The global soft magnetic materials market accounted for $20 billion in sales in 2017 and is expected to reach more than $45 billion by 2026 growing at a compound annual growth rate of 9.7%, according to market research firm Stratistics.
Growing use of soft magnetic materials in motors, transformers and alternators amidst increased demand from the automotive industry are fueling the rise, the company said in a market research report published in July. Volatile raw material cost could hinder things, the report cautions, but rising demand from emerging economies underpins an environment with ample opportunities for growth.
The requirement for soft magnetic material is growing in the automotive industry due to their applications in hybrid and electric vehicles where they are used broadly. Use in motors continues as the largest product segment owing to increased demand for motors in the electrical and automotive business. The soft magnetic materials that are often used in motor application are iron based materials which include iron-silicon and iron-cobalt. At present, motor components are made by a powder metallurgical procedure, which is a better procedure than traditional method of stacking punched laminations. Materials produced through this method offer high lenience and firmness, according to the study.
By geography, the Asia-Pacific region is anticipated to dominate with China and Japan being the biggest countries for soft magnetics. Some of the key players profiled in the Soft magnetic materials market include Mate Co. Ltd., Sumitomo Metal Mining Co., Ltd., Steward Advanced Materials, Sintex a/s SG technologies Limited, SA Technologies Limited, Toshiba Materials Co., Ltd., Hitachi Metals Ltd., GKN Sinter Metals Inc., Daido Steel Co. Ltd., Ames S. VacuumschmelzeÂ Gmbh & Co. KG, Technologies Limited, FJ Industries, Arnold Magnetic Technologies, Powder Metal Group (PMG) and Fluxtrol Inc.
Stratistics is a market research and consulting firm based in Secunderabad, India. For more information on their reports, see www.StrategyMRC.com.