Press release
Soft Magnetic Materials Market 2019-2026 is Growing So Rapidly || Leading Players – AMES, Daido Steel, Grundfos A/S, Hitachi, Ltd, Mate Co., Ltd
soft magnetic material market
The global soft magnetic material market garnered $47.3 billion in 2018 and is expected to garner $87.2 billion by 2026, growing at a CAGR of 8.8% from 2019 to 2026. The report provides a detailed analysis of changing market dynamics, key segments, top winning strategies, and competitive landscape.
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The cobalt segment is expected to grow at the highest CAGR of 11.2% from 2019 to 2026, owing to a rise in requirements of the batteries to be utilized in electric vehicles. On the other hand, the electric steel segment held the highest market share of the global soft magnetic material market, accounting for nearly two-fifths of the total share, owing to its utilization in the manufacturing of transformer cores, electric motor, and automotive components.
The electric & electronics segment accounted for the highest share in 2018, accounting for nearly one-third of the market share, owing to wide applications in DC motors, brushed DC motors, stepper motors, transformers, switch reluctance motors, and alternators. However, the automotive segment would grow at the highest CAGR of 9.6% during the forecast period, owing to a surge in demand for batteries, rise in electric vehicles adoption and production, and demand for high functional automotive components.
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North America is estimated to grow at the fastest CAGR of 9.5% from 2019 to 2026, owing to a surge in demand for soft magnetic material in energy and power, telecommunication, and electronics sectors along with a trend of miniaturization. However, the Asia-Pacific region accounted for the highest share in 2018, accounting for more than one-third of the total market, owing to surge in adoption of high functional automotive components, nanostructured material development, and a huge base of electronics and electrical manufacturing in Japan.
Leading market players analyzed in the research are:
• AMES
• Grundfos A/S
• Daido Steel
• Mate Co., Ltd.
• Hitachi, Ltd.
• SG Technologies
• Melrose Industries PLC
• Sumitomo Metal Mining Co., Ltd.
• Toshiba Materials Co., Ltd., and others.
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