Soft Magnetic Material Market Analysis | 2023-2028

Market Highlights

The Soft Magnetic Material Market is expected to grow from USD 19.75 billion in 2022 to USD 24.63 billion by 2028 at a CAGR of 3.70% during the forecast period.

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What is a soft magnetic material market?

The soft magnetic material market refers to the industry focused on the production and utilization of materials that exhibit excellent magnetic properties when subjected to an external magnetic field, but lose their magnetism when the field is removed. These materials are essential components in various electronic devices, such as transformers, inductors, motors, and sensors. Soft magnetic materials, including iron, cobalt, and nickel alloys, are crucial for efficient energy conversion and transmission. The market encompasses the manufacturing, distribution, and sale of these materials to industries like electronics, automotive, and energy.

Market Dynamics

The low coercivity, high permeability, electrical resistivity, corrosion resistance, formability, ease of magnetization, and temperature range of use distinguish soft magnetic materials from semi-hard and hard magnetic materials. Soft ferromagnetic magnets are generally used in electric circuits to increase the magnetic flux density in a magnetic field produced by electric currents. As a result, they are majorly used in electric power, relays, inductors, electromagnets, microwaves, and radio signal reception.

Market expansion is expected to be fuelled by rising power distribution and increasing demand for motors in various applications, particularly in medical equipment. Innovations in the development of renewable energy harvesting, growing investments in the power distribution industry, and rising demand for electric vehicles are all driving the growth of the market.

Covid-19 Impact

The Covid-19 pandemic has had a significant impact on a range of markets, including soft magnetic materials, in terms of pricing and supply. Conversely, the pandemic has increased the demand for medical equipment such as ventilators, which rely on motors to provide regulated airflow, high torque density, precise control, and low noise. Because of the ever-increasing number of coronavirus patients worldwide, the demand for ventilators is expected to rise, which will lead to increased demand for motors and, eventually, market growth.

Segments Analysis

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The market is segmented into the following categories-

By Product Type

• Electrical Steel
• Soft Ferrite 
• Permalloys 
• Others 

By Application Type

• Motors 
• Transformers 
• Alternators 
• Others 

By Region

• North America 
• Europe 
• Asia-Pacific 
• Rest of the World 

By Product Type

The market is segmented as electrical steel, soft ferrite, permalloys, and others. The electrical steel segment is expected to remain the most preferred product type during the forecast period. Manufacturers are compelled to increase their manufacturing capacity due to rising demand for electrical steel.  In September 2019, for example, Baosteel announced that it would build a manufacturing line for high-grade non-oriented silicon steel to meet rising demand from industries such as new energy vehicles. Trial production was scheduled to begin in late 2021 and will be completed by June 2023.

By Application Type

The market is segmented into motors, transformers, alternators, and others. Among these application types, the motors segment is likely to remain the biggest demand generator for soft magnetic materials during the forecast period. Electric motors are crucial in the soft magnetic material market because they have been used for millennia in a variety of applications such as domestic appliances, industrial drives, and transportation. Because their electricity consumption costs billions of dollars, even minor efficiency improvements can result in significant savings and help reduce carbon dioxide emissions. As a result, because of their small size and lightweight, permanent and soft magnets are used in electric motors to provide the necessary torque and power for actuation and transportation applications.

Regional Analysis

North America is expected to remain the largest market for soft magnetic material over the forecast period. The United States is responsible for most of the growth. The country is a major consumer of electric motors, which are widely used in industrial applications, such as material processing, handling, refrigeration, compressed air, fans, and pumping.

Key Players

Most companies are deploying various strategies regarding product development & differentiation, pricing, branding, technology, and customized products to gain a competitive advantage. The following are some of the key players in the soft magnetic material market:

• Arnold Magnetic Technologies
• GKN Sinter Metals Engineering GmbH
• Hitachi Metals Group
• JFE Steel Group
• Mahindra CIE
• MATE CO., LTD.
• Meyer Sintermetall AG
• Sintered Specialties LLC
• Steward Advanced Materials LLC.
• VACUUMSCHMELZE GmbH & Co. KG

Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s soft magnetic material market realities and future market possibilities for the forecast period of 2023 to 2028. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Report Customization Options

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com