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.
The increasing demand of soft magnetic materials from the automotive industry is one of the major growth drivers. This increasing demand is attributed by the growing use of components such as gearbox, alternator, induction coil, and antenna core which make use of soft magnetic materials. On the other hand, volatile price of raw materials is restraining the growth of market. The unexpected fluctuations in raw material prices are destabilizing supply chain and posing a challenge for manufacturers to deliver quality products at low price along with earning profits. Increasing demand from emerging economies such as China and India is expected to be a major opportunity in the soft magnetic materials market.
Soft magnetic materials market is segmented on the basis of material type, application, end user, and region. Based on material type, the soft magnetic material market is segmented into soft ferrite, electrical steel, cobalt, and others (aluminum, phosphorous and silicon). Electrical steel accounted for the major share of the soft magnetic materials 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. Motors, transformer, alternators, and others (which includes, actuator, choke coil, generator, relay, electric bells, and buzzer) are the major application areas of soft magnetic materials. 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. 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.
Based on geography/region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa (MEA). Amongst these regions, Asia-Pacific dominated the soft magnetic materials market attributed by the rise of end-use industries such as electronics & telecommunication and automotive in China and India. Europe is the second largest region in soft magnetic material followed by North America, Middle East and Africa. China is the biggest market in Asia-Pacific region whereas Germany is the largest market in Europe. Some of the players in the global soft magnetic materials market are Hitachi Metals Ltd, Toshiba Materials Company Ltd, GKN Sinter Metals, Sintex A/S, Mate Company Ltd, and others. The strategies adopted by the key players for enhancing their business revenue are expansion, new product launches, and agreements.
Market by Material Type
· Soft ferrite
· Electrical steel
· Others (aluminum, phosphorous and silicon)
Market by Application
· Others (which includes, actuator, choke coil, generator, relay, electric bells, and buzzer)
Market by End User Industry
· Electronics & telecommunication
Market by Geography
· North America
o Rest of Europe
o Rest of Asia-Pacific
· Latin America
o Rest of Latin America
· Middle East and Africa (MEA)
o South Africa
o Saudi Arabia
o Rest of MEA
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