Global Soft Magnetic Materials Market: Market Research by Knowledge Sourcing Intelligence


Automotive Industry to Boost the Growth of Soft Magnetic Materials Market



Soft magnetic materials can get magnetized and demagnetized, and have an inbuilt coercivity of fewer than 1000 Am-1. They are utilized principally to upgrade as well as channel the flux delivered by an electric current. A perfect soft magnetic material would have zero coercivity, a huge immersion charge, zero hysteresis loss, and expansive/XR max and firi. Pure iron, though delicate, is ordinarily not utilized as a part of electric machines (with the exception of in a couple of particular relay-type applications) since its high conductivity permits expansive eddy streams to be in­duced under differing fields.
Soft magnetic materials are used for two types of applications AC and DC. In DC applications the material is charged with a specific end goal to play out an operation and after that demagnetized at the finish of the operation. In AC applications the material will be consistently cycled from being magnetized in one direction to the next, all through the time of operation. The target market study conducted by Knowledge Sourcing Intelligence shows that the key players mentioned in the report are GKN plc, SG Technologies, Hitachi Metals, Ltd,.Mate Co., Ltd., Daido Steel, Toshiba Materials Co. Ltd, Steward Advanced Materials LLC, Sintex A/S (part of GRUNDFOS), Vacuumschmelze GmbH & Co. Kg, and Arnold Magnetic Technologies.


Market Drivers:
One of the major growth drivers of the soft magnetic materials market is increasing demand originating from the automotive industry. Moreover, the use of such materials in electrical applications and utilization of these in wind turbines for energy generation will also contribute to the soft magnetic materials market growth. On the other hand, the volatility in the price of raw materials used in the fabrication process of these materials may restrain the market growth over the forecast period.
Global soft magnetic materials market is projected to grow at a CAGR of 5.56% over the forecast period to reach US$34.011 billion by 2024, from US$24.578 billion in 2018. Asia Pacific region will witness a good growth on account of the expansion of various end-user industries such as electronics & telecommunications and automotive. Moreover, factors like rapid economic development and industrialization will also propel the demand for these materials over the next six years.
Market Segmentation:
The soft magnetic materials market has been segmented based on type, application, end-users, and geography. By type, the market is segmented as Soft Ferrite, Cobalt, Electrical Steel, and Others. By application, the market is segmented as Alternators, Transformers, Motors, and Others. By end-user, the market is segmented as Electrical and Electronics, Communication and Technology, Automotive, and Others. Geographically, the market has been segmented as North America, South America, Europe, the Middle East, and Africa, and The Asia Pacific. The soft magnetic materials market analysis shows that the Asia Pacific region is expected to grow at the highest CAGR owing to the presence of iron ore mines. The availability of cheap labor and an untapped market has gained the focus of key market players in the area. Moreover, rapid industrialization and government initiatives to support electric vehicles will also augment the market growth.
Key questions answered in the report:
·       What has been the performance of Soft Magnetic Materials Market and how it will perform in the future?
·         What are the key players in the target market study?
·         What are the various segments on which the market research is conducted?
·         What are the driving factors that are leading to the growth of the market?
·         What are the recent developments happening in the industry?

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