April 24, 2020

Soft Magnetic Composites Market to reach US$ 80 Bn by 2029

Soft magnetic composites (SMCs) are used extensively in the automotive industry for their ferromagnetic properties. Majorly driven by this, global soft magnetic composites market is projected to exhibit a robust CAGR during the forecast period of 2019-2029, reaching a value of US$ 80 Bn in 2029. Correct SMC combination provides a technology that consumes less energy, is optimally efficient, and capable of use in extreme frequencies and temperatures.

High demand is witnessed from the automotive industry for electronic components such as motors, inductors, and other electronic machines that enhance reliability and efficiency. Moreover, the industry demands space reductions of components such as inductors that capture a lot of space. As a result, efforts to attain balance between working efficiency and smaller dimensions, have propelled the use of soft magnetic materials such as soft magnetic composites.

Key Takeaways

·         Demand for electrical steel segment is expected to grow at a healthier rate. Its market share is anticipated to increase owing to application in different end-use industries, along with cost-effective nature of the material.

·         5P type, though 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 soft magnetic composites market owing to the constantly increasing presence of strong electronic and automotive sector in countries such as China, India, ASEAN Countries, and Japan.

·         East Asia is projected to be a hub for electronic industry, countries such as China, are anticipated to be at the epicenter of opportunities in the electronic industry.

·         Soft magnetic composites are increasingly gaining traction within the 3D-printing technology space

Market Landscape Moving towards Consolidation

The soft magnetic composites market is highly consolidated owing to the prominence of handful of players with extensive R&D capabilities. Key manufacturers in the 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.

What Does Future Hold?

In the coming years, as purchasing power of customers in developing regions grows, demand for soft magnetic composites is also anticipated to increase. Demand for cost-effective and energy-efficient materials from automotive and power generation industry is going to be the major driving force for the SMC markets. Introduction of new technologies such as 3D printing is will open an opportunity door for the SMC market..

Press Release Source: https://www.accesswire.com/586113/Sales-of-Soft-Magnetic-Composites-to-Reach-US-80-Bn-by-2029-Supply-Chain-Disruptions-Amid-COVID-19-Threatens-Market-Performance-Future-Market-Insights

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