Press release
Soft Magnetic Composites (SMCs) Market Outlook Highlights Major Opportunities Likely to Steer Demand during Forecast Period| Market players Rio Tinto PLC, GKN plc., Voestalpine Stahl GmbH, Toshiba Corp, Höganäs AB
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The report on the soft magnetic composites market provides valuable and actionable insights on the market along with the forecast. Historical data and important factors impacting the growth of the soft magnetic composites market is also offered in the report. Market dynamics including market drivers, key trends, factors hampering growth, and growth opportunities in the soft magnetic composites (SMCs) across regions is provided in the report.
The report on the soft magnetic components market also offers region-wise analysis, segment-wise analysis, and competitive analysis. Details on leading companies along with the market share of each company and new developments in the soft magnetic composites market is included in the report.
Notable Highlights:
GKN plc is planning to divest GKN Powder Metallurgy including GKN Sinter Metals and Hoeganages as a part of new business strategy. The strategy has three agendas linked to it, namely, delivering distinct product development strategies via focused performance targets and rigorous capital allocation; establishing greater accountability-based delivery culture; and separate operationally post-maximizing the shareholder value.
Sumitomo Metal Mining Co., Ltd. has acquired a 30% stake in Quebrada Blanca Phase 2 (QB2) copper project of the Teck Resources Ltd. in Chile. QB2 is the second phase of Quebrada Blanca copper mine in Chile.
Hitachi Metals Ltd, along with the Singapore Institute of Manufacturing Technology, has established SIMTech-Hitachi Metals Additive Manufacturing Joint Lab for metal additive manufacturing. The company also announced a price increase due to the sharp rise in the cost of raw materials used in magnetic materials, specialty steel, and other components.
Soft magnetic composites (SMCs) are emerging as a new option to improve motor performance and design in various industries. Next generation motors are being designed using soft magnetic composites (SMCs) including improved magnetic properties, 3D flux paths, and custom geometries.
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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.
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.
Tier 1 Players Hold Over50% Share in Soft Magnetic Composites (SMCs) Market
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.
Hoeganaes, Hitachi Metals Ltd, Sumitomo Metal Mining Co., Ltd., and GKN plc. (Hoeganaes Corporation) are some of the leading players in the soft magnetic components market.
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