Because of its ferromagnetic properties, soft magnetic composites (SMCs) are widely used in the automotive industry. The global soft magnetic composites market is expected to grow at a rapid pace during the forecast period of 2022-2029, reaching a value of US$ 80 billion in 2029. The proper SMC combination results in a technology that uses less energy, is more efficient, and can be used in severe frequencies and temperatures.
Demand for soft magnetic composites for electrical coils, motors, generators, transformers, inductors, sensors, and other applications is likely to increase in the future years. Given this, FMI expects the global soft magnetic composites market to be worth US$ 79,365.8 million by the end of 2029.
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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.
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.
Soft Magnetic Composites Market Taxonomy
Material
- Electrical Steel
- Soft Ferrite
- Iron Powder
End Use
- Automotive
- Industrial Machinery & Equipment
- Consumer Goods
- Power Generation
- Others
Region
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
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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.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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