Global Soft Magnetic Materials Market Analysis, 2013-2023
Materials that can be very easily magnetized or demagnetized by applying an electric field to them are known as soft magnetic. This type of material has great application in electric and hybrid vehicles. Also, the soft magnetic material has properties like no ice cancellation and is energy efficient which is adding in their demand in the market.
The demand for soft magnetic materials is expected to globally rise in coming four to five years owing to various factors like increase in demand in the electric and hybrid vehicles sector, introduction to Nano-structured soft magnetic materials and rise in their demand in power transmission components. This material is expected to find new markets in developing countries.
The global soft magnetic materials market report reveals the existing market conditions carrying out over 280 hours of both secondary and primary research. As per the research report, the global Soft magnetic materials market is growing its area of influence swiftly. The global soft magnetic materials market is valued at US $ xxx million dollars which is anticipated to reach a massive US $ xxx million dollars by the year end of 2023. During the forecast period of 2018-2023 this market is anticipated to grow at an average annual rate of xx%.
This material is getting widely accepted in various industries because of the superior performance and various other advantageous factors like good permeability and reduction of eddy current loss. Automatic is the biggest market for soft magnetic material, and the major applications are anti-lock brake systems, fuel injectors, motors, other rotating devices, etc.
The market for this material is divided by material, industry vertical and geography. By material, the market can be categorized into nickel, cobalt, iron, electric steel, alloy, etc. By industry vertical, the categories are automotive, aviation, telecommunication, power, healthcare, etc. Regionally the industry is analyzed across North America, Asia-Pacific, Europe, Middle East, Africa and Latin America.
The major impediments facing the global magnetic materials market is the price fluctuation and availability of the raw material. Due to erratic raw material supply, the price varies significantly, thereby limiting its growth potential.
Asia-Pacific accounts for the major market shares for soft magnet materials. This market is driven by the growth in the electronics and telecommunication and automatics industries. There are already many well-established players in the market, so these growing industries are looking for better alternatives which provide them with various advantageous factors like soft magnet materials. The market is also growing in North America, Europe, and LAMEA.
The major players include VACUUMSCHMELZE GmbH & Co. KG, GKN plc, Daido Kogyo Co. Ltd., Toshiba Materials Co., Ltd., Steward Advanced Materials Inc., AMES, MATE CO., LTD, Hitachi Metals, Ltd., Sintex A/S, and Sumitomo Metal Mining Co., Ltd.
The research process includes the global soft magnetic materials market segmentation, identification of the growth determinants and conducting market forecasts. The market forecasts are conducted based in the insights given by the business influential from across the global soft magnetic materials market value chain. Market Krystal hence conducted over 42 interviews devoted to this market study and all the details pertaining to it are mentioned below: