Soft Magnetic Composites Market: Introduction
Transparency Market Research delivers key insights on the global soft magnetic composites market. In terms of revenue, the global soft magnetic composites market is estimated to expand at a CAGR of 7.2% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecast in its report on the global soft magnetic composites market.
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The global soft magnetic composites market is broadly affected by several factors, including increase in usage of soft magnetic composites in various applications such as traction motors, air conditioning compressors, pumps (cooling, oil, etc.), DC/DC converters, high performance industrial motors, and others.
Rise in global demand for high performance industrial motors has led to significant growth in usage of soft magnetic composites. Increase in usage of high performance industrial motors in the automotive industry is expected to be the primary driver of the global soft magnetic composites market.
Soft Magnetic Composites Market: Prominent Regions
Asia Pacific holds major share of the global soft magnetic composites market. The market in the region is anticipated to expand at a CAGR of more than 7.6% during the forecast period. Increase in demand for soft magnetic composites in various applications, such high performance industrial motors, is driving the soft magnetic composites market in Asia Pacific. China is a key country of the soft magnetic composites market in Asia Pacific. It held significant share of the soft magnetic composites market in Asia Pacific in 2020. The country is estimated to maintain its dominant position in the region during the forecast period.
North America is also a prominent region of the global soft magnetic composites market. The U.S. led the soft magnetic composites market in North America in 2020. Increase in demand for soft magnetic composites in high performance industrial motors and pumps is driving the market in the U.S.
- North America
- Europe
- Asia Pacific
- Middle East Africa
- Latin America
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Soft Magnetic Composites Market: Major Players
The global soft magnetic composites market is consolidated, with the presence of key players. Prominent players operating in the global soft magnetic composites market include GKN Powder Metallurgy (Melrose PLC), Höganäs AB, Hitachi Metals Ltd, Rio Tinto, Sumitomo Metal Mining Co., Ltd., and Mitsubishi Materials Corporation.
Soft Magnetic Composites Market: Overview
- Soft magnetic composites (SMCs) are ferromagnetic powder particles coated with a uniform layer of electrically insulating film. Based on application, many forms of soft magnetic composites are available. Soft magnetic composites provide various benefits in motor designing and production processes.
- Soft magnetic composite components are produced by Pm compaction combined with new techniques, such as two-step compaction, multi-step and magnetic annealing, followed by a heat treatment at relatively low temperature
- Soft magnetic composites provide several advantages over classic laminated steel cores in most applications such as three-dimensional (3D) isotropic ferromagnetic behavior, very low eddy current loss, relatively low total core loss at medium and high frequencies, flexible machine design, and improved thermal characteristics
- According to Transparency Market Research’s latest research report on the soft magnetic composites market for the forecast period of 2021 to 2031, rise in usage of soft magnetic composites in the construction sector is a key factor that is expected to boost the global soft magnetic composites market during the forecast period
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High Performance Properties of Soft Magnetic Composites Replacing Conventional Materials
Soft magnetic composites have showcased efficient output in end products compared to other magnetic materials. The numerous advantages offered by soft magnetic composites over conventional materials such as silicon steel and laminated sheets are being preferred by end users. High performance properties exhibited by soft magnetic composites such as thermal properties, low eddy current loss, and reduced total care loss at high and medium frequencies are some of the factors anticipated to drive the global soft magnetic composites market in the near future.
Furthermore, cost-effective features and compact designs associated with soft magnetic composites in tandem with the increasing demand for electromagnetic devices are also anticipated to propel the expansion of the market over the next decade.
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