Soft Magnetic Materials Market

Global Market for Soft Magnetic Materials will be Valued at US$ 113.4 Bn during 2016-2026
In its report titled, “Soft Magnetic Materials Market: Global Industry Analysis and Forecast, 20162026”, 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.
The growth of global soft magnetic materials market is primarily driven by soaring demand for
hybrid and electric vehicles. The demand for soft magnetic materials is fuelled by utilization of soft
magnetic motors in these vehicles as they offer several benefits including compact design, energy
savings and noise reduction. 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.
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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Key takeaways from Persistence Market Research’s report include, : The steel industry across the
globe is experiencing a downsizing as it makes the shift from labor intensive to capital intensive, ,
Nano crystalline core material, an emerging type of soft magnetic materials, , possesses higher
efficiency, and is expected to witness considerable growth in the near future ,Mergers and
acquisitions continue to influence the market. Nippon Steel Corporation with Sumitomo Metal
Industries was a watershed moment in this soft magnetic materials landscape
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.
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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.
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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