In its report titled, “Soft Magnetic Materials Market: Global
Industry Analysis and Forecast, 2016-2026”, 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.
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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.
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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