Soft Magnetic Material Market
Soft Magnetic Material Market by Application (Transformers, Motors, Inductors, and Generators) By Region - Global Market Report (2024 to 2034)
Analysis of Soft Magnetic Material Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Soft Magnetic Material Market Outlook (2024 to 2034)
The soft magnetic material market size reached US$ 63.42 billion in 2024. Over the forecast period, soft magnetic material demand is anticipated to rise at a 7.8% CAGR. Total market value is predicted to increase from US$ 134.40 billion by 2034.
Demand for soft magnetic materials has grown severely in recent years due to increasing industry demand and technological developments.
Key Market Growth Drivers
- The global demand for soft magnetic materials is expected to increase due to expanding power distribution and rising demand for motors in various applications, particularly medical equipment.
- Innovations in renewable energy harvesting, increased investments in the power distribution industry, and the growing demand for electric automobiles are driving the soft magnetic materials market's growth.
- Global demand for soft magnetic materials is driven by rising investments in producing electric vehicles and power transmission equipment, including generators, motors, and transformers.
- Global advancements in electrification, renewable energy, and electric mobility impact the soft magnetic material industry despite obstacles such as cost competitiveness and the requirement for high-performance materials.
- Advancements in electric motors and telecommunications in developed regions are driving the demand for advanced materials, which are expected to drive the soft magnetic material market for the forthcoming decade.
Soft magnetic materials, known for their low coercivity, high permeability, electrical resistivity, corrosion resistance, formability, ease of magnetization, and temperature range, are expected to experience market expansion due to increasing demand for motors in electric vehicles and medical equipment and power distribution growth.
|Estimated Market Value (2024E)
|US$ 63.42 billion
|Forecasted Market Value (2034F)
|US$ 134.40 billion
|Global Market Growth Rate (2024 to 2034)
|Motors Segment Growth Rate (2024 to 2034)
|North America Market Share (2024)
|East Asia Market Share (2024)
|Key Companies Profiled
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Which Factors Have Driven the Global Surge in Soft Magnetic Material Industry?
“Rising Electronic Devices Production Upsurge the Soft Magnetic Material Demand”
The global market for soft magnetic materials is expected to grow significantly over the next decade due to remarkable progress in developed-region telecommunications and electric motors. The advancement of advanced technologies and novel manufacturing processes has dramatically aided the expansion of this market. Soft magnetic materials, which are used in the production of electric motors, are becoming more popular as the demand for energy-efficient and eco-friendly technologies develops.
Low coercivity, high permeability, electrical resistivity, corrosion resistance, formability, ease of magnetization, and a useful temperature range make soft magnetic materials highly desirable. The need for motors in the power sector is anticipated to increase due to population growth, the quick development of infrastructure, remote access to electricity in developing nations, and the rise in manufacturing activities. These developments have increased the demand for advanced materials that provide high performance and energy efficiency. Soft magnetic materials have heightened magnetic permeability and low coercive force, making them ideal for transformers, motors, and generators. Soft magnetic materials' growing prevalence in electronic and electrical equipment is expected to drive market growth in the coming decade.
“Healthcare Sector Demands the Soft Magnetic Material Machinery”
The market for soft magnetic materials is expected to grow, especially due to the high demand for motors in various applications, primarily medical equipment, and the growing need for power distribution. Power infrastructure is expanding due to organizations embracing technology, which calls for effective soft magnetic materials for transformers and related parts. Due to their ability to reduce energy losses during magnetic flux cycles, these materials are essential for improving the functionality of electrical devices.
The expected soft magnetic material industry development is greatly influenced by the growing demand for motors, particularly in the medical equipment industry. Accurate and dependable motor-driven equipment use in the medical field is growing. These devices include imaging systems, diagnostic tools, and robotically assisted surgeries. Developing high-performance, compact, and energy-efficient motors is made possible by soft magnetic materials and is essential for these applications. The market for soft magnetic materials is positioned to be a major contributor to the changing face of technology-driven industries due to the convergence of the increasing need for advanced motors and the expanding requirements for power distribution. The soft magnetic materials market is anticipated to grow rapidly as it integrates into the infrastructure that drives contemporary innovations, especially in the medical sector.
Which Factors Present Challenges to the Soft Magnetic Material Market Growth?
“Growing Row Material Expenditure Limits the Soft Magnetic Materials Demand”
The soft magnetic materials market is encountering challenges due to unanticipated fluctuations in raw material prices, which disrupt the supply chain and pose a substantial threat to manufacturers. These variations may result in higher production costs, which would impact the overall economics of manufacturing processes as well as the growth track of the market.
The unstable supply chain environment impacts the availability of raw materials, inventory control, and production scheduling, which makes manufacturing operations difficult. This may make it more difficult to maintain pricing stability and cost competitiveness.
Market players monitor trends, work with suppliers, implement agile business models, and take a strategic approach involving risk mitigation, supplier diversification, and innovative procurement practices to overcome obstacles in the market for soft magnetic materials.
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North America's soft magnetic material sector is expected to increase at an impressive annual rate of 8.0% by 2034. Soft magnetic composites are expected to account for 71.7% of the industry in the United States in 2024. Meanwhile, the East Asian soft magnetic composites sector is predicted to increase at an 8.3% CAGR until 2034. China is expected to hold the greatest share of the East Asian market for soft magnetic materials in 2024, with a market share of 56.9%.
