Growing automotive and electrical industry across the globe, especially in India and China, has cascaded the demand growth of the global soft magnetic composites (SMCs) market. Promising regions such as Europe, Japan, and North America too have provided a platform for the growth of the global soft magnetic composites market, owing to rapid growth of the mentioned sectors.
Cost-effective and compact electromagnetic components made out of novel SMCs are set to drive demand over the next decade. Moreover, the soft magnetic composites market is in its growing stage in a PLC curve, owing to frequent innovations by key stakeholders and rapidly changing market dynamics.
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As per Fact.MR analysis, significant growth in demand for soft magnetic composites has been witnessed over the past half-decade, and the market is set to expand at a CAGR of 6.5% over the forecast period of 2024 to 2030.
Key Takeaways from Global Soft Magnetic Composites Market Study
- Asia Pacific excluding Japan dominates the demand pie of soft magnetic composites with a market share over more than 28% in 2019.
- The silicon ferrite segment is anticipated to gain around 311 BPS over the forecast period of 2024-2030.
- The SMCs market in Japan is set to expand at 6% CAGR over the forecast period, and is evaluated to be among the promising regions providing absolute $ opportunity for stakeholders.
- The SMCs markets in North America and Europe are set to inflate by more than 2X over the forecast period, together accounting for more than 50% share of the global soft magnetic composites market in 2024.
- The ongoing COVID-19 pandemic has led reduced industrial activities and disrupted supply chains. Lockdowns across most countries have adversely affected the production of soft magnetic composites.
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“Price normalization and regional presence plays a major role in excelling in the global soft magnetic composites market,” says a Fact.MR analyst.
Capital- and Cost-driven SMCs Market to Hinder New Entrants
The soft magnetic composites market is moderately consolidated in nature, with Hitachi Metals Ltd, Voestalpine Stahl GmbH, Höganäs AB, Toshiba Corp (Toshiba Materials Co., Ltd.), GKN Plc, VACUUMSCHMELZE GmbH & Co. KG, and PMG Holding GmbH leading market players in this space. Penetrating the market requires immense capital and cost over the mid-term, so as to develop and channel products to dedicated application markets.
More Valuable Insights on Soft Magnetic Composites Market
Fact.MR, in its new offering, presents an unbiased analysis of the global soft magnetic composites market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2024-2030. The study divulges essential insights on the SMCs market on the basis of product (pure iron/ iron powder, silicon ferrite, supermalloys, and permalloy) 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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