Global Soft Magnetic Composites (SMCs) Market Insights
The global soft magnetic composites (SMCs) market has witnessed rapid growth at a CAGR of 6.4% over the past half-decade. However, due to the ongoing outbreak of COVID-19, the electrical industry has put the brakes on production, cascading the effect to the soft magnetic composites market across the globe in Q1 and Q2 of FY2020. Resumption of production to some extent across Europe, Japan, and APEJ has slightly increased the demand for soft magnetic composites.
Slow reopening of south Asian markets has portrayed a promising image for market growth. On a macroeconomic scale, the SMCs market is set to revive by the end of the 4th quarter of FY2020. Speculative demand has been observed in the 2nd quarter, owing to low prices, which has provided a platform for suppliers, owing to a spike in prices. All in all, global demand for soft magnetic composites is set to gain pace and witness an uptake at a CAGR of 7% during the forecast period (2020-2030).
Soft Magnetic Composites Market Product Insights
Soft magnetic composites containing silicon ferrite are gaining prominence across regions, owing to extensive utilization and rising demand. Positive network externalities is a key factor contributing to the rapid growth of silicon ferrite.
Key consumers of soft magnetic composites such as Toshiba Corporation, Schneider Electric SA, and others have utilized silicon ferrite in significant amounts. Silicon ferrite accounts for more than half of the soft magnetic composites demand pie.
The second-most utilized type of soft magnetic composites is permalloys, due to their widespread application for manufacturing compact and high performance magnetic composites. Permalloys account for less than a quarter of the global soft magnetic composites market.
Owing to the aforementioned market inclination of respective product types, silicon ferrite soft magnetic composites are assessed to progress at a high single digit CAGR over the forecast period of FY2020 - FY2030.
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Soft Magnetic Composites Market Insights by Application
SMCs are extensively utilized in producing compact, high performance, and cost-efficient electromagnetic composites. These composites are majorly utilized in manufacturing automotive components such as traction motors, air conditioning compressors, pumps, on-vehicle chargers, and other bundle of components.
Growth of SMCs could be attributed to a rise in the demand for solar panels, which has created a domino effect, positively effecting the growth of the SMCs market space stance.
In 2020, the market has declined near 1% in the first and second quarter, owing to the COVID-19 pandemic. On the outlook of normative electrical component economics, the SMCs market is set to revive by the end of 2020.
Regional Outlook of Soft Magnetic Composites Market
Asia Pacific excluding Japan accounted for the largest soft magnetic composites market share in 2019. This trend is projected to continue over the forecast period. Currently, Asia Pacific excluding Japan accounts for less than one-third of global soft magnetic composites demand. Rise in consumption of soft magnetic composites in APEJ is attributed to the growing automotive and electrical industry
Economies of density favors the SMCs market in Japan, owing to low local transaction prices of soft magnetic composites. Promising growth in terms of value has been observed in Japan over the historical period of 2015-2019. Followed by Japan, the market in Europe is set to grow at around 7%, owing to the rise in automobile component production in the region.
Shift in positioning of manufacturers during the forecast period from China to ASEAN countries and North America provides a distorted image of the market structure. Over the forecast period, China is set to lose some market share and ASEAN countries are set to gain pace over the mid-term forecast period.
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Global SMCs Market Manufacturers: Key Strategies
The global soft magnetic composites market is fairly consolidated in nature. Hitachi Metals Ltd, Voestalpine Stahl GmbH, and Toshiba Corp (Toshiba Materials Co., Ltd.) are among the tier 1 players.
Together, they are anticipated to account for more than 40% of the global SMCs market share in 2020. Key manufacturers are observed to be involved in research & development and channeling products to promising applications to enhance their share in the global soft magnetic composites market.
Prominent manufacturers have also showcased organic strategies such as developing products and entering niche, impenetrable markets such as defense and aerospace components.
The Analyst’s Viewpoint
“SMCs application in automobile component manufacturing is set to provide long-run sustainable thrust to the global soft magnetic composites market.”
