Many advancements recorded by the electrical and electronic industries in the past two decades can be directly attributed to advancements in magnetic materials technology. According to a latest market study, soft magnetic materials are vital components in many devices and are indispensable in modern electrical engineering and electronics, thus are in huge demand. Market Research Reports Search Engine (MRRSE) has recently broadcasted a new report to its online repository, titled as “Soft Magnetic Materials Market: Global Industry Analysis and Forecast, 2016–2026”. As per the key findings of this report, global soft magnetic materials market is expected to grow at a CAGR of 8% during the given forecast period of 2016-2026.
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Geographically, the report analyzes the global market in some of the major regions, including North America, Latin America, Eastern Europe, Western Europe, Japan, APEJ (Asia-Pacific excluding Japan) and MEA. Among these, APEJ is predictable to expand at an expressively high CAGR in terms of value over the forecast period. The soft magnetic materials market in APEJ is largely driven by the presence of iron ore mines. Also, the strong industrialization across APEJ countries united with geographical advantages such as the presence of mines in China is one of the growth drivers of the soft magnetic materials market in this region. Apart from that, Western Europe projected to gain more than 15% market value share by 2026.
In the first part, the report presents an in-depth analysis of the market by segmenting it into material type and applications. The soft magnetic materials can be simply magnetized and demagnetized. They lose their magnetism when an outward magnetic field is removed. The research also finds that Soft magnetic materials are an important component of the motor drive system as it reduces the vehicle weight as compared to conventional electric steel. Use of soft magnetic motor offers numerous advantages like low noise, compact design and energy savings. The increasing consumption of electric and hybrid vehicles in APEJ is expected to drive revenue growth of the global soft magnetic materials market.
Moreover, by material type, the market has been segmented into:
- Pure Iron/Iron Powder
- Silicon Ferrite
- Soft Ferrite
- Fe Amorphous
- Nano Crystalline
The nano crystalline material type segment is also projected to register the highest CAGR of 11.8% in terms of value in the APEJ soft magnetic materials market. By application, it covers Motors, Transformers, Generators and Inductors. Moreover, the market dynamics section includes analysis of key trends, drivers, restraints, opportunities and macro-economic factors influencing the development of the global soft magnetic materials market.
Moving further, a competitive landscape has been included in the last section of the report to provide a dashboard view of key companies operating in the global soft magnetic materials market. Major companies profiled in the report are Hitachi Metals Ltd., Toshiba Corp (Toshiba Materials Co., Ltd., PMG Holding GmbH, GKN plc, Hengdian Group DMEGC Magnetics Co., Ltd., Rio Tinto PLC, Sumitomo Metal Mining Co., Ltd., voestalpine Stahl GmbH, VACUUMSCHMELZE GmbH & Co. KG, Höganäs AB and others.
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