Soft Magnetic Composites Market to Cross US$ 9.8 Bn by 2031, TMR Report

• Substantial demand from automotive and electronics industries for the manufacture of several industrial equipment, such as traction motors, AC/DC converters, and pumps, underscores growth of the soft magnetic composites market
• An array of favorable physical and chemical properties of some soft magnetic composite segments make them promising substitutes to conventional materials for use in electromagnetic applications

ALBANY, N.Y., May 12, 2022 /PRNewswire/ -- Analysts at TMR project the soft magnetic composites market to expand at a CAGR of 7.2% between 2021 and 2031. The increasing demand for high performance industrial motors in economically valuable end-use industries such as automotive and manufacturing is driving the soft magnetic composites market.

The consistent rise in demand for soft magnetic composites in the manufacture of mechanical and electromagnetic equipment for industrial and commercial use such as traction motors, pumps, air conditioning compressors, high output industrial motors, and DC/DC converters, among others, fuels the growth of the soft magnetic composites market.

The Asia Pacific soft magnetic composites market is expected to expand at a CAGR of more than 7.6% over the forecast period from 2021 to 2031. Significant demand for soft magnetic composites for various applications such as high performance industrial motors that are intrinsic to industrial units fuels the growth of the soft magnetic composites market in the region.

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Soft Magnetic Composites Market – Key Findings of Report

• Distinct advantage of efficient output of end products composed of soft magnetic composites compared to other magnetic materials continues to generate demand in the soft magnetic composites market. In addition, low eddy current loss, superior thermal properties, and reduced total care loss at medium and high frequencies stimulate the demand for soft magnetic composites.
• Superior chemical properties of soft magnetic composites account for substantial demand from automotive and electronic industries. Nonetheless, gap in knowledge between the unique combinations of soft magnetic composites puts forth need for qualified electric motor suppliers for mission-critical applications such as in the automotive industry.
• Concerted efforts of stakeholders in the soft magnetic composites market to diversify for the increasing availability of qualified suppliers for cross-functional collaborations between stakeholders in the value chain attracts investment. Complete knowledge from concept to production is essential for innovations of robust electric motor designs that influences growth of soft magnetic composites market.
• Iron-based soft magnetic composites feature superior magnetic properties and productivity to substitute laminate steel in electromagnetic applications
• The electrical steel material segment is likely to witness attractive growth during the forecast period. Innovations in electric mobility and improvement in efficiency of industrial equipment & home appliances leading to the need for higher output motors to stimulate demand for the electrical steel material segment.
• Array of physical attributes of soft magnetic composites that enable flexible machine design, 3D isotropic ferromagnetic behavior, and improved thermal in motor design, and production favors demand over classic laminated steel cores for motor designing and production processes
• Increase in purchase of electric and hybrid vehicles that is stimulating design innovations and engineering advancements is creating lucrative opportunities in the soft magnetic composites market

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Soft Magnetic Composites Market – Growth Drivers

• Extensive use of soft magnetic composites in the manufacture of high performance, compact, and cost-efficient electromagnetic composites for automotive components fuels the growth of the soft magnetic composites market
• Proliferation of the Fourth Industrial Revolution leading to continuous demand for essential equipment such as air conditioning compressors, traction motors, and pumps propels the soft magnetic composites market

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Soft Magnetic Composites Market – Key Players

Some of the prominent players in the soft magnetic composites market are;

• GKN Powder Metallurgy
• Hitachi Metals Ltd
• Sumitomo Metal Mining Co. Ltd.
• Hoganas AB
• Rio Tinto
• Mitsubishi Materials Corporation

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The soft magnetic composites market is segmented as follows;

Soft Magnetic Composites Market, by Material

• Soft Ferrite
• Electrical Steel
• Iron
• Others (including Supermalloys, Permalloys, and Silicon Ferrite)

Soft Magnetic Composites Market, by Application

• Traction Motors
• Air Conditioning Compressors
• Pumps (including Cooling and Oil)
• DC/DC Converters
• On-vehicle Chargers
• Ventilation Fans
• Solar Power
• Industrial Motor Drives
• Off-board Battery Charging
• High Performance Industrial Motors
• Electrical Engines & Generators
• Others (including Sensors)

Soft Magnetic Composites Market, by End-use

• Automotive
• Industrial Machinery & Equipment
• Consumer Goods
• Energy
• Others (including Electronics)

Soft Magnetic Composites Market, by Region

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• U.K.
• Italy
• Russia & CIS
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• ASEAN
• Rest of Asia Pacific
• Latin America
• Brazil
• Mexico
• Rest of Latin America
• Middle East & Africa
• GCC Countries
• South Africa
• Rest of Middle East & Africa

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