Why is the United States Controlling the Global Soft Magnetic Material Market?
“Rigid Healthcare Infrastructure Spurs the United States’ Soft Magnetic Material Demand”
The need for soft magnetic materials is predicted to rise significantly in the United States, with a market value of US$ 13,005.1 million estimated in 2024. Furthermore, the predicted CAGR during the projection period is 8.3%. By 2034, this expected increase would result in a market value of US$ 28,747.2 million.
The soft magnetic materials industry is a critical sector that profoundly impacts the global economy. The United States, being a frontrunner in this industry, is poised to lead due to its extensive research capabilities, manufacturing expertise, and industrial infrastructure scale. The country's track record of efficiently producing high-quality materials has increased the demand for soft magnetic materials, making them a crucial component of the United States economy.
The United States is strategically positioned to dominate the soft magnetic composites industry, meeting regional and international demand for cutting-edge magnetic materials with a strong emphasis on technical innovation. The soft magnetic materials industry has been influenced by the country’s fast-growing electric car market, further reinforcing American leadership in global expansion.
Which Factors Position China as a Succeeding Soft Magnetic Materials Industry?
“Rising Soft Magnetic Component Advancements Skyrockets in China”
Soft magnetic material utilization in China is expected to climb to US$ 13,171.4 million in 2024. In 2024, China is predicted to maintain its leading 56.9% share of the East Asian market for electromagnet soft iron applications. This market has been rapidly expanding in recent years.
China is emerging as a key participant in the soft magnetic material market thanks to its wealth of natural resources and steadfast dedication to sustainable development. China's emphasis on electrification and renewable energy has increased demand for highly efficient magnetic materials, establishing the nation as a major player in the global soft magnetic composites market.
China is well-positioned to achieve substantial advancements in producing and applying soft magnetic composites by leveraging its considerable capabilities, including a robust agricultural sector that supplies necessary raw materials. Its systematic approach to creating and using these materials is anticipated to profoundly affect the industry, potentially completely changing the soft magnetic material market in the subsequent decade.
According to market projections by Fact.MR., in 2024, Electric motors are expected to hold a considerable 31.5% share in the soft magnetic material market, while Inductors are forecasted to possess a 24.3% market share. This implies that these components are likely to play a crucial role in developing and growing the soft magnetic material market in the forthcoming decade.
Why is the Soft Magnetic Material Industry's Augmented Demand for Motors?
“Electric Motors Shocks the Soft Magnetic Materials Industry”
The electric motors segment is likely to hold a 31.5% market share in 2024. Over the next decade, the motors category is predicted to rise at a 7.9% annually. Anticoagulant demand is expected to be valued at US$ 19,977.4 million in 2024.
Electric motors are essential in the soft magnets market since they have been used for centuries in various applications, such as transportation, industrial drives, and domestic appliances. Since the quantity of power they use is in the billions, even a little increase in efficiency may result in large savings and a reduction in carbon dioxide.
Since permanent and soft magnets are lightweight and tiny enough to fit inside electric motors without sacrificing the necessary torque and power for actuation and transportation applications, they are utilized in these motors.
Know thy Competitors
Competitive landscape highlights only certain players
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The soft magnetic material industry is highly diverse, with multiple leading players vying for market share. Key players in the soft magnetic material market include Arnold Magnetic Technologies, GKN Sinter Metals Engineering GmbH, Hitachi Metals Group, JFE Steel Group, Mahindra CIE, MATE CO., LTD, Meyer Sintermetall AG, and Sintered Specialties. Collectively, these companies are driving innovation and competition in the industry, offering a wide range of soft magnetic materials to meet the varied needs of customers globally.
Market players in the soft magnetic material industry prioritize continuous research to develop innovative products and enhance their production capabilities to meet the ever-growing needs of end-users. These companies also strongly recommend adopting strategic growth initiatives, such as mergers, acquisitions, partnerships, and facility expansions, which help them expand their market presence and consolidate their position in the industry.
- In January 2024, Researchers from the University of Chicago, Argonne National Laboratory, University of Iowa, and Tohoku University developed a scalable and robust technology that uses magnets to transmit signals between individual qubits across a chip instead of air, using soft magnetic materials and operating at room temperature.
- In August 2023, City College of New York scientists discovered a method to trap light within soft magnetic materials by cooling a crystal to extremely low temperatures and placing it in a powerful magnetic field.
Segmentation of the Soft Magnetic Material Market
- North America
- East Asia
- East Asia
- South Asia & Oceania
- Middle East & Africa
- FAQs -
What was the value of the soft magnetic material market in 2019?
The global soft magnetic material market was worth US$ 43.5 billion in 2019.
What is the sales outlook for soft magnetic material in 2024?
The sales outlook for soft magnetic material is likely to be valued at US$ 63.42 billion in 2024.
What is the demand forecast for soft magnetic material for the decade?
Demand for soft magnetic material is projected to reach a market value of US$ 134. 40 billion by 2034.
What is the adoption growth projection for soft magnetic material?
The adoption of soft magnetic material is projected to rise at a CAGR of 7.8% through 2034.
At what rate is the North American market in predicted to grow?
The North American market for soft magnetic material is forecasted to expand at a CAGR of 8.0% through 2034.