Growing Demand for Soft Magnetic Composites Market in the Automotive Industry

Due to their ferromagnetic qualities, soft magnetic composites (SMCs) are widely used in the automotive industry. The global soft magnetic composites market, which is primarily propelled by this, is anticipated to display a strong CAGR during the forecast period of 2022–2029, reaching a value of US$ 80 Billion in 2029.

A technology that uses the least energy, is most effective, and can operate in extreme frequencies and temperatures is provided by the right SMC combination. Electronic machines that increase dependability and efficiency, such as motors, inductors, and other electronic machines, are in high demand in the automobile sector.

Additionally, the market mandates that components like inductors, which take up a lot of space, be made smaller. The usage of soft magnetic materials, such as soft magnetic composites, has thus been driven by efforts to strike a compromise between working efficiency and smaller size.

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Key Takeaways

• Demand for the electrical steel segment is expected to grow at a healthier rate. Its market share is anticipated to increase owing to its application in different end-use industries, along with the cost-effective nature of the material.
• 5P type, though the most expensive, is prominently used in the power generation industry. As the demand for this segment is increasing, SMC manufacturers are under high pressure to reduce its price.
• The Asia Pacific region holds a prominent share of the soft magnetic composites market owing to the constantly increasing presence of the strong electronic and automotive sector in countries such as China, India, ASEAN Countries, and Japan.
• East Asia is projected to be a hub for the electronics industry, and countries such as China, are anticipated to be at the epicenter of opportunities in the electronics industry.
• Soft magnetic composites are increasingly gaining traction within the 3D-printing technology space.

SMC are advantageous as they offer the possibility of developing three dimensional shapes with complex geometry in extreme conditions, along with being cost effective and energy efficient. Moreover, acceptance of new technologies in automotive and consumer (electronics) goods industry such as 3D printing has paved a path of new opportunities for soft magnetic composites market.

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Key Companies Profiled

• GKN Powder Metallurgy (Melrose PLC)
• Höganäs AB
• Hitachi Metals Ltd
• PMG Holding GmbH
• VACUUMSCHMELZE GmbH & Co. KG
• Toshiba Materials Co., Ltd.
• Rio Tinto
• Voestalpine Stahl GmbH
• Sumitomo Metal Mining Co., Ltd.
• Hengdian Group DMEGC Magnetics Co., Ltd.
• Steward Advanced Materials Inc.
• AIC Engineering Ltd
• Compass Diversified Holdings (Arnold Magnetic Tech. Corp.)
• Fluxtrol Inc.
• ThyssenKrupp Electrical Steel India Private Limited
• TOKUSHU KINZOKU EXCEL CO.,LTD.
• Ningbo Longjian Magnetic Industry Co., Ltd
• Ames Group Sintering SA
• Mitsubishi Materials Corporation
• Dexter Magnetic Technologies

Market Landscape Moving Towards Consolidation

The soft magnetic composites market is highly consolidated owing to the prominence of a handful of players with extensive R&D capabilities. Key manufacturers in tier I such as GKN Powder Metallurgy (Melrose PLC) and Hitachi Metals Ltd. are pushing towards consolidation by opting for growth strategies such as acquisitions, joint ventures, and others.

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Soft Magnetic Composites Market Taxonomy

Material

• Electrical Steel
• Soft Ferrite
• Iron Powder

End Use

• Automotive
• Industrial Machinery & Equipment
• Consumer Goods
• Power Generation
• Others

Region

• North America
• Latin America
• Europe
• South Asia
• East Asia
• Oceania
• Middle East & Africa

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Know More About Report Inclusions

Future Market Insights has published a market research report on the soft magnetic composites market that contains a global industry analysis for 2014–2021 and an opportunity assessment for 2022–2029. The report provides an insightful analysis of the Soft magnetic composites market through three different segments, namely material, type, application, end-use industry, and region.

The soft magnetic composites market report also provides demand trends of different types across industry verticals, a comprehensive list of service providers in the market, various projects around the world along with a detailed overview of the parent market.