Name: Soft Magnetic Composites Market
Brand: Future Market Insights
SKU: REP-GB-869
Price: 5000 USD
Availability: InStock
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Soft Ferrite to Lose Share to Electrical Steel

Accounting for nearly 40% share of market revenues, soft ferrite currently defines manufacturers’ bottom lines. In 2018, soft ferrite worth of around US$ 13 Bn was sold and is expected to register revenues more than double over the next decade.

However, electrical steel will exceed soft ferrite in terms of value in the near future, owing to its low-cost attribute. Furthermore, sales of both the materials will individually surpass the US$ 30 Bn mark towards the end of the forecast period.

Soft Magnetic Composites Preferential Analysis By Material

North America in Neck-and-neck with East Asia

Growth prospects of soft magnetic composites are lucrative in North America and East Asia, owing to the strong presence of industry behemoths in these regions. While both the regional markets are on par with each other in terms of revenue, the market in East Asia will surpass that in North America in the coming years. The booming automotive and consumer electronics industries in the China, and Japan are primarily responsible for significant investments from stakeholders in the regional market.

Wireless Chargers - Emerging Application Area

Owing to the benefits of easy and convenient charging, wireless chargers are finding immense utilization in myriads of applications - aerospace, consumer appliances, and other industrial equipment. This wireless charging technology leverages SMCs as magnetic materials for integrating an inductive wireless power transfer (WPT) system to drones, thereby shaping the future of the global market for soft magnetic composites.

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How Growth will Unfold

The automotive and power generation industries continue to be the key revenue generators for SMC manufacturers, where SMCs are used as core materials in actuators, and transformers, among other applications, respectively.

Adoption of soft magnetic composites in both the end-use industries will continue to grow at a robust pace, collectively holding over 3/5th of total sales. Surging production of laptops, and smartphones in the consumer goods industry are also reflecting new avenues of growth for market players.

Soft Magnetic Composites Market Analysis, by End Use

FREQUENTLY ASKED QUESTIONS ABOUT SOFT MAGNETIC COMPOSITES MARKET

How will soft magnetic composites (SMCs) be relevant in future?

Constant demand for cost & energy effective materials from automotive and power generation industry is likely to keep soft magnetic composites relevant over the coming years. However, introduction of new & better magnetic materials is anticipated to give soft magnetic composites a tough competition in the global market.

Will the soft magnetic composites market witness new entrants?

Definitely, the SMC market holds high potential, new entrants from the mining and powder metallurgy sector are anticipated to invest heavily in the SMC market to establish presence in the coming years.

Which application area holds potential growth opportunities for market players?

While automotive & power generation sector continues to influence growth strategies, new applications in the field of 3D printing are expected to open up new doorways for investments for end users and manufacturers.

What is the degree of competition in the soft magnetic composites market?

The market portrays highly competitive nature with large number of regional and local market players. In the current scenario, industry leaders such as GKN PM (Melrose PLC), Hitachi Metals Ltd, and Sumitomo Metal Mining Co., Ltd. collectively hold over 50% of the total revenue share.

Which region will lead the global sales of soft magnetic composites?

East Asia is anticipated to lead the soft magnetic composites market with emergence of China as a prominent consumer of the SMCs, owing to the high presence of growing automotive, consumer goods, and power generation industries in the country. Manufacturers are focusing on increasing foothold in the Asia Pacific market as the region amounts for high consumption of SMC in the global market.