Global Soft Magnetic Material Market is segmented By Application (Motors, Transformers, Alternators, Others), By Material (Electric steel, Cobalt, Iron, Soft ferrite, Others), By End User (Automotive, Electronics & Electrical, Telecommunication, Energy & Power, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023 - 2030
Soft Magnetic Material Market Overview
[180 pages] Report on Global Soft Magnetic Material by DataM Intelligence estimates the market to grow at a CAGR of 8% during the forecast period 2023-2030. Soft Magnetic Material usage in manufacturing industries is on the rise. Demand from electrical and electronic products in Asia Pacific is booming. Competitive rivalry intensifies with Rio Tinto PLC, Voestalpine Stahl GmbH, PMG Holding GmbH and others operating in the market.
The soft magnetic material market offers exceptional receptiveness and also helps in the reduction of twist current losses. Thus, soft magnetic materials are useful in various applications such as motors, transformers, and alternators. Key players are investing in R&D for the development and manufacture of high-quality soft magnetic materials. The global soft magnetic material market has witnessed significant growth over the past few years.
Soft Magnetic Material Market Scope
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Metrics |
Details |
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Market CAGR |
8% |
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Segments Covered |
By Application, By Material, By End User, and By Region |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
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Fastest Growing Region |
Asia Pacific |
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Largest Market Share |
Asia Pacific |
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Soft Magnetic Material Market Dynamics and Trends
The market is expected to witness significant growth in the forecasting period, owing to high demand in the automotive industry. Moreover, the surge in the number of automotive projects has supplemented the market growth, in terms of value. However, fluctuations in the prices of raw materials are a major restraint in the global soft magnetic materials market. Further, the global soft magnetic materials market is moving towards an expansion duration in its industry life cycle and is on the side of exploring several growth opportunities. This is mainly due to high and mighty plots of soft magnetic material over other materials. An increase in demand for soft magnetic materials from the automotive sector is the major factor that helps to grow the market.
Expansion of Automotive Industry
In the automotive industry, soft magnetic material has become quite integral, especially given the increasing expansion of automotive industries activities across the world. Soft magnetic material has significant applications in motors as well as transformers products in much automotive industry. Soft magnetic materials have become extremely prevalent across transportation infrastructures, such as railway stations and airports. More often, these materials coupled with soft ferrite, electrical steel, cobalt, and others, has become a highly essential component in the automotive industry globally, which can mean favourable growth prospects for the soft magnetic material market.
Rising demand in developing countries
In recent years, the demand for soft magnetic material is growing exponentially in developing countries, such as China, India and other countries of the Asia Pacific region. This act as one of the most influential factors in the growth of this market. Furthermore, due to its consumption in the automobile industry, electrical industry, and other companies, it has gained wide acceptance and traction in various industrial sectors. In developing countries, the automobile and electronic industry is increasing rapidly and the consumption of their products in developing countries are also surging, and thus the demand for soft magnetic material is increasing during the forecasting period.
COVID-19 Impact Analysis on Soft Magnetic Material Market
COVID-19 pandemic affected the global economy in many terms, such as directly affecting production and demand, supply chain disruption, and financial impact. COVID-19 has directly impacted the manufacturers' supply chain across the globe and shut down the production facilities to minimize the risk of virus spread. Also, the lockdown policies have strengthened the demand for soft magnetic material products under chemicals & materials across the globe. Therefore, the manufacturers are started investing to increase the production capabilities to meet the global market's updated demand.
Despite the pandemic, there is growth in the overall chemical & material products and soft magnetic material products, which is expected to drive the soft magnetic material market size in the global market during the forecast period.
Soft Magnetic Material Market Segmentation Analysis
Based on the material, the soft magnetic material market has been classified into cobalt, iron, nickle, electric steel, soft ferrite, and others.
The electric steel segment accounted for the highest market share in the global market
In the current market, the electric steel segment generated a major share as compared to other material-based segments. Electric steel offers better electrical insulation, high permeability, low magnetic coercivity, high electrical resistivity to iron, and also reduces magnetic losses. It is used in products such as electrical power transformers, motors, generators, and inductors, as it has a small magnetic hysteresis area that in the end leads to less counterflow current loss. Moreover, increasing the efficiency of the application, due to favourable properties, adoption of electric steel in the various application is high, which is driving its usage at an increasing rate by contributing to the forecasting period.
Global Soft Magnetic Material Market Geographical Share
Based on geography, the study analyzes the soft magnetic material market in the global market, including North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
Asia-Pacific leads the global market throughout the forecast period
Asia-Pacific dominates the global soft magnetic material market in terms of value and volume due to the presence of leading manufacturing companies and easy accessibility of premium quality Soft Magnetic Materials based on chemical & material products. It is also leading due to the growth in demand for electrical and electronic products. In Europe, the growing demand for these types of products due to increasing the construction of new projects further enhances its market position in the global soft magnetic material market in the coming years.
Additionally, the Asia Pacific region is also estimated to grow at the fastest CAGR in the global soft magnetic material market during the forecast period. The growth is primarily driven by increasing the number of construction projects, and soft magnetic material product consumption. While the global companies are often investing substantial funds in the region to increase the export from the low-cost area, which is further expected to increase the soft magnetic material consumption in the domestic region during the forecast period.
Soft Magnetic Material Market Companies and Competitive Landscape
The soft magnetic material market is highly competitive, owing to the presence of big brands. The key soft magnetic material players which are contributing to the growth of the global market include Toshiba Materials Co., Ltd., Rio Tinto PLC, GKN Powder Metallurgy, Höganäs AB, Voestalpine Stahl GmbH, Hitachi Metals Ltd, Sumitomo Metal Mining Co., Ltd., VACUUMSCHMELZE GmbH & Co. KG, PMG Holding GmbH, Hengdian Group DMEGC Magnetics Co., Ltd., Mate Co. Ltd., Sintex a/s, Bentley, Chrysler, Fiat, and among others. The major players are adopting new product launch and expansion strategies for global growth in the Soft Magnetic Material market.
Toshiba Materials Co., Ltd.
Overview: Toshiba Materials Co., Ltd. is engaged in the development, manufacturing and sales. The company offer its products in fine ceramics, phosphor applied products, high-purity metals, magnetic parts, tungsten and molybdenum, special metals and alloys, and others. It surpassed the industry standards for more than 17 years. Further, t it has manufacturing operations and corporate facilities in North America, Europe, Asia Pacific, Central and Eastern Europe, Africa, Latin America, and the Middle East. Toshiba Materials Co., Ltd. is headquartered in Yokohama, Japan.
Product Portfolio: The company's portfolio comprises Fine Ceramics, Phosphor applied Products, High-purity Metals, Magnetic Parts, Tungsten and Molybdenum, Special Metals and Alloys, and others.
Why Purchase the Report?
- Visualize the soft magnetic material market segmentation composition by application, material, end-user, and region, highlighting the critical electronics & electrical assets and players.
- Identify Electronics & electrical opportunities in the soft magnetic material market by analyzing trends and co-development deals.
- Excel data sheet with thousands of data points of soft magnetic material market – level 4 segmentation.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in excel for the key product of all major market players
The global soft magnetic material market report would provide access to an approx. 78 market data tables, 67 figures and 180 pages.
Target Audience
- Service Providers/ Buyers
- Industry Investors/Investment Bankers
- Education & Research Institutes
- Research Professionals
- Emerging Companies
- Manufacturers
