Soft Ferrite Market
Soft Ferrite Market By Product type (Mn-Zn Ferrite, Ni-Zn Ferrite), By Application (Transformers, Motors, Inductors, Generators), By Region - Global Mraket Forecast 2020-2030
Analysis of Soft Ferrite market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Global Soft Ferrite Market Report Insights
The global soft ferrite market size has witnessed moderate growth at a CAGR of 4.4% over the past half-decade. However, due to the ongoing outbreak of COVID-19, the market has declined by more than 1% in terms of value, and around 0.4% decline in prices over the first 2 quarters of 2020. Post this timeframe, with a resurrection in global demand, the soft ferrite market is forecast to witness a rapid uptake at a CAGR of over 6% during the forecast period (2020-2030).
Distributors have followed the route of speculative demand in the first two quarters of 2020, and significant rise in inventory storage has been observed owing to the rise in confidence of price uptake in Q3 of FY2020. Moreover, reopening of the markets in Europe and East Asia has kick-started the consumption and production of soft ferrite.
Slight inclination of prices around 0.2% has been observed in recent times, owing to a spike in demand across regions. Upswing is prices is attributed to the rise in electrical activities in industries and electrical equipment installation activities in areas across regions.
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Soft Ferrite Market Insights by Product
Manganese coupled with zinc ferrite (Mn-Zn Ferrite) is extensively utilized in the electrical industry, owing to its price and majorly due to positive externalities, as many industries manufacturing motors and transformers utilize manganese-zinc ferrite. Moreover, on the technical outlook of the product, it has higher saturation levels and permeability as compared to nickel zinc ferrite. Surge in the demand for Mn-Zn Ferrite is set be observed over the mid-term forecast period.
The second-most utilized ferrite is nickel-zinc ferrite. It has limited utilization in electrical equipment, owing to limitations such as utilization over 1 MHz frequency. Moreover, at exceptional technicalities such as at 70 MHz frequency, both, manganese-zinc and nickel zinc can be used interchangeably. Nickel zinc ferrite captures around one-third of the global soft ferrite market, and is set to expand at a high single digit CAGR over the forecast period.
Soft Ferrite Market Application Insights
Of the four major applications such as motors, transformers, inductors, and generators of soft ferrite, motors capture a majority of the market share, with a nominal growth rate over the forecast period, owing to attainment of near maturity of soft ferrite utilization in motor applications. Inductors is a rapid growing application of soft ferrite, owing to the immense utilization of Mn-Zn ferrite for manufacturing.
Growing demand for transformers and generators over the historical period could be attributed to increasing sales of generators and electrical development activities. But, in 2020, the market has declined two-fold in the first and second quarters, owing to the COVID-19 pandemic, which has resulted in reduced electrical equipment demand and manufacturing across regions. All in all, on a positive outlook, the market is set to gain pace by the 4th quarter of FY2020.
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Regional Outlook of Soft Ferrite Market
Asia Pacific excluding Japan accounted for the largest soft ferrite market share in 2019. This trend is anticipated to continue throughout the forecast period. Currently, Asia Pacific excluding Japan accounts for nearly one-third of soft ferrite demand. Rise in consumption of soft ferrite in APEJ is mainly due to increasing industrial and electrical development activities.
Promising growth of the soft ferrite market has been observed in Japan over the historical period. This is attributed to increasing consumption of soft ferrite in electrical applications such as transformers and motors. Moreover, rise in power industry projects could bolster the demand for soft ferrite further in the country. Followed by Japan, North America is expanded at around 6% CAGR over the historical period, owing to rise in electrical equipment production in the region. Key market players in the electrical industry is the region, such as General Electric portray an upward movement of soft ferrite consumption.
However, the COVID-19 pandemic has contracted demand, thus affecting the production of soft ferrite. This trend is anticipated to continue for more than 6 months. By the 4th quarter of 2020, the market is set to recover its pace. The market will gain momentum once sites related to the electrical and manufacturing industry resume operations to the full.
Soft Ferrite Market Manufacturers: Key Strategies
The global soft ferrite market is fairly consolidated in nature. Voestalpine Stahl GmbH, Hitachi Metals Ltd, and Toshiba Corp (Toshiba Materials Co., Ltd.) are among the tier 1 players. Together, they are anticipated to account for more than 50% of the global market share in 2020. Key manufacturers are observed to be involved in extensive research, product development, and catering products to promising and niche applications to enhance their market share. Prominent manufacturers have also showcased inorganic strategies. For instance, in August 2016, MMG acquired Sinome Ferrites based in Brazil. This acquisition is set to enhance ferrite offerings across the Americas.
The Analyst’s Viewpoint
“Intensive research & development among key stakeholders to cater to promising applications shall remain a key priority in this space.”
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Competitive landscape highlights only certain players
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COVID-19 Impact on Soft Ferrite Market
The coronavirus pandemic has brought the whole world to a standstill. Business activities have registered a downturn in the form of dwindling sales due to reduced production and demand. The same is true for the soft ferrite market. A prominent end use of soft ferrite is electrical application. The ongoing pandemic has led to a decline in all industrial activities, in the wake of disrupted supply chains.
Extended lockdowns across different countries have hurt the production of soft ferrite over the past few months, as key manufacturing units and factories are shut. Even after lockdowns are lifted, it will take at least a couple of quarters to restore production to normal. Thus, contracting demand from allied industries in 2020 will have a prolonged adverse effect on the growth of the global soft ferrite market.
Soft Ferrite Market: About the Report
Fact.MR published an exclusive forecast report on the soft ferrite market for 2020 and 2030. The foremost objective of this report on the soft ferrite market is to pitch spearhead insights on the market scenario, demand generators, and technological advancements in the soft ferrite market. Also, the study on the soft ferrite market addresses key dynamics that are expected to diversify the sales and future prominence of soft ferrite.
The report on the soft ferrite market begins with an executive overview, in which, product definition has been provided. The report further proceeds with the taxonomy of the soft ferrite market, elaborating on key segments. Also, the report outlines visionary insights on the dynamics of the soft ferrite market, including the drivers, restraints, opportunities, trends, and pricing analysis, along with key buying factors for soft ferrite.
Supply chain analysis and pricing analysis of the soft ferrite market, along with the difference between soft ferrite used as per application, has also been included in the report to help readers clearly understand the product framework map of the soft ferrite market.
Soft Ferrite Market Segmentation
Fact.MR has studied the soft ferrite market with detailed segmentation on the basis of product, application, and key regions.
- Mn-Zn Ferrite
- Ni-Zn Ferrite
- North America
- Latin America
- Asia Pacific Excluding Japan
- Middle East & Africa
“This taxonomy prepared is confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than addressee(s) is unauthorized and prohibited.”
- FAQs -
The Global Market For Soft Ferrite Is Anticipated To Grow At A Value CAGR Of 6% During The Forecast Period.
Some of the key players in global market are Voestalpine Stahl GmbH, Hitachi Metals Ltd, and Toshiba Corp and many more.