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(2022 - 2027) Soft Magnet Powder Market is Thriving Worldwide with Top Growing Companies - SG Technologies Ltd., Daido Steel Co. Ltd., Hitachi Metals Ltd.
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Automotive Industry Remains a Significant Consumer
Automotive industry has been among the key consumers of power electronics when it comes to achieving higher reliability, and improved efficiency of auto electronics. Moreover, several auto electronic components like inductors have been undergoing a dimensional reduction, which drives measurable consumption of soft magnet powder. With more automakers raising demand for soft magnet powder for facilitated dimensional reduction, and enhanced operational efficiency, sales are likely to be on an upswing.
The potentially rising usage of soft magnet powder in fully and hybrid electric vehicles further points to a wealth of opportunities appearing on the horizon. In addition, the electric vehicle industry is projected to register consistent uptake of soft magnet powder to leverage the perceived benefits, i.e., lesser noise generation, improved energy saving, and compact design.
Demand Surge in Electrical Steel Bodes Well for Soft Magnet Powder Market
Over the recent past, powder metallurgy has undergone a transformation as it penetrates further into various electrical applications. In this backdrop, one of the most popular products of powder metallurgy, i.e., electrical steel has been experiencing substantial demand in transformers, motors, and generator materials. As electrical steel offers a range of functional advantages like enhanced safety, and cost efficiency, demand is likely to remain afloat in future. Flourishing prospects of electrical steel are thus anticipated to contribute toward market growth to a large extent.
Manufacturers Expect a Volley of Potential Opportunities in Asia Pacific
Flourishing urbanisation, and industrialisation across the developing Asian nations has been generating exploding demand for electricity. Surging adoption of advanced powder metallurgy across industries is expected to boost the growth soft magnet powder market in Asia Pacific. The scenario has consequently fostered transformer and motor sales in the region, show the primary findings of the report. Augmenting investments motor and transformer manufacturing are also projected to offer an impetus to market growth here.
Exponential growth of auto industry in Asian leaders like China, and India will continue to complement the market, making these economies the key markets for soft magnet powder manufacturers. Opportunities are likely to spring up rapidly on the back of thriving electric vehicle market. In addition, China's primacy in electric bus market is expected to create a steady stream of revenue generation opportunities for major participants in soft magnet powder market.
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Key Players in Global Soft Magnet Powder Market
The global soft magnet powder market report would include a dedicated section to cover the detailed competitive analysis, both financial and strategic. Some of the significant players that would be profiled in this section, include Hitachi Metals Ltd., Daido Steel Co. Ltd., SG Technologies Ltd., Mate Co. Ltd., and Steward Advanced Materials.
Global Soft Magnet Powder Market is Segmented as Below:
By Product
• Soft Ferrite
• Electrical Steel
• Amorphous Steel
• Cold-Rolled Lamination Steel
• Cobalt
• Silicon Steels
• Low Carbon Steel Alloy
• Aluminum
• Phosphorus
• Chromium
• Sintered Iron Powder
By Application
• Alternators
• Motor Transformers
• Electromagnets
• Solenoids
• Relays
• Choke Coils
• Loudspeakers
• Earphones
• Others
By End Use Industry
• Electronics and Telecommunications
• Automotive
• Others
By Region
• North America
• Europe
• Asia Pacific
• LAMEA
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