth of the SMCs market.
- Government regulations and policies have a significant impact on the SMCs industry. Regulatory initiatives aimed at promoting energy efficiency, reducing carbon emissions, and supporting the adoption of renewable energy sources create a favorable environment for the growth of SMCs. Supportive policies, such as incentives for electric vehicle adoption and renewable energy deployment, drive the demand for SMCs in related applications.
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Challenges hindering the market growth
- Cost is a critical factor that affects the adoption of SMCs. Currently, SMCs are relatively more expensive compared to traditional laminated magnetic cores or other magnetic materials. The cost of raw materials, specialized manufacturing processes, and limited economies of scale contribute to the higher cost of SMCs. To drive market growth, efforts are needed to improve cost-effectiveness through technological advancements, optimized manufacturing processes, and efficient supply chain management.
- Despite the advantages offered by SMCs, there is still limited awareness and understanding of their potential among end-users in various industries. Many designers, engineers, and manufacturers are more familiar with conventional magnetic materials and may be hesitant to switch to SMCs due to concerns related to design changes, performance validation, and supply chain integration. Efforts to educate and raise awareness about the benefits and applications of SMCs are crucial to drive their wider adoption.
How competition influences the market
Key producers in the market are focusing on various growth tactics and are setting up new production facilities and acquiring other businesses.
For instance, Intense competition encourages companies in the SMCs market to invest in research and development (R&D) and innovation. Manufacturers strive to differentiate their products by developing new formulations, improving magnetic properties, enhancing manufacturing processes, and exploring novel applications. The drive to stay ahead of competitors fosters innovation, leading to the introduction of advanced SMCs with superior performance characteristics and expanded functionalities.
- In 2019, GKN Powder Metallurgy, leading metal powder and components supplier had acquired Forecast 3D.
Key Companies Profiled
- Elna Magnetics
- MMG Canada Limited
- Hitachi Metals Ltd.
- Electron Energy Corporation
- Rio Tinto
- Steward Advanced Materials
- Arnold Magnetic Technologies Corporation
- Magnetics
- Dexter Magnetic Technologies, Inc.
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Key Segments of Soft Magnetic Composites Industry Research
- By Product:
- Iron Powder
- Silicon Ferrite
- Supermalloy
- Permalloy
- By Application:
- Transformers
- Inductors
- Motors
- Generators
- By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
What differences can the soft magnetic composites report make on the revenue impacts and strategies of businesses?
Fact.MR strives to provide comprehensive assessments of opportunities in various regions and technology segments. The study also offers an uncluttered data-driven insights into the growth avenues of the Soft magnetic composites and all its segments. Some of the ways the study can make a discernible impact are by offering evidence-based perspectives on:
- Attractiveness quotient of emerging product/technology types in various products in the Soft magnetic composites.
- Micro-economics factors that may hamper the prospects of some of the key segments.
- Recent spate of research and development (R&D) funding on key Soft magnetic composites.
- New business models paving way for disruptions in demand dynamic of key segments.
- Regional markets that will be future engine of growth and the industry trends that will support these markets.
Check out more related studies published by Fact.MR Research:
Aerospace Composites Market: The global aerospace composites were valued at US$ 38.0 billion in 2022 and the market further projects a growth rate of 9.0% to reach a valuation of US$ 98.1 billion by 2033 end.
Marine Composites Market: The global marine composites market is expected to grow at a CAGR of 6.0% during the forecast period and reach a valuation of US$ 8.5 billion in 2033 from a valuation of US$ 4.8 billion in 2023.
Nanocrystalline Soft Magnetic Materials Market: The global nanocrystalline soft magnetic materials market is estimated to value at US$ 6.6 billion in 2022 and further expand at a CAGR of 10.2% to reach US$ 17.5 billion by the end of 2032.
Continuous Fiber-Reinforced Thermoplastic (CFRTP) Composites Market: Global demand for continuous fiber-reinforced thermoplastic composites is predicted to increase at a value CAGR of 7.8% and reach a market size of US$ 2.38 billion by 2033-end.
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