The soft magnetic materials market is expected to grow at a compound annual growth rate of 4.20% over the analyzed period to reach a market size of US$34.610 billion in 2026 from US$25.945 billion in 2019. Soft Magnet Materials are elements that have the feature of magnetization and demagnetization.
These materials can be easily magnetized and demagnetised as per requirement. Their typical intrinsic coercivity is less than 1000 Am-1. Soft magnetic materials are primarily used to enhance and/ or channel the flux, which is produced by an electric current. Permeability, a measure to observe how readily an element responds to the applied magnetic field, is a crucial parameter to note the effectiveness of soft magnetic material. Other crucial parameters to determine the quality and efficiency are coercivity, saturation magnetization, and electrical conductivity.
The Transformers Segment of the soft Magnetic market has huge market growth potential.
The application of soft magnetic materials can be segmented into AC and DC. The DC application consists of regular magnetization and demagnetization of the material to perform the operations. The material is first magnetized to attract the target and then demagnetized to remove the target. An electromagnet on a scrap yard crane is a prime example of DC application. The crane is switched on and the electromagnet is magnetized to attract scrap steel. The user then switches off the electric flow to demagnetize the element and drop off the steel. Whereas, in AC application, the material is continuously cycled from being magnetized, from one direction to another. A power supply transformer uses AC soft magnetic material for a better setting of the incoming and outgoing voltage. The prime observation in an efficient AC soft magnetic material is the consideration of energy loss during the operation during the cycle of material around the hyperloop. AC soft magnetic materials have higher permeability than DC soft magnetic materials.
Based on application, the market for soft magnetic materials is segmented into alternators, transformers, motors, and others. During the study period, transformers are anticipated to have a greater market share in the soft magnetic materials industry. Rising urbanization and increasing electricity reach is the prime reason boosting the market demand for transformers. As per the observation by UN Population Prospects, global access to electricity has been rising steadily over the past two decades. In 2005, the number of people having access to electricity was 5.24 billion. This size increased to 6.5 billion by 2016. Over this span of 11 years, calculating on an average per day level, 314,770 people got access to electricity for the first time in their lives.
The major growth of access to electricity was seen in the Asian and Middle East region. Further construction of smart cities in these will significantly boost the market for transformers and related equipment. In India, for instance, the government has recognized 90 cities that have the potential to convert into smart cities for better standards of living and economic development. In China, the government is redeveloping Shantytown for making it a smart city. The UAE Minister of Energy and Infrastructure has announced an investment of US $2.72 billion for infrastructure development along with the country's east coast in 2021. Major infrastructure projects in Egypt, such as October Oasis, Tahrir Petrochemical complex, and others. The Saudi Arabian government has invested the US $100 billion in the construction of King Abdullah Economic City for better trade and tourism. Infrastructure development significantly increases the demand for transformers, raising the market for soft magnetic materials. However, in the Sub-Sahara African region, the growth is quite sluggish.
The communication and Technology segment of the market presents robust growth prospects during the study period.
Based on the End-users industry, the soft magnetic materials market is segmented into communication and technology, automotive, electrical and electronics, and others. The communication and technology segment of the market is predicted to provide humongous growth opportunities for soft magnetic materials owing to surging demand for greater and advanced technology such as 5G networking and others. Rising internet penetration along the globe will further expand the market during the forecasted period. The automotive, electrical, and electronic segment is anticipated to dominate the market for soft magnetic materials due to skyrocketing market demand in each industry. a surge in disposable income and the adoption of advanced technology are increasing the market size of these two segments.
Moreover, the use of soft magnetic materials in wind turbines will provide a significant growth prospectus. In the past decade, the installation and usage of wind turbines for generating electric energy have increased significantly. Post hydro, the wind is the second most preferable source of generating renewable energy. In 2009, 276.05 tetra-watts hours of energy were produced using wind turbines. This increased to 1,429.62 tetra-watts hours by 2019. China is the leading wind energy user with installed wind capacity in 2019 amounting to 210.64 GW.
The Asian region is anticipated to grow at an exponential rate
Based on geography, the market for soft magnetic materials is fragmented regionally as the North American region, the South American region, the Middle East and African region, the European region, and the Asia Pacific region. The Asia Pacific region is anticipated to grow at the fastest rate during the forecasted period owing to rapid infrastructure development and booming automotive and consumer electronics sectors. However, the North American region will dominate the market during the period.
