Soft Magnetic Materials Market
Soft Magnetic Materials Market Forecasts to 2030 - Global Analysis By Material (Electrical Steel, Permalloy, Ferrite, Cobalt, Iron and Other Materials), End User (Automotive, Energy, Industrial, Telecommunications and Other End Users) and By Geography
|
Years Covered |
2022-2030 |
|
Estimated Year Value (2024) |
US $89.98 BN |
|
Projected Year Value (2030) |
US $189.33 BN |
|
CAGR (2024 - 2030) |
13.2% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
Europe |
According to Stratistics MRC, the Global Soft Magnetic Materials Market is accounted for $89.98 billion in 2024 and is expected to reach $189.33 billion by 2030 growing at a CAGR of 13.2% during the forecast period. Soft magnetic materials are essential components in electrical engineering and electronics due to their unique ability to magnetize and demagnetize quickly and efficiently in response to changing magnetic fields. Unlike hard magnetic materials, which retain their magnetization once magnetized, soft magnetic materials exhibit high permeability and low coercivity, making them ideal for applications where rapid and reversible magnetization is necessary, such as in transformers, electric motors, inductors, and magnetic shielding.
According to the Japan Electronics and Information Technology Industries Association (JEITA), the production by the global electronics and IT industry was expected to reach USD 3,436.8 billion, with a growth rate of 3 percent year on year, by 2023.
Market Dynamics:
Driver:
Development and modernization of infrastructure
The development and modernization of infrastructure have significantly enhanced the demand and application of soft magnetic materials. These materials, known for their ability to efficiently direct and control magnetic fields, are crucial components in a wide array of infrastructure-related technologies. Advancements in infrastructure, such as smart grids, renewable energy systems, electric vehicles, and telecommunications networks, require efficient management and conversion of electrical energy, which relies heavily on soft magnetic materials.
Restraint:
High cost of raw materials
However, the primary raw materials used in their production, such as iron, nickel, cobalt, and various alloys, have experienced price increases in recent years. This escalation in costs directly impacts manufacturers, leading to higher production expenses and ultimately influencing the final product prices. As a result, companies face challenges in maintaining competitive pricing and profitability. Fluctuations in raw material costs can disrupt supply chains and production planning, further complicating efforts to meet market demand consistently.
Opportunity:
Rising demand from emerging economies
The increasing demand from emerging economies is significantly bolstering the market for soft magnetic materials. Emerging economies like India, China, Brazil, and others are experiencing rapid industrialization and urbanization, driving up the need for efficient energy solutions and advanced electronic equipment. Soft magnetic materials, known for their ability to quickly magnetize and demagnetize, are essential in improving the efficiency and performance of these devices. Moreover, as these economies focus on renewable energy expansion and electric vehicle production, the demand for soft magnetic materials further intensifies. Manufacturers are innovating to meet this growing demand by developing materials with improved magnetic properties, durability, and cost-effectiveness.
Threat:
Limited availability of rare earth elements
The limited availability of rare earth elements poses a significant challenge to the development and production of soft magnetic materials. These materials, crucial for applications in electronics, telecommunications, and renewable energy technologies like wind turbines and electric vehicles, rely heavily on rare earth elements such as neodymium, dysprosium, and samarium for their magnetic properties. However, these elements are not only scarce but also geographically concentrated, with a significant portion of global supply coming from a few countries, particularly China. This concentration creates supply chain vulnerabilities and price volatility, impacting industries that depend on consistent access to these materials.
Covid-19 Impact:
The COVID-19 pandemic significantly affected the soft magnetic materials sector. Supply chains experienced disruptions due to factory closures, transportation restrictions, and reduced workforce capacity, leading to delays in material production and distribution. Market uncertainties caused by fluctuating demand and raw material shortages further complicated the situation. Additionally, the shift towards remote work and reduced industrial activities initially dampened overall demand but later saw a recovery as industries adapted to new operational norms.
The Permalloy segment is expected to be the largest during the forecast period
Permalloy segment is expected to be the largest during the forecast period. Permalloy, a type of soft magnetic material, is significantly contributing to the growth of the soft magnetic materials market. It is an alloy typically composed of iron and varying amounts of nickel (around 20-80%) and exhibits excellent magnetic properties such as high permeability, low coercivity, and low core loss. The demand for Permalloy segments is rising due to its ability to enhance the performance and efficiency of electronic devices and power systems, particularly in industries like telecommunications, automotive, and renewable energy.
