The global soft magnetic materials market will grow at a CAGR of 8.2% from 2022 to 2030. Soft magnetic materials have the efficiency to be easily magnetized and demagnetized. They typically have intrinsic coercivity less than 1000 Am–1 and are used primarily to enhance the flux produced by an electric current. Soft magnetic materials are extensively used in various applications such as electric motors, receipt of radio signals, electrical power generation and transmission, microwaves, relays, solenoids, magnetic shielding, and electromagnets.
The global soft magnetic materials market has been witnessing significant growth in recent years, owing to developments in the global automotive industry and increased demand for electric vehicles. Manufacturers are now focusing more on producing lightweight and reducing dependency on conventional fuel to curb carbon dioxide emission owing stringent government environmental policies automobile. Soft magnetic materials are widely used in electric motors. An increase in demand and production of electric vehicles leads to a rise in electric motors’ requirements. This factor is expected to increase the demand for soft magnetic materials and drive the growth of this market. In addition, soft magnetic materials are also used in brushless DC motors, which are primarily used in various industrial applications such as linear motors, servo motors, actuators for industrial robots, extruder drive motors, and feed drives for CNC machine tools.
The demand for brushless DC motors is expected to increase considerably, resulting in a surge in demand for soft magnetic materials due to rapid industrialization across emerging economies. These factors are anticipated to drive the growth of the soft magnetic materials market. However, the global soft magnetic material market growth is anticipated to be hampered by unexpected volatility in raw material prices. It poses a challenge for manufacturers to supply quality products at a low price. However, an increase in demand for soft magnetic materials from emerging economies is estimated to create lucrative opportunities for the growth of this market.
Get PDF for more Professional and Technical insights: https://www.marketstatsville.com/request-sample/soft-magnetic-materials-market
Global Soft Magnetic Materials Market Dynamics
Drivers: Increase in demand for electric and hybrid vehicles
Electric vehicles (EVs) use electric motors or traction motors for propulsion. An EV is powered by batteries, solar panels, and an electric generator that converts fuel to electricity. A hybrid electric vehicle (HEV) combines conventional and electric sources for propulsion. The traction motors used in such vehicles are direct current (DC) motors. DC motor is a series of field windings. These motors are better in speed control, have higher efficiency, no sparking, longer lifetime, higher torque to weight ratio, more reliability, and less noise. In DC motors, DC electricity is directed into an inverter, converted to alternating current (AC) electricity, and connected to a 3phase AC motor.
Soft magnetic materials have a narrow magnetic hysteresis loop to minimize losses and maximize permeability; thus, they are used in traction motors to reduce energy loss. Therefore, soft magnetic materials are extensively utilized in electric vehicle engine parts, motors, ignition–related components, and other highly functional electric automotive components. The increase in consumption and production of electric vehicles is influencing the adoption of DC motors which eventually drives the demand for raw materials related to battery production.
Restraints: Instability in the raw material prices
Soft magnetic materials are used in various automotive parts, motor engines, electric engines, sensors, transformers, chokes, medical devices, mining, etc. High permeability and coercivity properties of soft magnetic materials improve engine efficiency and transmission efficiency due to decreased power loss. The raw materials used in soft magnetic materials are cobalt, nickel, iron, and other alloys derived from these metals.
Soft magnetic materials being a niche market, are highly affected by the pricing fluctuations of these metals. In response to the instability in the price trend, manufacturers of various end–use industries face several challenges, which hamper the supply side of the material, including cobalt, nickel, and alloys. Due to irregular supply, the market has faced an unstable supply–demand gap for cobalt and nickel and their alloys. Hence, fluctuation in the price of raw materials is a key source that further hampers the growth of the global soft magnetic material market.
