Soft Magnetic Materials Market Set to Witness Explosive Growth by 2030

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Description

The global soft magnetic materials market will grow at a CAGR of 8.2from 2022 to 2030Soft magnetic materials have the efficiency to be easily magnetized and demagnetizedThey typically have intrinsic coercivity less than 1000 Am1 and are used primarily to enhance the flux produced by an electric currentSoft 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.

The global soft magnetic materials market has been witnessing significant growth in recent years, owing to developments in the global automotive industry and increased demand for electric vehiclesManufacturers are now focusing more on producing lightweight and reducing dependency on conventional fuel to curb carbon dioxide emission owing stringent government environmental policies automobileSoft magnetic materials are widely used in electric motorsAn increase in demand and production of electric vehicles leads to a rise in electric motors’ requirementsThis factor is expected to increase the demand for soft magnetic materials and drive the growth of this marketIn addition, soft magnetic materials are also used in brushless DC motors, which are primarily used in various industrial applications such as linear motors, servo motors, actuators for industrial robots, extruder drive motors, and feed drives for CNC machine tools.

The demand for brushless DC motors is expected to increase considerably, resulting in a surge in demand for soft magnetic materials due to rapid industrialization across emerging economiesThese factors are anticipated to drive the growth of the soft magnetic materials marketHowever, the global soft magnetic material market growth is anticipated to be hampered by unexpected volatility in raw material pricesIt poses a challenge for manufacturers to supply quality products at a low priceHowever, an increase in demand for soft magnetic materials from emerging economies is estimated to create lucrative opportunities for the growth of this market.

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Global Soft Magnetic Materials Market Dynamics

DriversIncrease in demand for electric and hybrid vehicles

Electric vehicles (EVsuse electric motors or traction motors for propulsionAn EV is powered by batteries, solar panels, and an electric generator that converts fuel to electricityA hybrid electric vehicle (HEVcombines conventional and electric sources for propulsionThe traction motors used in such vehicles are direct current (DCmotorsDC motor is a series of field windingsThese motors are better in speed control, have higher efficiency, no sparking, longer lifetime, higher torque to weight ratio, more reliability, and less noiseIn DC motors, DC electricity is directed into an inverter, converted to alternating current (ACelectricity, and connected to a 3phase AC motor.

Soft magnetic materials have a narrow magnetic hysteresis loop to minimize losses and maximize permeability; thus, they are used in traction motors to reduce energy lossTherefore, soft magnetic materials are extensively utilized in electric vehicle engine parts, motors, ignitionrelated components, and other highly functional electric automotive componentsThe increase in consumption and production of electric vehicles is influencing the adoption of DC motors which eventually drives the demand for raw materials related to battery production.

RestraintsInstability in the raw material prices

Soft magnetic materials are used in various automotive parts, motor engines, electric engines, sensors, transformers, chokes, medical devices, mining, etcHigh permeability and coercivity properties of soft magnetic materials improve engine efficiency and transmission efficiency due to decreased power lossThe raw materials used in soft magnetic materials are cobalt, nickel, iron, and other alloys derived from these metals.

Soft magnetic materials being a niche market, are highly affected by the pricing fluctuations of these metalsIn response to the instability in the price trend, manufacturers of various enduse industries face several challenges, which hamper the supply side of the material, including cobalt, nickel, and alloysDue to irregular supply, the market has faced an unstable supplydemand gap for cobalt and nickel and their alloysHence, fluctuation in the price of raw materials is a key source that further hampers the growth of the global soft magnetic material market.

OpportunitiesDevelopment of nanostructured soft magnetic materials

Increased demand for soft magnetic materials in automotive, healthcare, energy & power, aviation, and various other industries led to increased R&D activitiesThe companies are indulging in the continuous development of the current technology of soft magnetic materials to enhance them for better efficiency and lower energy loss during the processSoft magnetic nanoparticles exhibit a varied unusual behavior when compared to bulk materialsThis is due to symmetry breaking, surfaceinterface effects, charge transfer, or magnetic interactionsNanostructured materials possess high strength, ductility in normally brittle materials, wearresistance, improved hardness, corrosionresistance erosionresistance, and higher chemical activitySoft magnetic nanocrystalline materials have higher coercivity and low remanence propertiesThese materials can be for data storage purposes, thinfilm in media and entertainment, power electronics, and sensorsThe nanostructured soft magnetic material with enhanced properties is anticipated to offer new growth opportunities during the forecast period.

