The Soft Magnetic Materials Market, valued at USD 19.2 Billion in 2023, is anticipated to surpass USD 30.1 Billion by 2032, reflecting a projected CAGR of 5.2%

The increasing demand of soft magnetic materials from the automotive industry is one of the major growth drivers. This increasing demand is attributed by the growing use of components such as gearbox, alternator, induction coil, and antenna core which make use of soft magnetic materials. On the other hand, volatile price of raw materials is restraining the growth of market. Unpredictable variations in raw material prices are upsetting the supply chain, making it harder for manufacturers to deliver high-quality products at cheap cost while remaining profitable. However, increased demand from emerging economies such as China and India provides a huge opportunity for the soft magnetic materials industry.

Soft Magnetic Materials Market Statistics

• In 2023, the global soft magnetic materials market was valued at USD 19.2 Billion, indicating significant growth potential
• The market is expected to grow at a rate of 5.2% from 2024 to 2032
• Asia-Pacific dominates the market with a 51% share, highlighting its critical role in the industry's expansion
• Asia-Pacific strong growth rate of 5.6% offers great potential for industry participants
• In 2023, the market's largest material type category was electrical steel
• Motors application accounted for a considerable portion of revenue
• A major trend is the expansion of healthcare access in emerging markets

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Soft Magnetic Materials Market Dynamics

Adoption of Soft Magnetic Materials in Electric Vehicles (EVs) Fuels the Soft Magnetic Materials Market

The growing popularity of electric vehicles (EVs) is a major driver for the soft magnetic materials market. Soft magnetic materials are important in EV components like motors, transformers, and inductors because they increase energy efficiency and reduce power losses. Governments and manufacturers around the world are pushing EV adoption to reduce greenhouse gas emissions, resulting in increased demand for sophisticated magnetic materials. The introduction of lightweight, high-performance soft magnetic alloys has increased their use in modern EV designs. For example, materials such as amorphous and nanocrystalline alloys are gaining popularity for boosting motor efficiency. As EV production expands globally, notably in North America and Asia-Pacific, the demand for soft magnetic materials is expected to increase dramatically.

High Cost of Advanced Alloys is the Challenges in the Soft Magnetic Materials Market

Advanced soft magnetic materials, such as nanocrystalline and amorphous alloys, need sophisticated manufacturing procedures, resulting in high costs. These expenditures frequently result in increasing expenses for end users, which might impede adoption, particularly in cost-sensitive applications. Smaller businesses or companies with limited resources may struggle to incorporate these materials into their products, opting for less efficient but less expensive alternatives. Furthermore, fluctuating raw material prices such as cobalt and iron worsen the problem, reducing the affordability of high-quality soft magnetic solutions.

Expansion of Renewable Energy Projects create Opportunities in the Soft Magnetic Materials Market

The increased emphasis on renewable energy generation, such as wind and solar, represents a profitable opportunity for the soft magnetic materials market. These materials are required in transformers, inductors, and other electrical components found in renewable energy systems. Governments around the world are expanding their investments in renewable energy infrastructure to accomplish sustainability goals, which is fuelling demand for soft magnetic materials. Manufacturers can meet the growing need for reliable and efficient renewable energy solutions by developing sophisticated materials with low core losses and high efficiency.

Increasing Focus on Miniaturization in Electronic Devices is the Market Trend

The push toward downsizing in electronics has a profound impact on the development of soft magnetic materials. As electronic devices get smaller and more compact, there is an increasing demand for materials that have good magnetic performance and low core losses in smaller volumes. Nanostructured magnetic materials have enabled the development of ultra-compact transformers, inductors, and sensors. This tendency is especially noticeable in consumer electronics, medical devices, and communication equipment, where space and weight are crucial.

Soft Magnetic Materials Market Segmentation

The global market for soft magnetic materials market has been segmented into material type, application, end user industry, and region.

• Product: soft ferrite, nickel, electrical steel, cobalt, and others
• Application: transformer, motors, alternators, and others
• End user industry: automotive, electronics & telecommunication, electrical, and others
• Geographically: Latin America, Europe, Asia-Pacific, the Middle East and Africa, North America

Soft Magnetic Materials Market Regional Outlook

Based on geography/region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa (MEA). Amongst these regions, Asia-Pacific dominated the soft magnetic materials market attributed by the rise of end-use industries such as electronics & telecommunication and automotive in China and India. Europe is the second largest region in soft magnetic material followed by North America, Middle East and Africa. China is the biggest market in Asia-Pacific region whereas Germany is the largest market in Europe.

Soft Magnetic Materials Market Players

Soft magnetic materials companies profiled in the report include Daido Steel Co. Ltd., Toshiba Materials Co., Ltd., Sumitomo Metal Mining Co. Ltd., GKN Sinter Metals Inc., Mate Co. Ltd., Sintex A/S, Ames S.A., Hitachi Metals Ltd., Daido Kogyo Co. Ltd., GKN Plc, Steward Advanced Materials Inc., and SA Technologies Limited.

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Soft Magnetic Materials Market Insights

Mr. Richard Johnson

Acumen Research and Consulting

India: +91 8983225533

E-mail: [email protected]