The global Soft Magnetic Materials market is forecast to reach USD 44.91 Billion by 2027, according to a new report by Reports and Data. The market is seeing an expanded interest from the electrical and automotive industries with the growing needs for headphones, gamepads and controllers, mobile phones, alternators, and electric motors. However, volatile prices of raw materials arising necessity for exploring and adopting other content as a substitute to reduce the overall cost of the operation and hence, will be hampering the demand of the soft magnetic material market.
Rapid urbanization has changed the way of life of the individuals and, thus, has expanded the pervasiveness of the electronics industry for commercial purposes over a broad aspect, therefore, augmenting the demand for the market product. Furthermore, soft magnetic materials possess a significant amount of eddy-current losses, which are further arising the need for exploring other aspects to overcome these losses encouraging the market for the adoption of substitute products anticipated to hinder the growth of the soft magnetic material market.
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Further key findings from the report suggest
- The Electronics and Telecommunications industry expected to grow with a CAGR of 8.2% for the forecasted period due to its wide variety of applications that include relays, solenoids, magnetic, and electromagnets used in radio signal transmission circuits.
- The motors sector is the major contributor for the Soft Magnetic Material market, which forecasted to USD 16.17 billion by 2027. The motor sector of the Asia Pacific region is the major shareholder of the Soft Magnetic Material market, holding around 36% of the market in comparison to the divisions of other areas for the year 2027, owing to its benefits like low maintenance requirements, automated control, and long life, experiencing a proliferating demand electrical home appliance like washing machine, refrigerator, and air conditioner.
- The Asia Pacific dominated the market for Soft Magnetic Material. The consistent focus of the region on cost-effective and innovative procedures adopted in the area is driving the market. The Asia Pacific region holds approximately 48.8% of the Soft Magnetic Material market, followed by North America, which contains around 21.5% market by area in the year 2019.
- Key participants include Powder Metal Group (PMG), Vacuumschmelze GmBH & Co., Arnold Magnetic Technologies, GKN Sinter Metals, S.G. Technologies Ltd., Hitachi Metals Ltd., Steward Advanced Materials, Sintex A/S, Mate Co. Ltd., and Toshiba Materials Co. Ltd., among others.
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For the purpose of this report, Reports and Data have segmented into the global Soft Magnetic Material market on the basis of material type, application, end-user industry, and region:
Material Type Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- Soft Ferrite
- Electrical Steel
- Amorphous Steel
- Cold-Rolled Lamination Steel
Application Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
End-User Industry Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- Electronics & Telecommunications
Regional Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- North America
- Asia Pacific
- Latin America
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Table of Content:
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Indicative Metrics
Chapter 4. Soft Magnetic Material Market Segmentation & Impact Analysis
4.1. Soft Magnetic Material Market Material Segmentation Analysis
4.2. Industrial Outlook
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