The Industrial segment is expected to have the highest CAGR during the forecast period
Industrial segment is expected to have the highest CAGR during the forecast period. Soft magnetic materials, such as iron-silicon alloys and ferrites, play a crucial role in the efficient operation of electric motors, transformers, and electromagnetic devices. Their ability to magnetize and demagnetize rapidly with minimal energy loss (low hysteresis) makes them ideal for applications requiring frequent magnetic field changes, like in high-frequency transformers and electric vehicle motors. Recent developments focus on improving the magnetic properties of these materials through alloying, microstructural control, and processing techniques. This enhancement aims to achieve higher magnetic permeability, lower coercivity, and reduced core losses, thereby increasing the efficiency and reliability of industrial equipment.
Region with largest share:
Asia Pacific region commanded the largest share of the market over the projection period. As governments and industries prioritize sustainability and energy efficiency, the demand for soft magnetic materials has grown significantly. Countries like China, Japan, South Korea, and India are at the forefront of this market expansion, driven by rapid industrialization, urbanization, and the adoption of advanced technologies. Moreover, initiatives promoting renewable energy sources further bolster the demand for soft magnetic materials in power generation and distribution systems.
Region with highest CAGR:
Europe region is estimated to witness profitable growth during the extrapolated period. Through stringent environmental standards and supportive policies, European governments are fostering innovation and sustainable practices within the industry. Regulations such as REACH (Registration, Evaluation, Authorization, and Restriction of Chemicals) ensure the safe use of materials, promoting cleaner production methods and reducing environmental impact. Moreover, initiatives aimed at promoting research and development in advanced materials technology are bolstering the competitiveness of European firms in global markets.
Key players in the market
Some of the key players in Soft Magnetic Materials market include Dexter Magnetic Technologies, Electron Energy Corporation, Carpenter Technology Corporation, Mitsubishi Materials Corporation, TDK Corporation, Hitachi Metals, Ltd, Voestalpine AG, Mate Group and Intermetallics India Pvt. Ltd.
Key Developments:
In January 2022, Daido Steel Co., Ltd. has introduced a new product, called STARPAS-50PC2S permalloy foil, which is designed to effectively suppress EMC noise, particularly magnetic noise, at low frequencies below approximately 100kHz. This noise is usually caused by higher frequencies in communication and IoT devices, as well as electric automobiles.
In January 2022, JFE Steel Corporation has also launched Denjiro, which is an insulation-coated pure iron powder for soft magnetic composites. This product is ideally suited to axial gap motors and has been added to their broad lineup of soft magnetic materials.
Materials Covered:
• Electrical Steel
• Permalloy
• Ferrite
• Cobalt
• Iron
• Other Materials
End Users Covered:
• Automotive
• Energy
• Industrial
• Telecommunications
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 End User Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Soft Magnetic Materials Market, By Material
5.1 Introduction
5.2 Electrical Steel
5.3 Permalloy
5.4 Ferrite
5.5 Cobalt
5.6 Iron
5.7 Other Materials
6 Global Soft Magnetic Materials Market, By End User
6.1 Introduction
6.2 Automotive
6.3 Energy
6.4 Industrial
6.5 Telecommunications
6.6 Other End Users
7 Global Soft Magnetic Materials Market, By Geography
7.1 Introduction
7.2 North America
7.2.1 US
7.2.2 Canada
7.2.3 Mexico
7.3 Europe
7.3.1 Germany
7.3.2 UK
7.3.3 Italy
7.3.4 France
7.3.5 Spain
7.3.6 Rest of Europe
7.4 Asia Pacific
7.4.1 Japan
7.4.2 China
7.4.3 India
7.4.4 Australia
7.4.5 New Zealand
7.4.6 South Korea
7.4.7 Rest of Asia Pacific
