Press release
Soft Magnetic Composites (SMCs) Market to reach USD 42,356.6 million from USD 21,375.1 million in-between 2018-2027
Soft magnetic composites or SMCs are known for its superior chemical properties and thus find amplified utilization across end user industries, specifically, in the automotive and electronics industry. Application of SMCs in traction motors, pumps, AC/DC converters and others helps to reduce the power loss which on the other hand raises the efficiency of the motor. SMCs also find massive application in the production of electric and hybrid vehicles. The rising application across end use industries of SMCs is therefore anticipated to act as the key growth driver for the global SMCs market.
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The global SMCs market is anticipated to record a CAGR of 8.2% during the forecast period, i.e. 2020-2027. The market is further slated to reach USD 42,356.6 million from USD 21,375.1 million in-between 2018-2027. The global SMCs market is segmented by application into motors, compressors, transformers, generators and others. Among these segments, motors segment is anticipated to hold the largest market share of around 50.24% in the year 2027.
The conversion efficiency of the motor from electrical energy to mechanical energy is highly impacted on account of application of SMCs in electric motors. Further, power loss is a common issue faced by motors, which can be mitigated by applying amorphous alloy and Si-Fe steel material type of SMCs in such motors.
Geographically, the global SMCs market is segmented by five major regions into North America, Europe, Asia-Pacific, Latin America and Middle East & Africa region, out of which, Asia Pacific is anticipated to hold the largest market share of around 43.26% in the year 2027. The region is blessed by nations such as China, India, Japan, Australia and other Southeast Asian countries, where SMCs are wide used across end use industries. Moreover, China is known to be a leader in the production of iron ore, which is a key material for the manufacturing of SMCs. Such factors are anticipated top drive the growth of the market in the region in the upcoming years.
However, concerns for high fluctuations in the price of raw materials used to manufacture SMCs is estimated to act as a barrier to the growth of the global SMCs market.
This report also studies existing competitive scenario of some of the key players of the global SMCs market, which includes profiling:
Hitachi Metals, Ltd. (tyo:5486),
Hoganas AB,
VACUUMSCHMELZE GmbH & Co. KG,
PMG Holding GmbH,
Horizon Technology Inc.,
Fluxtrol Inc.,
Sintex a/s,
Shenzhen City Ri Shengchang Magnet Technology Co., Ltd.,
AMES, and MMG Canada Limited.
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The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled "Soft Magnetic Composites (SMCs) Market - Global Demand Analysis & Opportunity Outlook 2027", analyses the overall global SMCs industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global SMCs market in the near future.
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