Growing electrical equipment installation across regions has provided a thrust to the soft ferrite market. Regions providing promising platforms for soft ferrite market growth are Japan and the Middle East & Africa, especially the UAE, owing to rapid growth in investments in the power industry.
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Moreover, in 2019, the Government of India opened 100% FDI to the electrical machinery sector, owing to rising power requirements in the country, which is set to drive the growth of the soft ferrite market in the country. India is set to provide a thrust to the APEJ soft ferrite market on a macroeconomic scale over the forecast period of 2024-2030.
Significant growth in the demand for soft ferrite has been observed over the historical period of 2015 to 2019. Considering the years ahead, the global soft ferrite market is projected to expand at a CAGR of around 6% over the forecast period.
Key Takeaways from Global Soft Ferrite Market Study
- The global soft ferrite market is anticipated to create a value opportunity of around US$ 30 Bn during the forecast period, growing 2X in value as compared to 2019.
- Gradual market fragmentation is set to affect the soft ferrite market by the end of 2030, with motors accounting for more than one-third of the market share. The motors segment is projected to expand at just over 6% CAGR, owing to its extensive utilization.
- The Mn-Zn ferrite segment is anticipated to gain around 400 BPS over the forecast period of 2024-2030.
- Asia Pacific excluding Japan holds a leading share and accounted for more than 3,661 tons of soft ferrite production, to cater to the requisite demand from application industries in the region.
- The soft ferrite markets in North America and Europe are set to grow at a rapid pace, together accounting for around 50% demand share, globally.
- The COVID-19 pandemic has affected all regions and sectors. As a result of restrictions on industrial activities to curb the spread of the virus, the near term will experience decreased demand until things get back to normal.
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“Rising investments in the power industry is an integral factor for the growth of the soft ferrite market,” says a Fact.MR analyst.
Key Market Players to Dominate Soft Ferrite Market
The soft ferrite market is fairly consolidated in nature, with Voestalpine Stahl GmbH , Hitachi Metals Ltd, Toshiba Corp (Toshiba Materials Co., Ltd.), Höganäs AB, GKN Plc, VACUUMSCHMELZE GmbH & Co. KG, and PMG Holding GmbH being the leading players in the soft ferrite market.
Though the market is fairly consolidated, penetration of new entrants is low, owing to high capital investments and low marginal profits over the initial period of 3-5 years. Gaining consumer confidence and economies of scale are key points for enhancing market share on regional and global levels.
More Valuable Insights on Soft Ferrite Market
Fact.MR, in its new offering, presents an unbiased analysis of the global soft ferrite market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2024-2030.
The study divulges essential insights on the soft ferrite market on the basis of product (manganese and zinc ferrite (Mn-Zn Ferrite), nickel zinc ferrite (Ni-Zn Ferrite), and application (transformers, motors, inductors, and generators), across six major regions (North America, Latin America, Europe, Japan, Asia Pacific Excluding Japan, and the Middle East & Africa).
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