According to Future Market Insights (FMI), the market for soft magnetic composites is expected to increase by 8.4% annually in 2022, reaching a value of US$ 44,345.8 million by the end of the year. Between 2022 and 2029, a growth rate of 8.7% is anticipated for the global market for soft magnetic composites.
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 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.
Get a Sample Copy of Report @ https://www.futuremarketinsights.com/reports/sample/rep-gb-869
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.
Key Companies Profiled
- GKN Powder Metallurgy (Melrose PLC)
- Höganäs AB
- Hitachi Metals Ltd
- PMG Holding GmbH
- VACUUMSCHMELZE GmbH & Co. KG
- Toshiba Materials Co., Ltd.
- Rio Tinto
- Voestalpine Stahl GmbH
- Sumitomo Metal Mining Co., Ltd.
- Hengdian Group DMEGC Magnetics Co., Ltd.
- Steward Advanced Materials Inc.
- AIC Engineering Ltd
Request Customization of the report @ https://www.futuremarketinsights.com/customization-available/rep-gb-869
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
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, Inc. (ESOMAR certified, Stevie Award – recipient 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.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
LinkedIn| Twitter| Blogs | YouTube
For Sales Enquiries: sales@futuremarketinsights.com