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Soft Magnetic Materials Market Size - Global Industry, Share, Analysis, Trends and Forecast 2024 - 2032

Published : Mar 2025

Report ID: ARC311

Pages : 250

Format : Soft Magnetic Materials Market Size - Global Industry, Share, Analysis, Trends and Forecast 2024 - 2032

Summary Table of Content Customization Download Sample Infographics

The Global Soft Magnetic Materials Market Size accounted for USD 19.2 Billion in 2023 and is estimated to achieve a market size of USD 30.1 Billion by 2032 growing at a CAGR of 5.2% from 2024 to 2032.

Soft Magnetic Materials Market Highlights

  • Global soft magnetic materials market revenue is poised to garner USD 30.1 billion by 2032 with a CAGR of 5.2% from 2024 to 2032
  • Asia-Pacific soft magnetic materials market value occupied around USD 9.8 billion in 2023
  • Asia-Pacific soft magnetic materials market growth will record a CAGR of more than 5.6% from 2024 to 2032
  • Among material type, the electrical steel sub-segment generated more than USD 11.7 billion revenue in 2023
  • Based on application, the motors sub-segment generated around 52% soft magnetic materials market share in 2023
  • Rising demand for 5G and IoT devices is a popular soft magnetic materials market trend that fuels the industry demand

Soft Magnetic Materials Market Highlights

A magnet is a piece of iron or any other material having its component atoms ordered in such a way that the material displays properties of magnetism such as attracting iron made object or aligning themselves to an external magnetic field. Soft magnetic material is the one that responds to the applied magnetic field either in the form of attraction or repulsion by generating magnetization or demagnetization property. The material that can be easily demagnetized and magnetized is known as soft magnet. Soft magnetic materials such as soft ferrite, electrical steel, cobalt, and others are used in various different industry verticals such as electronics & telecommunication, automotive and electrical as they provide high permeability and prevent eddy current loss.

Global Soft Magnetic Materials Market Dynamics

Market Drivers

  • Rising adoption of electric vehicles (EVs) boosts demand for soft magnetic materials in motors and batteries
  • Growth in renewable energy projects increases the need for efficient transformers and generators
  • Advancements in electronics drive the demand for high-performance soft magnetic components
  • Expanding industrial automation accelerates the use of soft magnetic materials in robotics and machinery

Market Restraints

  • High cost of raw materials limits adoption in cost-sensitive applications
  • Complex manufacturing processes pose challenges for mass production
  • Competition from alternative materials affects market growth

Market Opportunities

  • Increasing R&D investments in nanocrystalline materials create potential for improved performance
  • Expansion in emerging markets presents growth prospects for key players
  • Integration of soft magnetic materials in advanced medical devices enhances their applications

Soft Magnetic Materials Market Report Coverage

Market

Soft Magnetic Materials Market

Soft Magnetic Materials Market Size 2023

USD 19.2 Billion

Soft Magnetic Materials Market Forecast 2032

USD 30.1 Billion

Soft Magnetic Materials Market CAGR During 2024 - 2032

5.2%

Soft Magnetic Materials Market Analysis Period

2020 - 2032

Soft Magnetic Materials Market Base Year

2023

Soft Magnetic Materials Market Forecast Data

2024 - 2032

Segments Covered

By Material Type, By Application, By End User Industry, and By Geography

Regional Scope

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

Key Companies Profiled

Toshiba Materials Co., Ltd., Daido Steel Co. Ltd., Sumitomo Metal Mining Co. Ltd., Mate Co. Ltd., GKN Sinter Metals Inc., Sintex A/S, Hitachi Metals Ltd., Ames S.A., Daido Kogyo Co. Ltd., Steward Advanced Materials Inc., GKN Plc, and SA Technologies Limited.

Report Coverage

Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Covid-19 Analysis, Regulation Analysis

Soft Magnetic Materials Market Insights

The growing global usage of electric vehicles is a primary driver of the soft magnetic materials industry. For instance according to the International Energy Agency, the global electric vehicle market is rapidly expanding, with sales exceeding 10 million units in 2022. Electric vehicles accounted for 14% of all new automobile sales that year, up from over 9% in 2021 and less than 5% in 2020. These materials are critical to the efficiency and performance of EV motors, chargers, and powertrains. With governments and organizations working for carbon neutrality, EV manufacturing is increasing, resulting in a greater demand for innovative soft magnetic materials that ensure energy efficiency. Soft ferrites and amorphous alloys are employed in EV components because they reduce energy losses while increasing power conversion efficiency. This trend is expected to continue as global EV sales increase, creating a higher demand for unique magnetic solutions.

The global move to renewable energy sources, such as wind and solar power, is increasing demand for soft magnetic materials. These materials are critical in transformers, generators, and other energy-conversion equipment. Wind turbine generators, for example, require soft magnetic cores in order to efficiently convert mechanical energy into electricity. The market for soft magnetic materials is predicted to expand rapidly as investments in renewable energy infrastructure increase and government policies encouraging clean energy improve.

The proliferation of 5G technology and internet of things (IoT) devices has created numerous prospects for soft magnetic materials. These materials are required in electronic components such as inductors and sensors, allowing for downsizing and improved signal processing. Demand for smart gadgets is expected to increase as they become more popular worldwide.

 

Soft Magnetic Materials Market Report Customization

Soft Magnetic Materials Market Segmentation

The worldwide market for soft magnetic materials is split based on material type, application, end user industry, and geography.

