The study provides an in-depth analysis of the global soft magnetic material market to elucidate the prominent investment pockets from 2016 to 2023. Current trends and future estimations are outlined to determine the overall market scenario.
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Soft magnetic materials are those materials that are easily magnetized and demagnetized on application of electric field. The demand for soft magnetic material is increasing, owing to their applications in electric & hybrid vehicles, which extensively use soft magnetic materials.
In addition, noise reduction and energy efficiency have supplemented the growth of the global soft magnetic material market.
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The demand for soft magnetic materials is expected to rise globally in the next four to five years, owing to various factors such as increase in demand for soft magnetic materials in electric & hybrid vehicles, introduction to nano-structured soft magnetic material, and rise in their demand in power transmission components.
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However, high cost of raw materials restrains the growth of the market. Increase in investment by the companies, especially in the developing nations, is expected to provide new opportunities for the market.
The soft magnetic materials market is segmented based on material, industry vertical, and geography. On the basis of material, the market is categorized into cobalt, iron, nickel, electric steel, alloys, and others.
By industry vertical, it is classified into automotive, aviation, telecommunication, power, healthcare, and others. Geographically, it is analyzed across North America (U.S., Mexico, and Canada), Europe (UK, Germany, France, and rest of Europe), Asia-Pacific (China, Japan, Taiwan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
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The major players profiled in the report include VACUUMSCHMELZE GmbH & Co. KG, GKN plc, Daido Kogyo Co. Ltd., Toshiba Materials Co., Ltd., Steward Advanced Materials Inc., AMES, MATE CO., LTD, Hitachi Metals, Ltd., Sintex A/S, and Sumitomo Metal Mining Co., Ltd.
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