- Silicon Ferrite in Soft Magnetic Composites Market to Gain Over 311 BPS
- Fact.MR's latest report on the global soft magnetic composites market covers comprehensive data on drivers, restraints, trends, and opportunities that can change the dynamics. It also provides elaborate analysis of the leading segments in terms of product, application, and region.
NEW YORK, Dec. 13, 2021 /PRNewswire/ -- The global soft magnetic composites market is projected to exhibit growth at 7% during 2020 to 2030. Increasing demand for soft magnetic composites containing silicon ferrite is anticipated to drive the market in the near future.
Soft magnetic composites are ferromagnetic powder particles that are often coated with a layer of electrical insulating film. They have high electrical resistivity and competitive magnetic properties, unlike sintered materials.
As per Fact.MR, increasing demand for solar panels is likely to bolster the demand for soft magnetic composites in the forthcoming years. Additionally, rising need for various automotive components, such as on-vehicle chargers, pumps, air conditioning compressors, and traction motors is set to aid the growth.
According to the India Brand Equity Foundation (IBEF), the government issued notification in September 2021 regarding a PLI scheme for auto components and automobiles. The scheme is likely to bring investments worth US$ 5.74 billion by 2026.
"Rapid expansion of the electronics and automotive industries is expected to drive the growth in this market. Besides, increasing focus of companies on sustainability is also set to propel the market," says a Fact.MR analyst.
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Key Takeaways:
- Based on product, the silicon ferrite segment is expected to dominate in terms of share owing to its extensive usage by key companies such as Toshiba Corporation and Schneider Electric SA.
- Permalloys segment is set to account for less than a quarter of the global market owing to the increasing use for the manufacturing of high-performance magnetic composites.
- By application, the motors segment is likely to account for the lion's share owing to the usage of soft magnetic motors in hybrid and electric vehicles.
- In terms of region, Asia Pacific excluding Japan is expected to hold around 1/3rd of the global market demand.
- Europe is anticipated to exhibit a CAGR of 7% on the back of rising production of various automobile components.
Growth Drivers:
- Increasing usage of soft magnetic composites in the manufacturing of automobile components is expected to drive the market.
- High demand for generators and transformers on the back of the rising need for a stable electricity supply is set to propel the growth in this market.
- Rising economic output of various countries is anticipated to boost the demand for consumer electronics, thereby propelling growth.
Restraints:
- Differences in country-wise directives pertaining to the applications of soft magnetic composites may hamper the growth in this market.
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Competitive Landscape:
Top tier 1 players in the global soft magnetic composites market, such as Hitachi Metals Ltd, Voestalpine Stahl GmbH, and Toshiba Corp accounted for 40% of share in 2020. They are focusing on conducting research & development activities to introduce novel products for customers.
Meanwhile, a few others are focusing on entering the niche and impenetrable segments, including aerospace and defense components to expand their presence worldwide.
For instance,
- November 2021: Fluxtrol Incorporated, a pioneer in magnetic flux control based in the U.S., launched its new interactive animated series called 'The Adventures of Fluxtrol Man.' It aims to entertain and educate people about the company's innovative line of soft magnetic composites. It also includes information about prototyping, simulation, and induction coil design.
- September 2021: The China Injection Forming Network and the China Powder Metallurgy Business Network organized the 2021 edition of the Powder Metallurgy Technology and Business Forum. The event included discussions about the development trend of soft magnetic composites, as well as the usage of these composites in mechanical parts.
- July 2020: The Fraunhofer Institute for Manufacturing Technology and Advanced Materials declared its aim to produce high-performance and cost-effective soft magnetic composites. By using these composites, companies can reduce energy losses and help to preserve resources.
Key Players in the Soft Magnetic Composites Market Include:
- Hitachi Metals Ltd
- Voestalpine Stahl GmbH
- Toshiba Corp (Toshiba Materials Co., Ltd.)
- Arnold Magnetic Technologies Corp
- Elna Magnetics
- GKN Sinter Metals
- Electron Energy Corporation
- Dexter Magnetics
- Steward Advanced Materials Inc.
- MMG Canada Limited
- AMES
- Hoganas AB
- Magnetics
More Valuable Insights on Soft Magnetic Composites Market:
Fact.MR provides an unbiased analysis of the soft magnetic composites market, presenting historical demand data (2015-2019) and forecast statistics for the period from 2020-2030. The study divulges compelling insights on the global soft magnetic composites market with a detailed segmentation on the basis of:
Product
- Pure Iron/Iron Powder
- Silicon Ferrite
- Supermalloys
- Permalloys
Application
- Transformers
- Motors
- Inductors
- Generators
Region
- North America
- Latin America
- Europe
- Japan
- Asia Pacific Excluding Japan
- Middle East & Africa
Key Questions Covered in Soft Magnetic Composites Market Report
- The report offers insight into the soft magnetic composites market demand outlook for 2020-2030.
- The market study also highlights projected sales growth for soft magnetic composites market between 2020 and 2030.
- Soft magnetic composites market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
- Soft magnetic composites market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.
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Nanocrystalline Soft Magnetic Materials Market Scope - High permeability, increased saturation flux density, minimal core loss, high temperature resistance, low ageing effects, and high-frequency properties are all characteristics of nanocrystalline soft magnetic materials. Efforts and expenditures to discover effective materials to increase product performance are going to be a major factor in market growth. Furthermore, market growth is predicted to be fueled by automotive electrification and increased competition among key players in the global industry. All of these elements combine to create an optimal environment for the formation of nanocrystalline soft magnetic materials.
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