The global soft magnetic materials market is expected to witness significant growth, during the forecast period (2016-2022), on account of increasing demand from automotive industry, new product development, and increasing application in motors, transformers and alternators. Additionally, increasing demand from the developing nations is offering new growth opportunities for the global soft magnetic materials manufacturers. Contrary to it, fluctuation in raw material prices is expected to have adverse ripple effects on the growth of the global soft magnetics materials market.
Soft magnetic materials have the efficiency to be easily magnetized and demagnetized. These materials are used to enhance and channel the flux produced by an electric current. Soft magnetic materials are extensively used in various applications such as electric motors, receipt of radio signals, electrical power generation and transmission, microwaves, relays, solenoids, magnetic shielding and electromagnets.
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The global soft magnetic materials market has been segmented on the basis of material type, application and end-user. On the basis of material type, the market has been segment into soft ferrite, electrical steel and cobalt. The electrical steel segment is expected to witness significant growth, during the forecast period, due to electrical steel properties such as high permeability, electrical insulation, minimal magnetic losses, low coercivity and high electrical resistivity to iron. On the basis of end-user, the market has been categorized into electronics and telecommunications, automotive and electrical. The automotive industry uses the soft magnetic materials for anti-lock brake systems, fuel injectors, motors, compressors and various rotating devices. On the basis of application, the market has been segmented into motors, transformers and alternators.
Asia-Pacific is expected to witness the fastest growth in the global soft magnetic materials market during the forecast period. The major factors contributing to the regional market growth include the increasing base of automotive manufacturers and increasing investment in establishment of advanced electronics and telecommunications industries. The growing demand is encouraging major players to shift their focus from developed nations to the developing nations of China, India, and South Korea. China and Japan are the major countries driving the soft magnetic materials market in the Asia-Pacific region. The automobile industry in China has been witnessing exponential growth. Since 2009, the annual production of automobiles in China has exceeded the combined production of automobiles in Japan, the U.S., and the European countries. The North American market is expected to witness significant growth driven by technological advancement in the field of soft magnetic materials during the forecast period.
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Some of the key companies in the global soft magnetic materials market are Hitachi Metals Co. Ltd., Toshiba Materials Co. Ltd., Daido Steel Company Ltd, Steward Advanced Materials, Sintex a/s, Vacuumschmelze GmbH & C0. Kg, GKN Sinter Metals, and Mate Co. Ltd.
Global Soft Magnetic Materials Market Segmentation
By Material Type
- Soft ferrite
- Electrical steel
- Automotive industry
- Electronics and telecommunications
- North America
- The U.S.
- The U.K.
- Rest of Europe
- Asia-Pacific (APAC)
- Rest of APAC
- South America
- Rest of South America
- Rest of the World
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