Opportunities: Development of nano–structured soft magnetic materials
Increased demand for soft magnetic materials in automotive, healthcare, energy & power, aviation, and various other industries led to increased R&D activities. The companies are indulging in the continuous development of the current technology of soft magnetic materials to enhance them for better efficiency and lower energy loss during the process. Soft magnetic nano–particles exhibit a varied unusual behavior when compared to bulk materials. This is due to symmetry breaking, surface/ interface effects, charge transfer, or magnetic interactions. Nano–structured materials possess high strength, ductility in normally brittle materials, wear–resistance, improved hardness, corrosion–resistance erosion–resistance, and higher chemical activity. Soft magnetic nanocrystalline materials have higher coercivity and low remanence properties. These materials can be for data storage purposes, thin–film in media and entertainment, power electronics, and sensors. The nano–structured soft magnetic material with enhanced properties is anticipated to offer new growth opportunities during the forecast period.
You Can Purchase Complete Report: https://www.marketstatsville.com/buy-now/soft-magnetic-materials-market?opt=2950
Scope of the Report
The study categorizes the soft magnetic materials market based on material and Industrial Vertical at the regional and global levels.
By Material Outlook (Revenue, USD Million, 2017–2030)
- Electric Steel
By Industry Vertical Outlook (Revenue, USD Million, 2017–2030)
- Electrical & Electronics
- Energy & Power
By Region Outlook (Revenue, USD Million, 2017–2030)
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
The iron segment is projected to account for the largest market share, by material
Based on material, the global soft magnetic materials market is divided into cobalt, iron, nickel, electric steel, and others. In 2021, the iron segment accounted for the largest market share of 41.0% in the global soft magnetic materials market. Iron contains a minuscule carbon content (less than 0.1%). This material is refined to get the maximum permeability and less coercive force to make it a soft magnetic material. But, it produces eddy current loss when subjected to very high flux density due to low resistivity.
Iron–based soft magnetic material is widely used in many electrical apparatus and instruments such as a magnetic material core for electromagnets, low–frequency components for relay electrical instruments because it produces eddy current loss. The demand for relay devices is significantly increasing due to the rise in power generation at the power grid to trip a circuit breaker when a fault is detected during electricity transmission. In addition, a surge in infrastructure development activities across developing nations such as India, China, Vietnam, and the Philippines leads to the construction of new railway lines. This factor is expected to increase the demand for railway signaling relay devices and thus drive the growth of the iron–based soft magnetic material.
Access full Report Description, TOC, Table of Figure, Chart, etc: https://www.marketstatsville.com/table-of-content/soft-magnetic-materials-market
North America accounts for the highest CAGR during the forecast period
Based on the regions, the global soft magnetic materials market has been segmented across North America, Asia–Pacific, Europe, South America, and the Middle East & Africa. Globally, North America is projected to hold the highest CAGR of 8.6% during the forecast period. The use of soft magnetic materials in aircraft engines impacts the market positively. The rise in electricity generation through new renewable sources eventually leads to increased transformers and drives the soft magnetic materials market. An increase in aircraft shipments drives the market growth in the U.S.
The soft magnetic materials market finds application in the energy & power, telecommunications, and aircraft industry in North America. It has huge demand in the energy & power industry for electricity generation and aircraft industry in APUs due to the high permeability properties of soft magnetic materials. The rise in demand for new aircraft and electricity offers growth opportunities for the soft magnetic materials market. The use of soft magnetic materials in aircraft engines impacts the market positively. The rise in electricity generation through new renewable sources eventually leads to increased use of transformers and drives the soft magnetic materials market. An increase in aircraft shipments drives the market growth in the U.S.
Request For Report Description: https://www.marketstatsville.com/soft-magnetic-materials-market
Key Market Players
Manufacturers of soft magnetic materials are the ones who mainly focus on the production of soft magnetic material and related alloys. Key industry participants mainly involved in the production of soft magnetic material include Melrose Industries PLC, Daido Kogyo Co. Ltd., Vacuumschmelze GmbH and Co. KG, Toshiba Materials Co., Ltd., AMES, Mate Co., Ltd, Hitachi Metals, Ltd., GRUNDFOS A/S, Sumitomo Metal Mining Co., Ltd., Steward Advanced Materials Inc., and SG Technologies