Soft Magnetic Materials Projected to Grow at CAGR of 8.0%, Scrutinized in New Research

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Among all the regions, APEJ is expected to expand at a significantly high CAGR in terms of value over the forecast period. The APEJ soft magnetic materials market is anticipated to emerge as the most attractive regional market in terms of CAGR and market share during the forecast period. APEJ is likely to reach a market value of more than US$ 15 Bn in 2017 and is projected to be valued close to US$ 40 Bn by 2026 end. The APEJ soft magnetic materials market is expected to account for a market share of a little more than 30% and increase at a CAGR of 8.9% over the estimated period. In the APEJ region, China is expected to dominate the soft magnetic materials market both in terms of volume and value over the forecast period.

The strong industrialization in APEJ countries coupled with geographical advantages such as mines in China is likely to boost the soft magnetic materials market in APEJ

The soft magnetic materials market in APEJ is largely driven by the presence of iron ore mines. Besides, countries such as China and India are the major contributors in the APEJ region in terms of production and consumption. Availability of cheap labor force coupled with an aim to target untapped market areas propels soft magnetic materials manufacturers from North American and European countries to invest in the APEJ region. The strong industrialization across APEJ countries coupled with geographical advantages such as the presence of mines in China is one of the growth drivers of the soft magnetic materials market in the APEJ region.

Hybrid vehicles combine diesel or petrol engines with an electric motor that reduces the fuel consumption and CO2emissions. Soft magnetic materials is an important component of the motor drive system as it reduces the vehicle weight as compared to conventional electric steel. Use of soft magnetic motor offers various advantages such low noise, compact design, and energy savings. The increasing consumption of electric and hybrid vehicles in APEJ is expected to drive revenue growth of the global soft magnetic materials market. The automotive industry in the APEJ region is experiencing high demand for electronic components with enhanced reliability and efficiency. Besides, the industry demands space reductions of the components; for instance, inductors consume a large space inside an automobile. The need to attain a balance between working efficiency and the shift towards smaller dimensions propels the use of soft magnetic materials in the automotive industry.

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China is one of the top consumers and producers of steel. The geographical strength of Bayo Obo mines, which is rich in iron ore and rare earth elements offers a strong advantage. Manufacturers from countries such as Germany, Japan etc. are partnering a free trade with Mongolia as it is close to Bayo Obo. Furthermore, growing electric vehicles, bicycles, aerospace and power industries offer good opportunities for soft magnetic material manufacturers to expand in the APEJ region.

APEJ soft magnetic materials market segmental forecast snapshot

By material type, the nano crystalline material consumption in the APEJ soft magnetic materials market is expected to penetrate at a fast rate during the forecast period. The nano crystalline material type segment is also projected to register the highest CAGR of 11.8% in terms of value in the APEJ soft magnetic materials market during the forecast period. Development of solar power use is expected to boost the consumption of soft magnetic materials in the APEJ region during the forecast period. The objective to increase the solar capacity of India from 22 GW to 100 GW by 2020 in order to reduce dependency on fossil fuels is likely to open wide growth opportunities for soft magnetic materials manufacturers.

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