Soft Magnetic Materials Market Anticipated to Reach 33.708 Million Tons In Terms Of consumption By 2026

Global Market for Soft Magnetic Materials will be Valued at US$
113.4 Bn during 2016-2026
In its report titled, “Soft Magnetic Materials Market: Global Industry Analysis and
Forecast, 2016-2026”, Persistence Market Research (PMR) estimates that the global
consumption of soft magnetic materials will grow at an impressive 7.6% CAGR
through 2026. Global consumption of soft magnetic materials was estimated at 16.1
Mn tons in 2016, and it is pegged to reach 33.708 Mn tons by 2026. In terms of
revenue, this represents a US$ 113 Bn opportunity for manufacturers.
The growth of global soft magnetic materials market is primarily driven by soaring
demand for hybrid and electric vehicles. The demand for soft magnetic materials is
fuelled by utilization of soft magnetic motors in these vehicles as they offer several
benefits including compact design, energy savings and noise reduction. Additionally,
soft magnetic materials are gaining prevalence in power generation industries owing
to their property of withstanding high temperatures. The adoption of soft magnetic
materials by automotive industry is on the rise as they help manufacturers attain that
ever-elusive balance between smaller dimensions and working efficiencies. These
factors are estimated to propel the growth of global soft magnetic materials market
during the forecast period.
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By material type, nano crystalline material is projected to witness fastest growth at
9.8% CAGR, in terms of volume. Although soft ferrite will remain the largest
material-type segment, it is expected to witness a slight decline in its revenue share
by 2026.
Leading manufacturers are concentrating on utilizing various types of alloys for SMC
and electric steel production with an aim to improve energy efficiency. Key
manufacturers of soft magnetic materials market include Hitachi Metals, Ltd., PMG
plc, Hoganas AB, voestalpine Stahl GmBH, Toshiba Materials Co., Ltd., Hengdian
Group DMEGC Magnetics Co., Ltd., and Sumitomo Metal Mining Co., Ltd.
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With around one-third revenue share, motors are estimated to remain the most
lucrative application segment in the global soft magnetic materials market. The
revenue generated from applications of soft magnetic materials in motors is expected
to witness 2.1X growth by 2026. On the other hand, transformer application segment
is projected to grow at the highest volume CAGR. This is mainly attributed to soaring
demand for high duty flux materials.
By volume, Asia Pacific Excluding Japan (APEJ), Eastern Europe and Latin America
are expected to be the largest markets for soft magnetic materials. APEJ is estimated
to remain dominant in the global soft magnetic materials market and is projected to
grow at 8.5% CAGR, in terms of volume, through 2026. The soft magnetic materials
market in APEJ is primarily driven by the presence of iron ore mines and cheap labor
force. Eastern Europe is estimated to reflect 7.9% volume CAGR during the forecast
period and is expected to be the second largest region for soft magnetic materials
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