Analysis of Soft Magnetic Composites market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
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).
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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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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.
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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.
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.
“SMCs application in automobile component manufacturing is set to provide long-run sustainable thrust to the global 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.
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.
Fact.MR has studied the soft magnetic composites market with detailed segmentation on the basis of by product, application, and region.
“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.”
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Some of the key players in global market are GKN Powder Metallurgy (Melrose PLC) ,Höganäs AB ,Hitachi Metals Ltd ,VACUUMSCHMELZE GmbH & Co. KG , Ltd. and many more.
The Global Market For Soft Magnetic Composites Market Is Anticipated To Grow At A Value CAGR Of 7% During The Forecast Period.
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