IMARC Group, a leading market research company, has recently releases report titled “Soft Magnetic Materials Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, The study provides a detailed analysis of the industry, including the global soft magnetic materials market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights:

How big is the soft magnetic materials market?

What are soft magnetic materials?

Soft magnetic materials refer to ferromagnetic substances that can be easily magnetized and demagnetized. They have a steeply rising magnetization curve and narrow hysteresis loop that results in small energy losses for each magnetization cycle. Currently, soft magnetic materials include nickel, cobalt, Si-steel, soft ferrite, electronic iron, nanocrystalline and amorphous alloys as common items. These magnetic materials have the ability to strengthen the field created by motor windings and minimize eddy current loss to increase the motors efficiency; therefore, soft magnetic materials are widely utilized in motor applications.

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What are the growth prospects and trends in the soft magnetic materials industry?

The rapid expansion in the automotive sector and the growing need for effective motors have intensified the usage of soft magnetic materials, which is primarily driving the market growth. Such components are used in manufacturing motors, compressors, anti-lock brake systems, fuel injectors, and other rotating devices. Additionally, soft magnetic materials exhibit a variety of advantageous properties, such as low coercivity, high electrical resistivity, and superior permeability in contrast to hard metal substances, which is favoring the market growth. Moreover, the rising need for power across industries and the government initiatives to promote electricity distribution in remote locations is facilitating product incorporation in generators, switching circuits, and transformers. Besides this, the large-scale use of soft magnetic material in the production of various medical equipment and devices, such as high-quality pumps, infusion pumps, hemodialysis machines, scanners, respirators, and centrifuges, is contributing to the market growth.

Who are the key players operating in the industry?

The report covers the major market players including:

• Arnold Magnetic Technologies
• Daido Steel Co. Ltd.
• GKN Sinter Metals Engineering GmbH
• Hitachi Ltd., Mate Co. ltd.
• Meyer Sintermetall AG
• SG Technologies
• Steward Advanced Materials
• Sumitomo Metal Mining Co. Ltd.
• Toshiba Materials Co Ltd (Toshiba Corporation)
• Vacuumschmelze GmbH  Co KG.

Key Market Segmentation:

The report has segmented the soft magnetic materials market on the basis of breakup by material, application, end-use and region.

Breakup by Material:

• Cobalt
• Iron
• Nickel
• Electric Steel
• Others

Breakup by Application:

• Motors
• Transformers
• Alternators
• Others

Breakup by End Use:

• Automotive
• Electrical and Electronics
• Telecommunication
• Energy and Power
• Others

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Turkey, South Africa, Others)

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