Soft Magnetic Materials Market Size, Share, Key Players, Growth Trend, and Forecast, 2021–2027
The global Soft Magnetic Materials market is forecast to reach USD 44.91 Billion by 2027, according to a new report by Reports and Data. The market is seeing an expanded interest from the electrical and automotive industries with the growing needs for headphones, gamepads and controllers, mobile phones, alternators, and electric motors. However, volatile prices of raw materials arising necessity for exploring and adopting other content as a substitute to reduce the overall cost of the operation and hence, will be hampering the demand of the soft magnetic material market.
Rapid urbanization has changed the way of life of the
individuals and, thus, has expanded the pervasiveness of the electronics
industry for commercial purposes over a broad aspect, therefore, augmenting the
demand for the market product. Furthermore, soft magnetic materials possess a
significant amount of eddy-current losses, which are further arising the need
for exploring other aspects to overcome these losses encouraging the market for
the adoption of substitute products anticipated to hinder the growth of the
soft magnetic material market.
The advent of the use of Soft Magnetic Material supported by
the Ministry of New and Renewable Energy, Ministry of Science & Technology,
Ministry of Commerce and Industry, and International Advanced Research Centre
for Powder Metallurgy and New Materials (ARCI), of the Indian Government, as
the soft magnetic material market in India, is the key contributor to the
overall manufacturing sector, thus creating a demand for the product in the
market. Scientists at ARCI, an independent research and development center of
the Department of Science and Technology (DST), have recently developed a new
metallurgical process schedule for the realization of soft magnetic alloys
based on Fe-P that could help them in the development of the country's
automotive industry. Moreover, other nations such as China, Japan, and the
United States are also supported by their respective government, which help
them to withhold their position in the market and raise the potential to
increase expenditure in the Soft Magnetic Material sector. The Asia Pacific
region forecasted to grow with the highest growth rate owing to the increase in
the use of Soft Magnetic Material.
The COVID-19 impact:
As the COVID-19 crisis grows, manufacturers are quickly
changing their practice and purchasing priorities to meet the required demand
of a pandemic, which has cut the need for soft magnetic materials in the market.
Over a couple of months, there will be a series of both positive and negative
shocks, as manufacturers and their suppliers respond to providers changing
needs. With an unfortunate global situation, the export-dependent economies of
many regions look vulnerable. Global Soft Magnetic Material markets are
reshaped by the effects of this pandemic, as some suppliers are either shutting
down or reducing their output, due to a lack of demand from the downstream
market. While some are having their production suspended by the governments of
their respective nations as a precautionary measure to combat the spread of the
virus. In certain regions, markets are focusing on becoming more localized, by
looking at the severity of the outbreak, and the consequent actions by the
individual national authorities. Under these circumstances, market conditions
in Asia Pacific regions have been very fluid, declining weekly, making it
challenging to stabilize itself.
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Key participants include Powder
Metal Group (PMG), Vacuumschmelze GmBH & Co., Arnold Magnetic Technologies,
GKN Sinter Metals, S.G. Technologies Ltd., Hitachi Metals Ltd., Steward
Advanced Materials, Sintex A/S, Mate Co. Ltd., and Toshiba Materials Co. Ltd.,
among others.
Further key findings from the report suggest
- The
Electronics and Telecommunications industry expected to grow with a CAGR
of 8.2% for the forecasted period due to its wide variety of applications
that include relays, solenoids, magnetic, and electromagnets used in radio
signal transmission circuits.
- The
motors sector is the major contributor for the Soft Magnetic Material
market, which forecasted to USD 16.17 billion by 2027. The motor sector of
the Asia Pacific region is the major shareholder of the Soft Magnetic
Material market, holding around 36% of the market in comparison to the
divisions of other areas for the year 2027, owing to its benefits like low
maintenance requirements, automated control, and long life, experiencing a
proliferating demand electrical home appliance like washing machine,
refrigerator, and air conditioner.
- The
Asia Pacific dominated the market for Soft Magnetic Material. The
consistent focus of the region on cost-effective and innovative procedures
adopted in the area is driving the market. The Asia Pacific region holds
approximately 48.8% of the Soft Magnetic Material market, followed by
North America, which contains around 21.5% market by area in the year
2019.
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For the purpose of this report, Reports and Data have
segmented into the global Soft Magnetic Material market on the basis of
material type, application, end-user industry, and region:
Material Type Outlook (Volume, Kilo Tons; 2017-2027)
(Revenue, USD Billion; 2017-2027)
- Soft
Ferrite
- Electrical
Steel
- Amorphous
Steel
- Cold-Rolled
Lamination Steel
- Cobalt
- Others
Application Outlook (Volume, Kilo Tons; 2017-2027) (Revenue,
USD Billion; 2017-2027)
- Alternators
- Motors
- Transformers
- Solenoids
- Electromagnet
- Others
End-User Industry Outlook (Volume, Kilo Tons; 2017-2027)
(Revenue, USD Billion; 2017-2027)
- Electrical
- Electronics
& Telecommunications
- Automotive
- Others
Regional Analysis Covers:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France,
Rest of EU)
Asia Pacific (India, Japan, China,
South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil,
Argentina, Rest of Latin America)
Middle East & Africa (Saudi
Arabia, U.A.E., South Africa, Rest of MEA)
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Benefits of Global Soft Magnetic Materials
Market Report:
·
Comprehensive
analysis of the changing market dynamics
·
A futuristic
outlook on different factors influencing the market
·
An 8-year
forecast of the market growth and expected revenue growth
·
Ease of
understanding of the market, key segments, and their future growth
·
In-depth analysis
of the competitive landscape to give an advantageous edge for the companies
·
Extensive insight
into the market with in-depth analysis of the segmentation
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