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Soft Magnetic Materials Market

Soft Magnetic Materials Market Size, Global Industry Analysis, Latest Insights and Forecast 2023-2028

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IMARC Group, a leading market research company, has recently releases report titled “Soft Magnetic Materials Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, The study provides a detailed analysis of the industry, including the global soft magnetic materials market size, share, trends, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights:

How big is the soft magnetic materials market?

The global soft magnetic materials market size reached US$ 29.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 47.5 Billion by 2028, exhibiting a growth rate (CAGR) of 8.56% during 2023-2028.

What is Soft Magnetic Materials?

Soft magnetic materials are a category of magnetic materials characterized by their ability to be easily magnetized and demagnetized. Unlike hard magnetic materials, which retain a significant amount of their magnetization after the external magnetic field is removed, soft magnetic materials exhibit low coercivity, meaning they lose their magnetization easily when the external field is removed. These materials play a crucial role in a variety of electrical and electromagnetic applications due to their high magnetic permeability and low energy loss in the presence of alternating magnetic fields. This makes them ideal for use in transformers, inductors, motors, generators, and electromagnetic shields. The high permeability allows for efficient magnetic flux conduction, while their low hysteresis loss minimizes energy dissipation in alternating magnetic field applications. Common examples of soft magnetic materials include various types of iron, silicon steel, nickel-iron alloys (such as permalloy), and ferrites, which are ceramic-like materials. The specific properties of these materials, like saturation magnetization, permeability, and electrical resistivity, are tailored according to their intended application. Advances in material science continue to improve the performance and efficiency of these materials, enhancing their application in modern electrical and electronic devices.

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Soft Magnetic Materials Market Trends:

The growing demand for soft magnetic materials in the electrical and electronics industry represents one of the key factors driving the growth of the market across the globe. The electrical and electronics industry extensively uses soft magnetic materials in various components like transformers, inductors, and motors. The growth in this industry, especially with the rise in the production of electric vehicles, renewable energy systems, and advanced electronics, significantly drives the demand for these materials.

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Technological advancements in material science are leading to the development of new and improved soft magnetic materials. These advancements enhance efficiency, reduce energy loss, and offer better performance characteristics, thus making them more desirable for a range of applications. The global increase in power generation capacity, including renewable energy sources like wind and solar, necessitates the use of efficient transformers and generators, which extensively utilize soft magnetic materials. The automotive industry’s shift towards electric vehicles is a significant driver for the market.

Components such as motors and inductors in EVs rely on these materials for efficient operation. Governments and international bodies are increasingly focusing on energy efficiency and reducing carbon footprints. This trend encourages the use of efficient materials, like soft magnetic materials, in electrical and electronic applications. The expansion of telecommunications infrastructure, including 5G technology, requires components that are made using soft magnetic materials, thus driving their market.

The versatility of soft magnetic materials in various applications, from small-scale electronics to large industrial machinery, ensures a steady demand from multiple sectors. Emerging economies are witnessing rapid industrialization and urbanization, which is leading to increased demand for power and electronic products, thus subsequently driving the market for soft magnetic materials.

Soft Magnetic Materials Market 2023-2028 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

The competitive landscape of the soft magnetic materials market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

  • Arnold Magnetic Technologies
  • Daido Steel Co. Ltd.
  • GKN Sinter Metals Engineering GmbH
  • Hitachi Ltd., Mate Co. ltd.
  • Meyer Sintermetall AG
  • SG Technologies
  • Steward Advanced Materials
  • Sumitomo Metal Mining Co. Ltd.
  • Toshiba Materials Co Ltd (Toshiba Corporation)
  • Vacuumschmelze GmbH & Co KG.

Key Market Segmentation:

The report has segmented the soft magnetic materials market on the basis of breakup by material, application, end-use and region.

Breakup by Material:

  • Cobalt
  • Iron
  • Nickel
  • Electric Steel
  • Others

Breakup by Application:

  • Motors
  • Transformers
  • Alternators
  • Others

Breakup by End Use:

  • Automotive
  • Electrical and Electronics
  • Telecommunication
  • Energy and Power
  • Others

Breakup by Region:

  • North America (United States, Canada)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa (United Arab Emirates, Saudi Arabia, Turkey, South Africa, Others)

Browse full report with TOC & List of Figure: https://www.imarcgroup.com/soft-magnetic-materials-market

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

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