7.5 South America
7.5.1 Argentina
7.5.2 Brazil
7.5.3 Chile
7.5.4 Rest of South America
7.6 Middle East & Africa
7.6.1 Saudi Arabia
7.6.2 UAE
7.6.3 Qatar
7.6.4 South Africa
7.6.5 Rest of Middle East & Africa
8 Key Developments
8.1 Agreements, Partnerships, Collaborations and Joint Ventures
8.2 Acquisitions & Mergers
8.3 New Product Launch
8.4 Expansions
8.5 Other Key Strategies
9 Company Profiling
9.1 Dexter Magnetic Technologies
9.2 Electron Energy Corporation
9.3 Carpenter Technology Corporation
9.4 Mitsubishi Materials Corporation
9.5 TDK Corporation
9.6 Hitachi Metals, Ltd
9.7 Voestalpine AG
9.8 Mate Group
9.9 Intermetallics India Pvt. Ltd
List of Tables
1 Global Soft Magnetic Materials Market Outlook, By Region (2022-2030) ($MN)
2 Global Soft Magnetic Materials Market Outlook, By Material (2022-2030) ($MN)
3 Global Soft Magnetic Materials Market Outlook, By Electrical Steel (2022-2030) ($MN)
4 Global Soft Magnetic Materials Market Outlook, By Permalloy (2022-2030) ($MN)
5 Global Soft Magnetic Materials Market Outlook, By Ferrite (2022-2030) ($MN)
6 Global Soft Magnetic Materials Market Outlook, By Cobalt (2022-2030) ($MN)
7 Global Soft Magnetic Materials Market Outlook, By Iron (2022-2030) ($MN)
8 Global Soft Magnetic Materials Market Outlook, By Other Materials (2022-2030) ($MN)
9 Global Soft Magnetic Materials Market Outlook, By End User (2022-2030) ($MN)
10 Global Soft Magnetic Materials Market Outlook, By Automotive (2022-2030) ($MN)
11 Global Soft Magnetic Materials Market Outlook, By Energy (2022-2030) ($MN)
12 Global Soft Magnetic Materials Market Outlook, By Industrial (2022-2030) ($MN)
13 Global Soft Magnetic Materials Market Outlook, By Telecommunications (2022-2030) ($MN)
14 Global Soft Magnetic Materials Market Outlook, By Other End Users (2022-2030) ($MN)
15 North America Soft Magnetic Materials Market Outlook, By Country (2022-2030) ($MN)
16 North America Soft Magnetic Materials Market Outlook, By Material (2022-2030) ($MN)
17 North America Soft Magnetic Materials Market Outlook, By Electrical Steel (2022-2030) ($MN)
18 North America Soft Magnetic Materials Market Outlook, By Permalloy (2022-2030) ($MN)
19 North America Soft Magnetic Materials Market Outlook, By Ferrite (2022-2030) ($MN)
20 North America Soft Magnetic Materials Market Outlook, By Cobalt (2022-2030) ($MN)
21 North America Soft Magnetic Materials Market Outlook, By Iron (2022-2030) ($MN)
22 North America Soft Magnetic Materials Market Outlook, By Other Materials (2022-2030) ($MN)
23 North America Soft Magnetic Materials Market Outlook, By End User (2022-2030) ($MN)
24 North America Soft Magnetic Materials Market Outlook, By Automotive (2022-2030) ($MN)
25 North America Soft Magnetic Materials Market Outlook, By Energy (2022-2030) ($MN)
26 North America Soft Magnetic Materials Market Outlook, By Industrial (2022-2030) ($MN)
27 North America Soft Magnetic Materials Market Outlook, By Telecommunications (2022-2030) ($MN)
28 North America Soft Magnetic Materials Market Outlook, By Other End Users (2022-2030) ($MN)
29 Europe Soft Magnetic Materials Market Outlook, By Country (2022-2030) ($MN)
30 Europe Soft Magnetic Materials Market Outlook, By Material (2022-2030) ($MN)
31 Europe Soft Magnetic Materials Market Outlook, By Electrical Steel (2022-2030) ($MN)
32 Europe Soft Magnetic Materials Market Outlook, By Permalloy (2022-2030) ($MN)
33 Europe Soft Magnetic Materials Market Outlook, By Ferrite (2022-2030) ($MN)
34 Europe Soft Magnetic Materials Market Outlook, By Cobalt (2022-2030) ($MN)
35 Europe Soft Magnetic Materials Market Outlook, By Iron (2022-2030) ($MN)
36 Europe Soft Magnetic Materials Market Outlook, By Other Materials (2022-2030) ($MN)
37 Europe Soft Magnetic Materials Market Outlook, By End User (2022-2030) ($MN)
38 Europe Soft Magnetic Materials Market Outlook, By Automotive (2022-2030) ($MN)
39 Europe Soft Magnetic Materials Market Outlook, By Energy (2022-2030) ($MN)
40 Europe Soft Magnetic Materials Market Outlook, By Industrial (2022-2030) ($MN)
