As per the report by Grand View Research Inc., the global Soft Magnetic Material Market is estimated to be valued at USD 26.12 billion by 2027. It is expected to develop by a 3.9% CAGR from 2020 to 2027.
Expansion in the power distribution sector followed by the growing demand for electric motors in diverse applications, particularly in medical field is expected to boost the development of the market for soft magnetic material. Additionally, the market development is further pushed by the improvements in the development of renewable energy. The rising demand for electric vehicles and increasing investments in the power distribution sector. Growing funds in the manufacturing of the medical equipment, power transmission sector are pushing the production for manufacturing of generators, transformers and the motors in the U.S.A. This is increasing the demand for the soft magnetic material in the U.S. market.
The exceptional quality of the soft magnetic material of getting easily magnetized and demagnetized, is responsible for its demand. This feature is fairly necessary in electronic and electrical circuits because the magnetic energy gets transformed to the electrical energy before any action in the circuit. This is impossible, in case of permanent otherwise hard magnetic materials, because their magnetization and demagnetization results in generating massive amount of energy. Therefore, soft magnetic material is widely used across applications in generators, motors, transformers and others.
In 2019, the motors retained the biggest share of the market. The soft magnetic material is utilized in the motors where they increase the magnetic field created by motor windings, and direct the flux in the motors made up of permanent magnet. The electric motors possess plentiful applications for medical equipment, home appliances, mills, turbines, pumps, HVAC equipment, electric vehicles, ships, power tools, machine tools and others. The usage of motors, in diverse industries, is increasing the development of the market for soft magnetic material.
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Effect of Covid-19:
The eruption of Covid-19 pandemic has harshly affected different markets together in terms of source and cost. On the other hand, the pandemic has furthermore increased the necessity for medicinal apparatus, for example ventilators. These ventilators utilize the motors for synchronized flow of air, greater density of torque, fewer noise, and appropriate control. The demand for ventilators is speeding up globally, due to the fast rising patients of corona virus. This is projected to increase the demand for the motors and ultimately the development of the market for the soft magnetic material.
Key Takeaways from the report:
- Due to the Covid-19 pandemic, the development of the market for soft magnetic material is slow in 2020. The pandemic has disturbed the manufacturing sector, where the demand for soft magnetic material subsists. Yet, due to the growing patients and increasing necessity for the medicinal apparatuses for example ventilators, the demand in the healthcare division subsists for the electric motors , which results in demand for the soft magnetic material.
- Taking in to consideration, the broad range of applications of electric motors, which is increasing speedily, in electric vehicles and in the sector of power distribution, the division of electric motors is expected to observe the best ever development speed of 4.1%, in terms of revenue, during the period of forecast.
- Due to their greater prices than the electrical steel, the ferrites retained 12% share of the revenue, of the global market, in 2019.
- In 2019, Asia Pacific represented a more than 46% volume share of the global market for the soft magnetic material. It is credited to the growth in manufacturing in emerging economies of the region across diverse sectors such as infrastructure, medical equipments, consumer goods and automotive.
- As a result of enormous growth for power sector, within the regional markets the Middle East and Africa projected to record the best ever development speed of 5%, in terms of revenue, with in the period of forecast
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Some of the companies for Soft Magnetic Material Market are:
- VACUUMSCHMELZE GmbH & Co. KG
- Sintered Specialties, LLC
- MATE CO., LTD
- JFE Steel Group
- GKN Sinter Metals Engineering GmbH
- Steward Advanced Materials LLC
- Meyer Sintermetall AG
- Mahindra CIE
- Hitachi Metals Group
- Arnold Magnetic Technologies
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Grand View Research has segmented the global soft magnetic materials market report on the basis of application, product, and region:
Soft Magnetic Materials Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
Soft Magnetic Materials Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
- Electrical Steel
Soft Magnetic Materials Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
- North America
- The U.S.
- Asia Pacific
- South Korea
- Central & South America
- The Middle East & Africa
About Grand View ResearchGrand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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