Global Soft Magnetic Materials Market Study Analysis: Increasing Demand From The Automotive Industry Is Expected To Grow The Soft Magnetic Materials Market

The global Soft Magnetic Materials market is expected to grow from $ billion in 2020 to $ billion in 2028 at a CAGR of 12%. Soft magnetic materials are those materials that have a steep rising magnetization curve, minimal energy loss during each magnetization cycle, and a small and narrow hysteresis loop. Soft magnetic materials have become of significant use in multiple end-user industries such as automotive, electronics and telecommunications, electrical and energy, and power as well as in different applications which include motors, transformers, and alternators. This is due to a decrease in eddy current loss which increases the efficiency of motors and the high permeability offered by soft magnetic materials. Soft magnetic material is widely used in motors since it enhances the field produced by motor winding.

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Global Soft Magnetic Materials Drivers And Restrain:
The demand for electric vehicles is growing considerably due to which the demand for soft magnetic materials is rising considerably. Soft magnetic materials help to suppress noises at high-frequency ranges that are generated due to downsizing and space-saving designs in electric vehicles. In addition to this, soft magnetic materials are used in components such as alternator, induction coil, gearbox, and antenna core which are used in vehicles. Inductors occupy a large space in an automobile and are therefore being downsized which is enabled with the help of soft magnetic materials. Growing sales of hybrid automobiles which combine diesel and petrol engines with an electric motor is another significant factor affecting the demand for soft magnetic materials. In conclusion, all the aforementioned factors contribute to the growth of the global soft magnetic materials market.

Soft magnetic materials are easy to magnetize and demagnetize due to which they are used to make temporary magnets. Since the domain wall movement is easy, they are easy to magnetize. Soft magnetic materials do not possess any void and have a homogenous structure hence the materials are not contaminated by impurities. Soft magnetic materials also possess high electrical resistivity due to which the eddy current loss is reduced drastically. The demand for electric vehicles is increasing constantly which is a major factor affecting the growth of the global soft magnetic materials market. Furthermore, due to increasing traffic congestion especially in metropolitan cities coupled with the growing demand in developing economies, the demand for smaller-sized cars is rising drastically which further boosts the demand for soft magnetic materials. Therefore, this factor contributes significantly towards the growth of the global soft magnetic materials market.

The factors restraining the growth of the global soft magnetic materials include volatility in the prices of raw materials which causes instability in the supply chain and hence creates issues for manufacturers.

Covid-19 Scenario:
• Impact on Market Size
• End-User Trend, Preferences, and Budget Impact
• Regulatory Framework/Government Policies
• Key Players Strategy to Tackle Negative Impact
• Opportunity Window

Global Soft Magnetic Materials Market Segments:
The global Soft Magnetic Materials market is further segmented into material type, application, end-user industry, and geography.
By Material Type: Soft Ferrite, Electrical Steel, Cobalt, Iron, Nickel, and Others
By Application: Motors, Transformers, Alternators, and Others
By End-User Industry: Automotive, Electronics & Telecommunications, Electrical, Energy and Power and Others

Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Russia, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
• Rest of the World (Middle East & Africa and South America)

The Asia Pacific region dominates the soft magnetic materials market and is also expected to witness the highest growth due to large amounts of consumption as well as production from countries such as India and China. In addition to this, rapid industrialization in multiple countries in the Asia Pacific area along with geographical advantages which include the presence of iron mines in China and India fuel the growth of soft magnetic materials. Easy availability of cheap labor force in developing economies as well as investments from European and North American countries in the soft magnetic materials market in the Asia Pacific region fuels the growth of the soft magnetic materials market considerably. The North American region is expected to witness considerable growth during the forecast period which is attributed to rapid technological developments and innovations in the soft magnetic materials field.

Key Players of Global Soft Magnetic Materials Market:
• AMES
• Daido Steel
• Grundfos A/S
• Hitachi Ltd
• Mate Co. Ltd
• Melrose Industries PLC
• SG Technologies
• Sumitomo Metal Mining Co. Ltd
• Toshiba Materials Co. Ltd
• Rio Tinto PLC

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Key Questioned Answered Through The Report:
• The Impact of COVID-19 on the global market
• What are the potential opportunities for new entrants in the global market
• What is the market Size and Forecast from 2020 to 2028?
• Key Players associated with the global Soft Magnetic Materials Market
• Value Chain Analysis of Global Soft Magnetic Materials Market
• What is the CAGR of the global Soft Magnetic Materials Market from 2021 to 2028
• Major Growth Factor, Challenges, Trends, and Opportunities in the global market
• Key outcomes of SWOT Analysis

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