Press release
Soft Magnetic Composite Market is expected to cross the value of US$ 9.8 Bn by the end of 2031
Soft magnetic composites containing silicon ferrite are gaining prominence across regions, owing to extensive utilization and rising demand. Positive network externalities are contributing to the rapid growth of silicon ferrite.
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A wide array of elements is alloyed together for the formation of soft magnetic composites. Major soft magnetic materials include soft ferrite, iron-cobalt, and silicon steel. These materials are formed via the combination of different elements, which can either be a major or minor constituent in the material. Commonly used elements in soft magnetic materials include iron (Fe), nickel (Ni), Zinc (Zn), Cobalt (Co), and manganese (Mn).
Soft magnetic composites (SMCs) are extensively utilized in producing compact, high performance, and cost-efficient electromagnetic composites. These composites are majorly utilized in manufacturing automotive components such as traction motors, air conditioning compressors, pumps, on-vehicle chargers, and other bundle of components.
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Manufacturers are focusing on of high performance industrial motors and pumps (cooling, oil, etc.) application segments, as the share held by these segment is likely to increase during the forecast period.
Soft Magnetic Composites Market: Prominent Regions
Asia Pacific holds major share of the global soft magnetic composites market. The market in the region is anticipated to expand at a CAGR of more than 7.6% during the forecast period. Increase in demand for soft magnetic composites in various applications, such high performance industrial motors, is driving the soft magnetic composites market in Asia Pacific.
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China is a key country of the soft magnetic composites market in Asia Pacific. It held significant share of the soft magnetic composites market in Asia Pacific in 2020. The country is estimated to maintain its dominant position in the region during the forecast period.
North America is also a prominent region of the global soft magnetic composites market. The U.S. led the soft magnetic composites market in North America in 2020. Increase in demand for soft magnetic composites in high performance industrial motors and pumps is driving the market in the U.S.
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Soft Magnetic Composites Market: Major Players
The global soft magnetic composites market is consolidated, with the presence of key players. Prominent players operating in the global soft magnetic composites market include GKN Powder Metallurgy (Melrose PLC), Höganäs AB, Hitachi Metals Ltd, Rio Tinto, Sumitomo Metal Mining Co., Ltd., and Mitsubishi Materials Corporation.
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