The report “Soft Magnetic Materials Market by Material Type (Soft Ferrite, Electrical Steel, Cobalt), Application (Motor, Transformer, Alternator), End User Industry (Automotive, Electronics & Telecommunications, Electrical) – Global Forecast to 2026″, is projected to reach USD 28.15 Billion by 2021, growing at a CAGR of 7.8%, from 2016 to 2021. The increasing demand for materials that can reduce eddy current loss and offer good permeability is driving the usage of soft magnetic materials in many end-user industries such as automotive, electronics & telecommunications, and electrical, among others.
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Electrical steel comprises a major share of the soft magnetic materials market in terms of value
Electrical steel has the highest market share in the global soft magnetic materials market as it provides electrical insulation, high permeability, low coercivity, high electrical resistivity to iron, and minimizes magnetic losses. It is used in applications such as, electrical power transformers, motors, generators, and inductors. It also offers a small hysteresis area which eventually leads to less eddy current loss, thereby increasing the efficiency of the application.
Automotive is the largest end-use industry for soft magnetic materials in terms of volume
Soft magnetic materials have gained wide acceptance in various end-user industries, because of the superior performance and a number of advantageous properties such as, good permeability and the reduction of eddy current loss. Automotive is a major consumer in the soft magnetic materials market. The major automotive applications where these materials are used include, anti-lock brake systems, fuel injectors, motors, compressors, other rotating devices, and so on.
Asia-Pacific accounts for a major market share in the soft magnetic materials market
The growth of the soft magnetic materials market in the Asia-Pacific region is driven by the growing electronics & telecommunications and automotive industries due to the presence of established players and stringent environmental regulations stressing upon the use of materials which will lead to the reduction of eddy current loss, thereby leading to energy savings. Some of the leading players such as Daido Steel Co. Ltd. (Japan) and Toshiba Materials Co., Ltd. (Japan) have accelerated their R&D efforts to provide good quality soft magnetic materials. Moreover, the Asia-Pacific region is witnessing rapid economic development and industrialization, which is also giving an impetus to the soft magnetic materials market in the region.
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Some of the key global players in the soft magnetic market are Hitachi Metals Ltd. (Japan), Toshiba Materials Co. Ltd. (Japan), GKN Sinter Metals Inc. (U.S.), Sintex a/s (Denmark) and others. These players have adopted various organic and inorganic developmental strategies during the past five years.
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