Soft Magnetic Materials Market
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<strong>Soft</strong> <strong>Magnetic</strong> <strong>Materials</strong> <strong>Market</strong> to Reach an Estimated Value of US$ 113.4 Bn during 2016-<br />
2026<br />
In its report titled, “<strong>Soft</strong> <strong>Magnetic</strong> <strong>Materials</strong> <strong>Market</strong>: Global Industry Analysis and Forecast, 2016-<br />
2026”, Persistence <strong>Market</strong> Research (PMR) estimates that the global consumption of soft magnetic<br />
materials will grow at an impressive 7.6% CAGR through 2026. Global consumption of soft<br />
magnetic materials was estimated at 16.1 Mn tons in 2016, and it is pegged to reach 33.708 Mn tons<br />
by 2026. In terms of revenue, this represents a US$ 113 Bn opportunity for manufacturers.<br />
The growth of global soft magnetic materials market is primarily driven by soaring demand for<br />
hybrid and electric vehicles. The demand for soft magnetic materials is fuelled by utilization of soft<br />
magnetic motors in these vehicles as they offer several benefits including compact design, energy<br />
savings and noise reduction. Additionally, soft magnetic materials are gaining prevalence in power<br />
generation industries owing to their property of withstanding high temperatures.<br />
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The adoption of soft magnetic materials by automotive industry is on the rise as they help<br />
manufacturers attain that ever-elusive balance between smaller dimensions and working<br />
efficiencies. These factors are estimated to propel the growth of global soft magnetic materials<br />
market during the forecast period.<br />
By material type, nano crystalline material is projected to witness fastest growth at 9.8% CAGR, in<br />
terms of volume. Although soft ferrite will remain the largest material-type segment, it is expected<br />
to witness a slight decline in its revenue share by 2026.<br />
Leading manufacturers are concentrating on utilizing various types of alloys for SMC and electric<br />
steel production with an aim to improve energy efficiency. Key manufacturers of soft magnetic<br />
materials market include Hitachi Metals, Ltd., PMG Holding GmBH, VACUUMSCHMELZE<br />
GmBH & Co. KG, Rio Tinto PLC, GKN plc, Hoganas AB, voestalpine Stahl GmBH, Toshiba<br />
<strong>Materials</strong> Co., Ltd., Hengdian Group DMEGC <strong>Magnetic</strong>s Co., Ltd., and Sumitomo Metal Mining<br />
Co., Ltd.<br />
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With around one-third revenue share, motors are estimated to remain the most lucrative application<br />
segment in the global soft magnetic materials market. The revenue generated from applications of<br />
soft magnetic materials in motors is expected to witness 2.1X growth by 2026. On the other hand,<br />
transformer application segment is projected to grow at the highest volume CAGR. This is mainly<br />
attributed to soaring demand for high duty flux materials.<br />
By volume, Asia Pacific Excluding Japan (APEJ), Eastern Europe and Latin America are expected<br />
to be the largest markets for soft magnetic materials. APEJ is estimated to remain dominant in the<br />
global soft magnetic materials market and is projected to grow at 8.5% CAGR, in terms of volume,<br />
through 2026. The soft magnetic materials market in APEJ is primarily driven by the presence of<br />
iron ore mines and cheap labor force. Eastern Europe is estimated to reflect 7.9% volume CAGR<br />
during the forecast period and is expected to be the second largest region for soft magnetic materials<br />
market.<br />
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