Global Soft Magnetic Materials Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global soft magnetic materials market size reached US$ 29.4 Billion in 2022. Looking forward, the market is expected to reach US$ 47.5 Billion by 2028, exhibiting a growth rate (CAGR) of 8.32% during 2022-2028.

Soft magnetic materials are functional elements used to measure the magnetic field, electric current, displacement, and mechanical stress. They offer utmost permeability, slight coercive force, small hysteresis loss, remanent induction, and high saturation magnetization. They are utilized in the magnetic cores of transformers, inductors, motors, and generators worldwide. Some of the commonly used soft magnetic materials include pure iron, silicon iron alloys, and nickel-iron alloys.

Soft Magnetic Materials Market Trends

Due to the growing global population, rapid infrastructural developments, and increasing manufacturing activities, the demand for soft magnetic materials in the energy and power industry is escalating around the world. Apart from this, there is a considerable increase in the application of these materials in the automotive industry across the globe. This can be accredited to the rising usage of high functional automotive components, such as the alternator, gearbox, induction coil, and antenna core. Soft magnetic materials are also increasingly being utilized in electric vehicles (EVs) on account of their benefits, such as compact design, low noise, and energy savings. As a result, the rising adoption of EVs around the world is catalyzing the demand for soft magnetic materials. Moreover, they are employed in the stators of brushless direct current (DC) motors, switch reluctance motors, claw pole motors, steppers motors, transformers, and alternators. Furthermore, the market is driven by numerous innovations in the development of harvesting renewable energy and growing investments in the power distribution sector. Other major factors, including the coronavirus diseases (COVID-19) outbreak and a significant need for medical equipment like ventilators that are made up of motors, are anticipated to positively influence the market across the globe.

Key Market Segmentation

This research provides an analysis of the key trends in each sub-segment of the global soft magnetic materials market report, along with forecasts at the global, regional and country level from 2023-2028. The report has categorized the market based on material, application and end use.

Breakup by Material:

• Cobalt
• Iron
• Nickel
• Electric Steel

Breakup by Application:

• Motors
• Transformers
• Alternators

Breakup by End Use:

• Automotive
• Electrical and Electronics
• Telecommunication
• Energy and Power

Breakup by Region:

• North America
• United States
• Canada
• Asia-Pacific
• China
• Japan
• India
• South Korea
• Australia
• Indonesia
• Europe
• Germany
• France
• United Kingdom
• Italy
• Spain
• Russia
• Latin America
• Brazil
• Mexico
• Middle East and Africa

Competitive Landscape

The competitive landscape of the industry has also been examined along with the profiles of the key players being Arnold Magnetic Technologies, Daido Steel Co. Ltd., GKN Sinter Metals Engineering GmbH, Hitachi Ltd., Mate Co. ltd., Meyer Sintermetall AG, SG Technologies, Steward Advanced Materials, Sumitomo Metal Mining Co. Ltd., Toshiba Materials Co Ltd (Toshiba Corporation) and Vacuumschmelze GmbH & Co KG.

Key Questions Answered in This Report

1. What was the size of the global soft magnetic materials market in 2022?
2. What is the expected growth rate of the global soft magnetic materials market during 2023-2028?
3. What are the key factors driving the global soft magnetic materials market?
4. What has been the impact of COVID-19 on the global soft magnetic materials market?
5. What is the breakup of the global soft magnetic materials market based on the material?
6. What is the breakup of the global soft magnetic materials market based on the application?
7. What is the breakup of the global soft magnetic materials market based on the end use?
8. What are the key regions in the global soft magnetic materials market?
9. Who are the key players/companies in the global soft magnetic materials market?