Soft Magnetic Composites Market 2022 | Industry Outlook, Size, Share and Growth Analysis

According to Precision Business Insights (PBI), the latest report, the soft magnetic composites market is expected to be valued at USD 5,365.2 million in 2022, growing at an 7.6% CAGR from 2022 to 2028. The primary drivers of the expansion of the global soft magnetic composites market include various applications in the electronics and automotive industry, continuous innovations and advancements in products, increasing investment in the electrical sector, and growing electric vehicle sales.

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Automotive Segment to Dominate the Soft Magnetic Composites Market:
Based on the end-user, the global soft magnetic composites market is segmented into automotive, industrial machinery & equipment, consumer goods, energy, and others. The automotive segment is expected to account for a larger revenue share in the global soft magnetic composites market, with a value share worldwide. The automotive industry is continuously generating ample demand for electronic components such as enhanced efficiency and high-reliability inductors. The increasing electric vehicle sales will further boost the market growth in the global soft magnetic composites market.

Asia Pacific Soft Magnetic Composites Market
The Asia Pacific market is expected to increase in the global soft magnetic composites market over the forecast period. It is projected to grow at a CAGR of xx% in the coming years. The Asia Pacific market is expanding as a result of the increasing consumer purchasing power, growing demand for electrical vehicles, urbanization, and increasing demand for electronics and electricity. North America held considerable market share during the estimated period owing to well-developed infrastructure, increasing demand for high-performance electrical vehicles, the increasing investment in research and development for the production of efficient products with low carbon footprint.

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Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global soft magnetic composites market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region.

The soft magnetic composites market is segmented based on material type, application, end-user, and geography.
Based on the material type, the market is segmented into the following:
• Soft Magnetic Composites (SMC)
• Soft Ferrite
• Fe Amorphous
• Nano Crystalline
• Others

Based on the application, the market is segmented into the following:
• Traction Motors
• Air Conditioning Compressors
• DC/DC Converters
• Ventilation Fans
• Solar Power
• Industrial Motor Drives
• Off-board Battery Charging
• Electrical Engines & Generators
• Others

Based on the end user, the market is segmented into the following:
• Automotive
• Industrial Machinery & Equipment
• Consumer Goods
• Energy
• Others

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

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Key players' profiles in the soft magnetic composites market report are Hitachi Metals Ltd, Toshiba Materials Co., Ltd., PMG Holding GmbH, Hengdian Group DMEGC Magnetics Co., Ltd., GKN Powder Metallurgy, Höganäs AB, VACUUMSCHMELZE GmbH & Co. KG, Rio Tinto, Sumitomo Metal Mining Co., Ltd., Steward Advanced Materials Inc., AIC Engineering Ltd, Fluxtrol Inc., ThyssenKrupp Electrical Steel India Private Limited, Mitsubishi Materials Corporation, and Dexter Magnetic Technologies.

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