41 Europe Soft Magnetic Materials Market Outlook, By Telecommunications (2022-2030) ($MN)
42 Europe Soft Magnetic Materials Market Outlook, By Other End Users (2022-2030) ($MN)
43 Asia Pacific Soft Magnetic Materials Market Outlook, By Country (2022-2030) ($MN)
44 Asia Pacific Soft Magnetic Materials Market Outlook, By Material (2022-2030) ($MN)
45 Asia Pacific Soft Magnetic Materials Market Outlook, By Electrical Steel (2022-2030) ($MN)
46 Asia Pacific Soft Magnetic Materials Market Outlook, By Permalloy (2022-2030) ($MN)
47 Asia Pacific Soft Magnetic Materials Market Outlook, By Ferrite (2022-2030) ($MN)
48 Asia Pacific Soft Magnetic Materials Market Outlook, By Cobalt (2022-2030) ($MN)
49 Asia Pacific Soft Magnetic Materials Market Outlook, By Iron (2022-2030) ($MN)
50 Asia Pacific Soft Magnetic Materials Market Outlook, By Other Materials (2022-2030) ($MN)
51 Asia Pacific Soft Magnetic Materials Market Outlook, By End User (2022-2030) ($MN)
52 Asia Pacific Soft Magnetic Materials Market Outlook, By Automotive (2022-2030) ($MN)
53 Asia Pacific Soft Magnetic Materials Market Outlook, By Energy (2022-2030) ($MN)
54 Asia Pacific Soft Magnetic Materials Market Outlook, By Industrial (2022-2030) ($MN)
55 Asia Pacific Soft Magnetic Materials Market Outlook, By Telecommunications (2022-2030) ($MN)
56 Asia Pacific Soft Magnetic Materials Market Outlook, By Other End Users (2022-2030) ($MN)
57 South America Soft Magnetic Materials Market Outlook, By Country (2022-2030) ($MN)
58 South America Soft Magnetic Materials Market Outlook, By Material (2022-2030) ($MN)
59 South America Soft Magnetic Materials Market Outlook, By Electrical Steel (2022-2030) ($MN)
60 South America Soft Magnetic Materials Market Outlook, By Permalloy (2022-2030) ($MN)
61 South America Soft Magnetic Materials Market Outlook, By Ferrite (2022-2030) ($MN)
62 South America Soft Magnetic Materials Market Outlook, By Cobalt (2022-2030) ($MN)
63 South America Soft Magnetic Materials Market Outlook, By Iron (2022-2030) ($MN)
64 South America Soft Magnetic Materials Market Outlook, By Other Materials (2022-2030) ($MN)
65 South America Soft Magnetic Materials Market Outlook, By End User (2022-2030) ($MN)
66 South America Soft Magnetic Materials Market Outlook, By Automotive (2022-2030) ($MN)
67 South America Soft Magnetic Materials Market Outlook, By Energy (2022-2030) ($MN)
68 South America Soft Magnetic Materials Market Outlook, By Industrial (2022-2030) ($MN)
69 South America Soft Magnetic Materials Market Outlook, By Telecommunications (2022-2030) ($MN)
70 South America Soft Magnetic Materials Market Outlook, By Other End Users (2022-2030) ($MN)
71 Middle East & Africa Soft Magnetic Materials Market Outlook, By Country (2022-2030) ($MN)
72 Middle East & Africa Soft Magnetic Materials Market Outlook, By Material (2022-2030) ($MN)
73 Middle East & Africa Soft Magnetic Materials Market Outlook, By Electrical Steel (2022-2030) ($MN)
74 Middle East & Africa Soft Magnetic Materials Market Outlook, By Permalloy (2022-2030) ($MN)
75 Middle East & Africa Soft Magnetic Materials Market Outlook, By Ferrite (2022-2030) ($MN)
76 Middle East & Africa Soft Magnetic Materials Market Outlook, By Cobalt (2022-2030) ($MN)
77 Middle East & Africa Soft Magnetic Materials Market Outlook, By Iron (2022-2030) ($MN)
78 Middle East & Africa Soft Magnetic Materials Market Outlook, By Other Materials (2022-2030) ($MN)
79 Middle East & Africa Soft Magnetic Materials Market Outlook, By End User (2022-2030) ($MN)
80 Middle East & Africa Soft Magnetic Materials Market Outlook, By Automotive (2022-2030) ($MN)
81 Middle East & Africa Soft Magnetic Materials Market Outlook, By Energy (2022-2030) ($MN)
82 Middle East & Africa Soft Magnetic Materials Market Outlook, By Industrial (2022-2030) ($MN)
83 Middle East & Africa Soft Magnetic Materials Market Outlook, By Telecommunications (2022-2030) ($MN)
84 Middle East & Africa Soft Magnetic Materials Market Outlook, By Other End Users (2022-2030) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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