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Scope of the Report

The study categorizes the soft magnetic materials market based on material and Industrial Vertical at the regional and global levels.

By Material Outlook (Revenue, USD Million, 20172030)

  • Cobalt
  • Iron
  • Nickel
  • Electric Steel
  • Others

By Industry Vertical Outlook (Revenue, USD Million, 20172030)

  • Automotive
  • Electrical & Electronics
  • Telecommunication
  • Energy & Power
  • Others

By Region Outlook (Revenue, USD Million, 20172030)

  • North America (US, Canada, Mexico)
  • South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
  • Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
  • Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
  • The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

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The iron segment is projected to account for the largest market share, by material

Based on material, the global soft magnetic materials market is divided into cobalt, iron, nickel, electric steel, and othersIn 2021, the iron segment accounted for the largest market share of 41.0in the global soft magnetic materials marketIron contains a minuscule carbon content (less than 0.1%). This material is refined to get the maximum permeability and less coercive force to make it a soft magnetic materialBut, it produces eddy current loss when subjected to very high flux density due to low resistivity.

Ironbased soft magnetic material is widely used in many electrical apparatus and instruments such as a magnetic material core for electromagnets, lowfrequency components for relay electrical instruments because it produces eddy current lossThe demand for relay devices is significantly increasing due to the rise in power generation at the power grid to trip a circuit breaker when a fault is detected during electricity transmissionIn addition, a surge in infrastructure development activities across developing nations such as India, China, Vietnam, and the Philippines leads to the construction of new railway linesThis factor is expected to increase the demand for railway signaling relay devices and thus drive the growth of the ironbased soft magnetic material.

North America accounts for the highest CAGR during the forecast period

Based on the regions, the global soft magnetic materials market has been segmented across North America, AsiaPacific, Europe, South America, and the Middle East & AfricaGlobally, North America is projected to hold the highest CAGR of 8.6during the forecast periodThe use of soft magnetic materials in aircraft engines impacts the market positivelyThe rise in electricity generation through new renewable sources eventually leads to increased transformers and drives the soft magnetic materials marketAn increase in aircraft shipments drives the market growth in the U.S.

The soft magnetic materials market finds application in the energy & power, telecommunications, and aircraft industry in North AmericaIt has huge demand in the energy & power industry for electricity generation and aircraft industry in APUs due to the high permeability properties of soft magnetic materialsThe rise in demand for new aircraft and electricity offers growth opportunities for the soft magnetic materials marketThe use of soft magnetic materials in aircraft engines impacts the market positivelyThe rise in electricity generation through new renewable sources eventually leads to increased use of transformers and drives the soft magnetic materials marketAn increase in aircraft shipments drives the market growth in the U.S.

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Key Market Players

Manufacturers of soft magnetic materials are the ones who mainly focus on the production of soft magnetic material and related alloysKey industry participants mainly involved in the production of soft magnetic material include Melrose Industries PLC, Daido Kogyo CoLtd., Vacuumschmelze GmbH and CoKG, Toshiba Materials Co., Ltd., AMES, Mate Co., Ltd, Hitachi Metals, Ltd., GRUNDFOS A/S, Sumitomo Metal Mining Co., Ltd., Steward Advanced Materials Inc., and SG Technologies.

Recent Developments

  • In October 2021, Magnetics player Bunting has acquired MagDev Ltd, a UKbased magnet and magnetic assembly manufacturerThis acquisition will expand the range of magnetic solutions and technical expertise Bunting can offer as a global magnetics group.
  • In May 2019, VACUUMSCHMELZE launched new cobaltiron material VACOFLUX X1 for motor applicationsThis product can be used in aviation, motorsports2030 higher power density can be achieved from this new product compared to electrical steel.
  • In May 2019, Daido steel merged two of its subsidiaries Daido Electronics and Intermetallics Japan CorpThe purpose of this merger was to propose a total solution to the wide needs of various customers of the automobile, factory automation, and home appliances, etc.
  • In April 2019, Fraunhofer IISB and Hitachi Metals Developed New Technology to Enhance the Power Density in Compact OnBoard ChargersThis OBC prototype delivers high power output and a compact body by combining soft magnetic materials and components developed by Hitachi Metals and Fraunhofer IISB’s circuit technology.

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