The analysis report on the soft magnetic market studies in detail the effect of the coronavirus pandemic and nationwide lockdown on the industry.
|Market size value in 2019||US$25.945 billion|
|Market size value in 2026||US$34.610 billion|
|Growth Rate||CAGR of 4.20% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments Covered||Type, Application, End-Users Industry, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||SG Technologies, Mate Co. Ltd., Toshiba Materials Co Ltd, Steward Advanced Materials LLC, Sintex a/s, Vacuumschmelze GmbH & Co. Kg, Arnold Magnetic Technologies, Hitachi Metals Ltd.|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for the soft magnetic materials market?
A1. The global soft magnetic materials market is expected to grow at a CAGR of 4.20% over the forecast period.
Q2. What will be the soft magnetic materials market size by 2026?
A2. The soft magnetic materials market is expected to reach a market size of US$34.610 billion by 2026.
Q3. What is the size of the global soft magnetic materials market?
A3. Soft Magnetic Materials Market was valued at US$25.945 billion in 2019.
Q4. Which region holds the maximum market share in the soft magnetic materials market?
A4. The Asia Pacific region is anticipated to grow at the fastest rate during the forecasted period owing to rapid infrastructure development and booming automotive and consumer electronics sectors.
Q5. How is the global soft magnetic materials market segmented?
A5. The soft magnetic materials market has been segmented by type, application, end-use industry, and geography.
4.3.Porters Five Forces Analysis
4.3.1.Bargaining Power of Suppliers
4.3.2.Bargaining Powers of Buyers
4.3.3.Threat of Substitutes
4.3.4.The threat of New Entrants
4.3.5.Competitive Rivalry in Industry
4.4.Industry Value Chain Analysis
5.Soft Magnetic Materials Market, by Type
6.Soft Magnetic Materials Market, by Application
7.Soft Magnetic Materials Market, by End-User Industry
7.2.Electrical and Electronics
7.3.Communication and Technology
8.Soft Magnetic Materials Market, by Geography
8.2.1.North America Soft Magnetic Materials Market Analysis, By Type, 2019 to 2026
8.2.2.North America Soft Magnetic Materials Market Analysis, By End-Users Industry, 2019 to 2026
8.2.3.North America Soft Magnetic Materials Market Analysis, By Application, 2019 to 2026
8.3.1.South America Soft Magnetic Materials Market Analysis, By Type, 2019 to 2026
8.3.2.South America Soft Magnetic Materials Market Analysis, By End-Users Industry, 2019 to 2026
8.3.3.South America Soft Magnetic Materials Market Analysis, By Application, 2019 to 2026
8.4.1.Europe Soft Magnetic Materials Market Analysis, By Type, 2019 to 2026
8.4.2.Europe Soft Magnetic Materials Market Analysis, By End-Users Industry, 2019 to 2026
8.4.3.Europe Soft Magnetic Materials Market Analysis, By Application, 2019 to 2026
8.5.The Middle East and Africa
8.5.1.The Middle East and Africa Soft Magnetic Materials Market Analysis, By Type, 2019 to 2026
8.5.2.The Middle East and Africa Soft Magnetic Materials Market Analysis, By End-Users Industry, 2019 to 2026
8.5.3.The Middle East and Africa Soft Magnetic Materials Market Analysis, By Application, 2019 to 2026
8.6.1.Asia Pacific Soft Magnetic Materials Market Analysis, By Type, 2019 to 2026
8.6.2.Asia Pacific Soft Magnetic Materials Market Analysis, By End-Users Industry, 2019 to 2026
8.6.3.Asia Pacific Soft Magnetic Materials Market Analysis, By Application, 2019 to 2026
9.Competitive Environment and Analysis
9.1.Major Players and Strategy Analysis
9.2.Emerging Players and Market Lucrative
9.3.Mergers, Acquisition, Agreements, and Collaborations
9.4.Vendor Competitiveness Matrix
10.2.Mate Co. Ltd.
10.3.Toshiba Materials Co Ltd
10.4.Steward Advanced Materials LLC
10.6.Vacuumschmelze GmbH & Co. Kg
10.7.Arnold Magnetic Technologies
10.8.Hitachi Metals Ltd.
Mate Co. Ltd.
Steward Advanced Materials LLC
Vacuumschmelze GmbH & Co. Kg
Arnold Magnetic Technologies
Hitachi Metals Ltd.
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