According to a Future Market Insights (FMI) report, the global soft magnetic composite market value is forecast to increase from USD 44,459.0 Million in 2023 to USD 108,392.0 Million by 2033. Over the assessment period, global demand for soft magnetic composites is predicted to surge at a CAGR of 9.3%.
The electrical steel segment is expected to dominate the soft magnetic composite industry through 2033. It will likely hold a volume share of 63.9% in 2023. On the other hand, the iron powder segment is poised to exhibit a higher CAGR of 9.8% through 2033.
The worldwide market for soft magnetic composites is set to witness a robust growth trajectory during the assessment period. This is due to factors like:
- Rising demand for soft magnetic composites from automotive, electronic, construction, and energy industries
- Growing popularity of electric vehicles
- Expansion of the renewable energy sector
- Escalating miniaturization trend in electronic devices
- High adoption of industrial automation
Soft magnetic composites are widely used in electromagnetic devices like transformers, electric motors, generators, and inductors. This is due to their excellent properties and advantages, such as lightweight, high magnetic permeability, good machinability, and low eddy current losses.
Soft magnetic composites (SMCs) have become ideal components in power electronic and electrical distribution systems. Growing demand for electromagnetic devices from diverse industries is projected to boost the growth of the soft magnetic composite market.
In electrical and electronic industries, soft magnetic composites are considered to be essential in multiple electrical devices. The growing demand for high-quality electrical components to achieve optimum solutions influences the consumption of SMCs.
The rising adoption of electric vehicles is acting as a catalyst, triggering sales of soft magnetic composites. This is because these composites find application in electric motors and power electronics.
Electric vehicles are the most eco-friendly since they do not emit harmful emissions. According to the International Energy Agency (IEA), between 2014 and 2015, around a 70% increase in the registration of electric vehicles was recorded, with over 550,000 vehicles being sold globally.
Soft magnetic materials play an important role in the manufacturing of motors for electric vehicles. Hence, growth in the adoption of electric vehicles will likely uplift demand for soft magnetic materials.
Soft magnetic composites have vast applications in magnetic sensors, such as for flat inductors, magneto-electronic components, etc. These sensors require thin SMC films, which are layered in structure. The increasing demand for magnetic sensors for security and automotive applications influences the supply-demand ratio in the SMC market.
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Key Takeaways from the Report:
- The global market for soft magnetic composites is projected to thrive at a 9.3% CAGR through 2033.
- By material type, iron powder is set to hold a market share of 20.4% in 2023.
- By application, the motors segment is set to account for a revenue share of 25.6% in 2023.
- The United States market value is anticipated to total US$ 11,377.5 Million in 2033.
- China is poised to witness a CAGR of 10.3% between 2023 and 2033.
“The soft magnetic composite market is predicted to expand around 2.4X through 2033, amid an 8.1% increase in expected CAGR compared to the historical one. This is due to the growing demand for electrical coils, motors, generators, transformers, inductors, and sensors,” – opines Analyst at Future Market Insights (FMI).
Who is Winning?
The soft magnetic composite market is fragmented, with leading players accounting for about 80% to 85% share. Some of the leading manufacturers of soft magnetic composites listed in the report are –
- Hitachi Metals Ltd
- PMG Holding GmbH
- Höganäs AB
- GKN plc., Höganäs AB
- Sumitomo Metal Mining Co., Ltd.
- VACUUMSCHMELZE GmbH & Co. KG,
- Rio Tinto PLC
- Toshiba Corp (Toshiba Materials Co.,)
- Hengdian Group DMEGC Magnetics Co., Ltd.
- Mitsubishi Materials Corporation
- Ames Group Sintering SA
- Steward Advanced Materials LLC
Key players are focusing on expanding their portfolios by launching novel products to meet growing end-user demand. They also implement strategies such as mergers, partnerships, facility expansions, distribution agreements, and collaborations to gain a competitive edge in the market.
Recent Developments:
- In 2019, GKN Powder Metallurgy, a leading metal powder and component supplier, acquired Forecast 3D.
Get More Valuable Insights into the Soft Magnetic Composite Market Report:
In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the soft magnetic composite market, providing historical data from 2018 to 2022 and forecast statistics for the period 2023 to 2033. The market is segmented based on material type, application, end-use, and regions to understand the global market potential, growth, and scope.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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