Soft magnetic composites (SMCs) are used extensively in the automotive industry for their ferromagnetic properties. Majorly driven by this, global soft magnetic composites market is projected to exhibit a robust CAGR during the forecast period of 2019-2029, 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.
To Get Sample Copy of Report visit @ https://www.futuremarketinsights.com/reports/sample/rep-gb-869
- 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.
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.
What Does Future Hold?
In the coming years, as purchasing power of customers in developing regions grows, demand for soft magnetic composites is also anticipated to increase. Demand for cost-effective and energy-efficient materials from automotive and power generation industry is going to be the major driving force for the SMC markets. Introduction of new technologies such as 3D printing is will open an opportunity door for the SMC market.
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 2014–2018 and opportunity assessment for 2019–2029. 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.
FREQUENTLY ASKED QUESTIONS ABOUT SOFT MAGNETIC COMPOSITES MARKET
How will soft magnetic composites (SMCs) be relevant in future?
Constant demand for cost & energy effective materials from automotive and power generation industry is likely to keep soft magnetic composites relevant over the coming years. However, introduction of new & better magnetic materials is anticipated to give soft magnetic composites a tough competition in the global market.
Will the soft magnetic composites market witness new entrants?
Definitely, the SMC market holds high potential, new entrants from the mining and powder metallurgy sector are anticipated to invest heavily in the SMC market to establish presence in the coming years.
Which application area holds potential growth opportunities for market players?
While automotive & power generation sector continues to influence growth strategies, new applications in the field of 3D printing are expected to open up new doorways for investments for end users and manufacturers.
What is the degree of competition in the soft magnetic composites market?
The market portrays highly competitive nature with large number of regional and local market players. In the current scenario, industry leaders such as GKN PM (Melrose PLC), Hitachi Metals Ltd, and Sumitomo Metal Mining Co., Ltd. collectively hold over 50% of the total revenue share.
Which region will lead the global sales of soft magnetic composites?
East Asia is anticipated to lead the soft magnetic composites market with emergence of China as a prominent consumer of the SMCs, owing to the high presence of growing automotive, consumer goods, and power generation industries in the country. Manufacturers are focusing on increasing foothold in the Asia Pacific market as the region amounts for high consumption of SMC in the global market.
For Complete TOC @ https://www.futuremarketinsights.com/toc/rep-gb-869
SOFT MAGNETIC COMPOSITES MARKET TAXONOMY
- Electrical Steel
- Soft Ferrite
- Iron Powder
- Electrical Coils
- Industrial Machinery & Equipment
- Consumer Goods
- Power Generation
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa