Soft Magnetic Composite Market: Introduction
- Soft magnetic composites are ferromagnetic powder particles ideally coated with a uniform layer of electrical insulating film. These materials vary depending upon their final application. Once insulated, the powder is pre-mixed with compaction lubrication to smoothen the path for compaction and ejection from the die. The lube is removed during heat treatment.
- Soft magnetic composites, in any automotive and other technology, can run faster, consume less energy, are compact & denser, and experience lower core
Drivers of Soft Magnetic Composite Market
- The global soft magnetic composite market is anticipated to expand at a significant CAGR during the forecast period. Rise in demand for automobiles and energy is boosting the global market. Increase in number of nuclear power plants and electrical appliances is also driving the soft magnetic composite market.
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- Increase in demand for electricity generators, transformers, and automotive parts is expected to boost the global soft magnetic composite market during the forecast period. Rise in global population is augmenting the demand for electricity and automobiles. This is also projected to boost the soft magnetic composite market across the globe. In contrast, volatility in machine prices is anticipated to hamper the global soft magnetic composite market.
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Restraints of Soft Magnetic Composite Market
- Dearth of universal directives pertaining to applications of soft magnetic composites is expected to restrain the market during forecast period. Every country has different directives pertaining to applications of soft magnetic composites. Companies find it difficult to deal with these county wise regulations, which in turn discouraging the investment in soft magnetic composite market, thereby restraining the market growth during the forecast period.
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- High cost of production and distribution is another major restraint of the soft magnetic composite market
COVID-19 impact on Soft Magnetic Composite Market
- The COVID-19 outbreak is hampering the demand for soft magnetic composite in many applications. Governments of various countries across the globe have enforced lockdown measures to curb the spread of the disease. This has resulted in the slowdown and halt in manufacturing operations, restrictions on supply and transport, and infrastructure slowdown. In turn, this has led to a decline in in demand for soft magnetic composites across the globe.
- Key players operating in the soft magnetic composite market are primarily tier I and tier II manufacturers and suppliers. Manufacture and supply chain facilities of these manufacturers are spread across various countries in Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Many of these players have halted their production output over the last few months due to the COVID-19 pandemic. The pandemic has negatively impacted the demand and supply chain of soft magnetic composites.
Asia Pacific to Hold Major Share of Soft Magnetic Composite Market
- In terms of geography, the soft magnetic composite market can be segmented into North America, Asia Pacific, Europe, Middle East & Africa, and Latin America
- Asia pacific is projected to dominate the global soft magnetic composite market during the forecast period due to the strong acceptance and popularity of these composites; and high demand for ferromagnetic materials in the region
- North America is also anticipated to hold key share of the global soft magnetic composite market owing to the expansion of the automobile industry in the region
Soft Magnetic Composite Market: Key Players
Major players operating in the soft magnetic composite market are adopting various organic and inorganic growth strategies such as joint ventures, mergers & acquisitions, expansion, collaborations, new product launches, strategic alliances, and research and development to increase their regional presence and business operations. The market is currently witnessing fierce competition among several leading players. Key players operating in the market include:
- Steward Advanced Materials Inc
- GKN Sinter Metals
- Dexter Magnetics
- MMG Canada Limited