Soft Magnetic Materials Market Size
| Study Period | 2019-2029 |
| Market Volume (2024) | 10.68 Million tons |
| Market Volume (2029) | 14.88 Million tons |
| CAGR (2024 - 2029) | 6.87 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Soft Magnetic Materials Market Analysis
The Soft Magnetic Material Market size is estimated at 10.68 Million tons in 2024, and is expected to reach 14.88 Million tons by 2029, growing at a CAGR of 6.87% during the forecast period (2024-2029).
- The market was negatively impacted due to COVID-19. Owing to the pandemic scenario, several countries around the world went into lockdown to curb the spread of the virus. The shutdown of numerous companies and factories disrupted worldwide supply networks and harmed global production, delivery schedules, and product sales. Eventually, the market recovered from the COVID-19 pandemic and increased at a significant rate.
- Over the medium term, the market has witnessed significant growth propelled by the increasing applications in electronics and the growing demand in the power generation industry.
- However, the high cost of raw materials is likely to restrain the growth of the studied market. Nevertheless, the growth and expansion of the automotive industry are likely to create lucrative growth opportunities for the global market.
- The Asia-Pacific region dominated the market globally, with the largest consumption coming from countries like China, India, and Japan.
Soft Magnetic Materials Market Trends
Electronics and Energy Segment to Dominate the Market
- The usage of soft magnetic materials has been increasing in the electronics and energy generation industries. Soft magnetic materials find their application in AC and DC converter devices, electric motors, transformers, alternators, power inductors, and computers, amongst others.
- The power transformer market in the United States as of the end of 2022 was approximately 2,500 units, as per Power Technology Research (PTR). Further, in 2023, over 68 million desktops were shipped worldwide. In 2027, desktop shipments are expected to rise slightly to around 69 million units. By contrast, notebook shipments are expected to reach more than 214 million units in 2027, up from 207 million units in 2022.
- Soft magnetic materials find application in various electronic devices such as wireless charging, sensors, high-frequency products, data storage devices, etc. According to the Japan Electronics and Information Technology Industries Association (JEITA), the production by the global electronics and IT industry was expected to reach USD 3,436.8 billion, with a growth rate of 3 percent year on year, by 2023.
- The demand for electric motors, transformers, and actuators has seen decent growth in recent years as power plants in Asia-Pacific region are increasing. Additionally, According to the India Brand Equity Foundation (IBEF), the market size of transformers across the country was around USD 11 billion in fiscal year 2022.
- Further, according to the Department for Promotion of Industry and Internal Trade (India), the annual growth rate of electricity production in India was 8 percent in 2022. It was expected to reach 9.8 percent in 2023.
- In addition, according to Ember, China's renewable energy production in 2022 reached approximately 2,670 terawatt hours. This is the highest figure recorded and is a result of increased capacity for power generation, particularly for solar and wind farms.
- Additionally, solar energy generation in China reached approximately 418 terawatt hours in the same period.
- Therefore, all these factors are expected to lead to an increase in demand for soft magnetic materials in the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific is expected to dominate the global market owing to the vast power generation sector in China, in addition to the continuous investments done in the region to advance the electronics and automotive sectors through the years.
- According to the China Electricity Council (CEC), China has a total installed electricity generation capacity of 2,559.47 gigawatts. Thermal power plants, mostly coal-fired, account for more than half of this capacity, with a combined capacity of 1,332.39 gigawatts as of 2022. Hydropower facilities have the largest renewable energy capacity.
- India aims to achieve electronics manufacturing worth USD 300 billion by 2026, as it aspires to become a USD 1 trillion economy by 2025, according to the Economic Times.
- The adoption of electric vehicles in the Asia-Pacific region, due to increasing government regulations on automobiles, has fueled the usage of soft magnetic materials in electric motors.
- China's sales of new electric vehicles (EVs) increased by 82 percent in 2022 compared to the previous year. The country accounted for 59 percent of global EV sales in 2023, making it the world's largest electric vehicle market and producer, with 64% of global volume.
- Japan has pledged to become carbon neutral by 2050, making EVs a necessity to meet these targets, and increasing the demand for soft magnetic materials in the forecast period.
- The International Energy Agency (IEA) reported that electric vehicles made up approximately three percent of passenger cars sold in Japan in 2022.
- Thus, all the factors above are likely to increase the demand for soft magnetic materials in the forecast period.
Soft Magnetic Materials Industry Overview
The soft magnetic material market is partially consolidated in nature. The major players (not in any particular order) include VacuumschmelzeGmbH & Co. KG, Daido Steel Co., Ltd., Proterial Ltd., Sumitomo Metal Mining Co., Ltd, and Arnold Magnetic Technologies, among others.
Soft Magnetic Materials Market Leaders
VACUUMSCHMELZE GmbH & Co. KG
Daido Steel Co., Ltd.
