Soft Magnetic Composites (SMCs) Market Progress & Manufacturer Contribution until 2027 | Key Players are Rio Tinto PLC, GKN plc., Voestalpine Stahl GmbH, Toshiba Corp, Höganäs AB, Hitachi Metals Ltd, etc.

The report offers detailed profiles of the leading companies in the soft magnetic components market. Some of the key players in the market include Rio Tinto PLC, GKN plc. (Hoeganaes Corporation), Voestalpine Stahl GmbH, Toshiba Corp (Toshiba Materials Co., Ltd.), Höganäs AB, Hitachi Metals Ltd, VACUUMSCHMELZE GmbH & Co. KG, Hengdian Group DMEGC Magnetics Co., Ltd., PMG Holding GmbH, Sumitomo Metal Mining Co., Ltd., and other prominent players.

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Tier 1 players collectively hold over 50% share of the soft magnetic composites market. Established market footprint of Tier 1 soft magnetic composite manufacturers can be attributed to their robust distribution network and technological expertise. These players are further focusing on production capacity expansion, and mergers & acquisitions with medium-sized players to leverage their innovative development as key expansion strategies. On the other hand, Tier 2 players are competing through new product launches and development of cost-effective alternatives to retain their position in the soft magnetic composites market.  

Optimization of electric motors by using next-generation soft magnetic composites (SMCs) has been a key developmental focus area of manufacturers, with an aim to save on operation cost, and comply with energy efficiency regulations & standards imposed on utility equipment.  As adoption of electric motors continues to grow in line with rising emphasis on power consumption – a key aspect linked with lifetime cost of electric motors -- use of soft magnetic composites in new equipment has increased to save on additional upfront costs. Miniaturization has emerged as a cornerstone in equipment associated with power electronic applications, which has further paved lucrative avenues for soft magnetic composites manufacturers. Various industries are also replacing conventional laminated core in electric machines with soft magnetic composites (SMCs) as it leads to no eddy current loss and reduces bearing currents. A paradigm shift to adopt renewable energy sources and rising awareness towards reducing greenhouse gas emissions are also driving the demand for soft magnetic composites to produce high quality electrical machines at lower costs. 

Emphasis on Compact & Lightweight Components in Electric Vehicles to Fuel Demand

As eco-friendly vehicles, including electric and plug-in hybrid cars, become increasingly palpable worldwide, demand for compact and lightweight auto components has been on an upward spiral. This has further led electric vehicle manufacturers in using soft magnetic composites core to boost the converter of motor drive system in hybrid electric vehicles.

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Switched Reluctance Motor (SRM) is gaining popularity as an alternative to the conventional motors, such as DC motor or induction motor, in electric vehicles owing to its low cost, robust, and simple construction, along with fault tolerance attribute. Soft magnetic composites (SMCs) seek application in SRMs to deprive the low frequency torque ripple resulting from asymmetric mutual coupling between adjacent phases.

The modular stator and rotor structure made using soft magnetic composites further eliminates the flux reversals in SRM and reduces the core loss, thereby reducing the manufacturing cost of SRM. Additionally, New Axial Flux Permanent Magnet (AFPM) motor, with its stator composed of soft magnetic composites and laminated steel, have emerged as an efficient solution for power transmission in electric vehicles. Growing manufacturer focus on developing a prototype of AFPM motor for testing in electric vehicles, will further create significant opportunities for soft magnetic composites in the near future.

Soft magnetic composites continue to seek extensive application in electric micro and small machine cores, owing to their flexibility and efficiency in forming a magnetic core of desired geometric properties. However, the worldwide production of soft magnetic composites is limited, resulting in high material cost. The high cost of the primary raw materials including iron powder and bonding materials used in developing soft magnetic composites is further resulting in a significant increase in its production cost. Magnetic properties of soft magnetic composites depend strongly on its manufacturing process, which in turn is resulting in the increasing need for the highly skilled workforce. However, lack of skilled labor for developing soft magnetic components is hampering continues to remain a key challenge.  In a bid to cater growing demand for soft magnetic composites in various applications along with the benefits offered, manufacturers and researchers are focusing on the development of high-quality soft magnetic composites, by decreasing its production cost.

Market Structure

The report provides a segment-wise analysis of the soft magnetic composites market. The soft magnetic composites market is segmented on the basis of product type and application. Both the segments are divided into sub-segments to offer better understanding and in-depth analysis of the soft magnetic composites market.

On the basis of the product type, the soft magnetic composites market is segmented into pure iron/iron, silicon ferrite, permalloy, and supermalloy. Based on the application, the soft magnetic composites market is segmented into inductors, generators, transformers (transmission transformers, distribution transformers, and portable transformers), and motors (1 HP-100 HP motors, 101 HP-200 HP motors, 201 HP-500 HP motors, 501 HP-1000 HP motors, and above 1000 HP motors).

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