Press release
Soft Magnetic Materials Market to Amass Revenues More Than US$ 113.4 Bn by 2026
Additionally, soft magnetic materials are gaining prevalence in power generation industries owing to their property of withstanding high temperatures. The adoption of soft magnetic materials by automotive industry is on the rise as they help manufacturers attain that ever-elusive balance between smaller dimensions and working efficiencies. These factors are estimated to propel the growth of global soft magnetic materials market during the forecast period.
In its report titled, “Soft Magnetic Materials Market: Global Industry Analysis and Forecast, 2016-2026”, Persistence Market Research (PMR) estimates that the global consumption of soft magnetic materials will grow at an impressive 7.6% CAGR through 2026. Global consumption of soft magnetic materials was estimated at 16.1 Mn tons in 2016, and it is pegged to reach 33.708 Mn tons by 2026. In terms of revenue, this represents a US$ 113 Bn opportunity for manufacturers.
By material type, nano crystalline material is projected to witness fastest growth at 9.8% CAGR, in terms of volume. Although soft ferrite will remain the largest material-type segment, it is expected to witness a slight decline in its revenue share by 2026.
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Leading manufacturers are concentrating on utilizing various types of alloys for SMC and electric steel production with an aim to improve energy efficiency. Key manufacturers of soft magnetic materials market include Hitachi Metals, Ltd., PMG Holding GmBH, VACUUMSCHMELZE GmBH & Co. KG, Rio Tinto PLC, GKN plc, Hoganas AB, voestalpine Stahl GmBH, Toshiba Materials Co., Ltd., Hengdian Group DMEGC Magnetics Co., Ltd., and Sumitomo Metal Mining Co., Ltd.
With around one-third revenue share, motors are estimated to remain the most lucrative application segment in the global soft magnetic materials market. The revenue generated from applications of soft magnetic materials in motors is expected to witness 2.1X growth by 2026. On the other hand, transformer application segment is projected to grow at the highest volume CAGR. This is mainly attributed to soaring demand for high duty flux materials.
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By volume, Asia Pacific Excluding Japan (APEJ), Eastern Europe and Latin America are expected to be the largest markets for soft magnetic materials. APEJ is estimated to remain dominant in the global soft magnetic materials market and is projected to grow at 8.5% CAGR, in terms of volume, through 2026.
The soft magnetic materials market in APEJ is primarily driven by the presence of iron ore mines and cheap labor force. Eastern Europe is estimated to reflect 7.9% volume CAGR during the forecast period and is expected to be the second largest region for soft magnetic materials market.
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About Us
Persistence Market Research (PMR) is a third-platform research firm. Our research model is a unique collaboration of data analytics and market research methodology to help businesses achieve optimal performance.
To support companies in overcoming complex business challenges, we follow a multi-disciplinary approach. At PMR, we unite various data streams from multi-dimensional sources. By deploying real-time data collection, big data, and customer experience analytics, we deliver business intelligence for organizations of all sizes.
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