PROTERIAL, Ltd.
Sumitomo Metal Mining Co., Ltd
Arnold Magnetic Technologies
*Disclaimer: Major Players sorted in no particular order
Soft Magnetic Materials Market News
- January 2022: Daido Steel Co., Ltd. has introduced a new product, called STARPAS-50PC2S permalloy foil, which is designed to effectively suppress EMC noise, particularly magnetic noise, at low frequencies below approximately 100kHz. This noise is usually caused by higher frequencies in communication and IoT devices, as well as electric automobiles. This product launch is expected to boost the soft magnetic material market.
- January 2022: JFE Steel Corporation has also launched Denjiro, which is an insulation-coated pure iron powder for soft magnetic composites. This product is ideally suited to axial gap motors and has been added to their broad lineup of soft magnetic materials.
Soft Magnetic Materials Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Growing Applications in Electronics
4.1.2 Increasing Demand for Power Generation Industry
4.1.3 Other Drivers
4.2 Restraints
4.2.1 High Cost of Raw Materials
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
5.1 Material Type
5.1.1 Electric Steel
5.1.2 Cobalt
5.1.3 Iron
5.1.4 Nickel
5.1.5 Other Material Types (Soft Magnetic Composites (SMC), Soft Ferrite, Silicon Ferrite, Permalloy, Supermalloy, etc.)
5.2 End-user Industry
5.2.1 Electronics
5.2.2 Automotive
5.2.3 Energy
5.2.4 Industrial
5.2.5 Other End-user Industries (Telecommunication, Medical, Industrial Transformers, etc.)
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 France
5.3.3.4 Italy
5.3.3.5 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Arnold Magnetic Technologies
6.4.2 Daido Steel Co., Ltd.
6.4.3 JFE Steel Corporation
6.4.4 Mate Co. Ltd.
6.4.5 Mk Magnetics Inc
6.4.6 PROTERIAL, Ltd.
6.4.7 Sg Technologies
6.4.8 Steward Advanced Materials LLC
6.4.9 Sumitomo Metal Mining Co., Ltd
6.4.10 Toshiba Materials Co., Ltd
6.4.11 VACUUMSCHMELZE GmbH & Co. KG
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Growth and Expansion of Automotive Industry
7.2 Other Opportunities
Soft Magnetic Materials Industry Segmentation
A material that can be easily magnetized and demagnetized is called soft magnetic material. These materials have low coercivity and high permeability.
The soft-magnetic material market is segmented by material type, end-user industry, and geography. By material type, the market is segmented into electric steel, cobalt, iron, nickel, and other material types (soft magnetic composites (SMC), soft ferrite, silicon ferrite, permalloy, supermalloy, etc.). By end-user industry, the market is segmented into electronics, automotive, energy, industrial, and other end-user industries (telecommunication, medical, industrial transformers, etc.). The report also covers the market size and forecasts for the soft magnetic material market for 15 major countries.
For each segment, the market sizing and forecasts have been done in terms of value (USD).
| Material Type | |
| Electric Steel | |
| Cobalt | |
| Iron | |
| Nickel | |
| Other Material Types (Soft Magnetic Composites (SMC), Soft Ferrite, Silicon Ferrite, Permalloy, Supermalloy, etc.) |
| End-user Industry | |
| Electronics | |
| Automotive | |
| Energy | |
| Industrial | |
| Other End-user Industries (Telecommunication, Medical, Industrial Transformers, etc.) |
| Geography | |||||||
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Soft Magnetic Materials Market Research FAQs
How big is the Soft Magnetic Material Market?
The Soft Magnetic Material Market size is expected to reach 10.68 million tons in 2024 and grow at a CAGR of 6.87% to reach 14.88 million tons by 2029.
What is the current Soft Magnetic Material Market size?
In 2024, the Soft Magnetic Material Market size is expected to reach 10.68 million tons.
Who are the key players in Soft Magnetic Material Market?
VACUUMSCHMELZE GmbH & Co. KG, Daido Steel Co., Ltd., PROTERIAL, Ltd., Sumitomo Metal Mining Co., Ltd and Arnold Magnetic Technologies are the major companies operating in the Soft Magnetic Material Market.
Which is the fastest growing region in Soft Magnetic Material Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Soft Magnetic Material Market?
In 2024, the Asia Pacific accounts for the largest market share in Soft Magnetic Material Market.
What years does this Soft Magnetic Material Market cover, and what was the market size in 2023?
In 2023, the Soft Magnetic Material Market size was estimated at 9.95 million tons. The report covers the Soft Magnetic Material Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Soft Magnetic Material Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Soft Magnetic Materials Industry Report
Statistics for the 2024 Soft Magnetic Materials market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Soft Magnetic Materials analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