Soft Magnetic Materials Type

  • Soft ferrite
  • Nickel
  • Electrical steel
  • Cobalt
  • Others

According to soft magnetic materials industry analysis, electrical steel accounted for the major share of the market. Electrical steel and soft ferrite are majorly used in the automotive industry as they offer advantageous properties such as good permeability and help in reduction of core loss. The low cost of these materials contributed to the mass usage in various industries. Soft ferrite is estimated to be the fastest growing material type. This is due to high permeability and low cost of the material.

Soft Magnetic Materials Application

  • Transformer
  • Motors
  • Alternators
  • Others

The motor application is the biggest and fastest growing application area for soft magnetic materials owing to its growing demand in automotive and electric industries. The automotive industry is expected to be the major driving force for the growth of motor application. In addition, growing demand for electric motors, due to rapid industrialization, urbanization, and growing middle class population is further expected to drive the market for soft magnetic materials.

Soft Magnetic Materials End User Industry

  • Automotive
  • Electronics & Telecommunication
  • Electrical
  • Others

The end-use industry segments include automotive, electronics & telecommunication, electrical and others. Automotive end-user is the largest and fastest growing segment in the soft magnetic materials market. The usage of magnetic material in automotive sector is highest owing to the demand for high quality soft magnetic materials which are used in applications such as antenna core and fuel injection systems. In addition, the electronics industry is expected to witness a significant growth in developing economies such as China and India owing to the increasing disposable income and increasing middle class population. The electronics industry demands long lasting magnetic materials that increase the performance and improves quality of electronic systems.

Soft Magnetic Materials Market Regional Outlook

North America

  • U.S.
  • Canada

Europe

  • U.K.
  • Germany
  • France
  • Spain
  • Rest of Europe

Asia-Pacific

  • India
  • Japan
  • China
  • Australia
  • South Korea
  • Rest of Asia-Pacific

Latin America

  • Brazil
  • Mexico
  • Rest of LATAM

The Middle East & Africa

  • South Africa
  • GCC Countries
  • Rest of the Middle East & Africa (ME&A)

Soft Magnetic Materials Market Regional Outlook

Soft Magnetic Materials Market Regional Analysis

The Asia-Pacific region controls the global soft magnetic materials market, having emerged as both the largest and fastest-growing. This leadership is due to the region's rapidly increasing industrial and manufacturing sectors, which drive demand for soft magnetic materials in a variety of applications including electric motors, transformers, and inductors. Countries like China, Japan, and India are at the forefront of this expansion because to their strong manufacturing capacities and increased emphasis on energy efficiency.

China is leading the charge with large expenditures in renewable energy infrastructure and electric vehicle (EV) production, both of which rely heavily on soft magnetic components for peak performance. For instance according to the International Energy Agency, China contributes for over 60% of the new renewable capacity estimated to be operational worldwide by 2028. Japan and South Korea are well-known for their advanced electronics and automotive industries, increasing demand for these materials. Meanwhile, India's growing renewable energy projects and government efforts to boost domestic output contribute to the region's robust industry growth.

Asia-Pacific's expansion is aided by the availability of low-cost raw resources, cheap production costs, and skilled labor. Moreover, the region’s growing use of 5G and IoT technologies drives up demand for soft magnetic materials in telecom and consumer electronics. With increasing investments and technical advances, Asia-Pacific is expected to maintain its dominance in the soft magnetic materials market forecast period.

Soft Magnetic Materials Market Players

Some of the top soft magnetic materials companies offered in our report includes Toshiba Materials Co., Ltd., Daido Steel Co. Ltd., Sumitomo Metal Mining Co. Ltd., Mate Co. Ltd., GKN Sinter Metals Inc., Sintex A/S, Hitachi Metals Ltd., Ames S.A., Daido Kogyo Co. Ltd., Steward Advanced Materials Inc., GKN Plc, and SA Technologies Limited.

Frequently Asked Questions

How big is the soft magnetic materials market?

The soft magnetic materials market size was valued at USD 19.2 Billion in 2023.

What is the CAGR of the global soft magnetic materials market from 2024 to 2032?

The CAGR of soft magnetic materials is 5.2% during the analysis period of 2024 to 2032.

Which are the key players in the soft magnetic materials market?

The key players operating in the global market are including Toshiba Materials Co., Ltd., Daido Steel Co. Ltd., Sumitomo Metal Mining Co. Ltd., Mate Co. Ltd., GKN Sinter Metals Inc., Sintex A/S, Hitachi Metals Ltd., Ames S.A., Daido Kogyo Co. Ltd., Steward Advanced Materials Inc., GKN Plc, and SA Technologies Limited.

Which region dominated the global soft magnetic materials market share?

Asia-Pacific held the dominating position in soft magnetic materials industry during the analysis period of 2024 to 2032.

Which region registered fastest CAGR from 2024 to 2032?

Asia-Pacific region exhibited fastest growing CAGR for market of soft magnetic materials during the analysis period of 2024 to 2032.

What are the current trends and dynamics in the global soft magnetic materials industry?

The current trends and dynamics in the soft magnetic materials industry include rising adoption of electric vehicles (EVs) boosts demand for soft magnetic materials in motors and batteries, and growth in renewable energy projects increases the need for efficient transformers and generators.

Which end user industry held the maximum share in 2023?

The automotive end user industry held the notable share of the soft magnetic materials industry.

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