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COVID-19 Impact on Soft Magnetic Composites 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 magnetic composites market. A prominent end use of SMCs is electrical applications.
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 hit the production of soft magnetic composites 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 will have a prolonged effect on the global soft magnetic composites market.
Soft Magnetic Composites Market: About the Report
Fact.MR has published an exclusive forecast report on the soft magnetic composites market for 2020 to 2030. The foremost objective of this report on the soft magnetic composites market is to pitch spearhead insights on the market scenario, demand generators, and technological advancements in the soft magnetic composites market. Also, the study on the SMCs market addresses key dynamics that are expected to diversify the sales and future prominence of soft magnetic composites.
The report on the soft magnetic composites market begins with an executive overview, in which, product definition has been provided. The report further proceeds with the taxonomy of soft magnetic composites market, elaborating on key segments. Also, the report outlines visionary insights on the dynamics in the soft magnetic composites market, including the drivers, restraints, opportunities, trends, and pricing analysis, along with key buying factors for soft magnetic composites.
Supply chain analysis and pricing analysis of the SMCs market, along with the difference between soft magnetic composites used as per application have also been included in the report to help readers clearly understand the product framework map of the soft magnetic composites market.
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Soft Magnetic Composites Market: Segmentation
Fact.MR has studied the soft magnetic composites market with detailed segmentation on the basis of by product, application, and region.
- Pure Iron/ Iron Powder
- Silicon 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 the addressee(s) is unauthorized and prohibited.”
Soft Magnetic Composites (SMCs) Market- Scope of the Report
A recent study by Fact.MR on the soft magnetic composites (SMCs) market offers a 10-year forecast for 2020 and 2030. The study analyzes crucial trends that are currently determining the growth of soft magnetic composites market. This report explicates on vital dynamics such as the drivers, restraints, and opportunities for key market players, along with key stakeholders as well as emerging players associated with the manufacturing of soft magnetic composites. The study also provides dynamics that are responsible for influencing the future status of the soft magnetic composites market over the forecast period.
A detailed assessment of soft magnetic composites value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report. A list of prominent companies operating in the SMCs market along with their product portfolio enhances the reliability of this comprehensive research study.
Soft Magnetic Composites Market: Report Summary
The study offers a comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation and sales in the soft magnetic composites market across the globe.
A comprehensive estimate on the soft magnetic composites market has been provided through an optimistic scenario as well as a conservative scenario, taking into account the sales of SMCs during the forecast period. Price point comparison by region with global average price is also considered in the study.
SMCs Market: Analysis on Market Size Evaluation
The soft magnetic composites market has been analyzed for each market segment, in terms of volume (Tons) and value (US$ Mn).
Market estimates at global and regional levels for soft magnetic composites are available in terms of “US$ Mn” for value and in “Tons” for volume. A Y-o-Y growth contrast on prominent soft magnetic composites market segments, along with market attractiveness evaluation has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global soft magnetic composites market.
Soft Magnetic Composites Market: Inspected Assessment on Regional Segments
Key sections have been elaborated in the SMCs market report, which have helped deliver projections on regional markets. These chapters include regional macros (political economic and business environment outlook), which are expected to have a momentous influence on the growth of the soft magnetic composites market during the forecast period.
Country-specific valuation on demand for SMCs has been offered for each regional market, along with market scope estimates and forecasts, price index, and impact analysis of dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value and volume for emerging countries has also been included in the report.
SMCs Market: In-Depth Analysis on Competitive Landscape
The report sheds light on the leading manufacturers in the soft magnetic composites market, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in the production SMCs has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.
Company profiles have been included in the report, which include essentials such as product portfolio and key strategies, along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting market status and predicting the competition level in the soft magnetic composites market. Prominent companies operating in the global SMCs market include Voestalpine Stahl GmbH, Hitachi Metals Ltd, Toshiba Corp (Toshiba Materials Co., Ltd.), Höganäs AB, GKN Plc, VACUUMSCHMELZE GmbH & Co. KG , PMG Holding GmbH, Hengdian Group DMEGC Magnetics Co., Ltd., and Rio Tinto PLC.
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