Rockville, March 29, 2024 (GLOBE NEWSWIRE) -- The soft magnetic material market is anticipated to reach an impressive US$ 63,420.2 million in 2024. Moreover, the demand for these materials is expected to grow at a CAGR of 7.8% over the forecast period, making it a lucrative market for businesses in the industry. The total market value is predicted to increase from US$ 134,404.9 million by 2034, indicating a significant opportunity for growth in the sector.
The increasing number of people on the planet is driving up infrastructure and industrial construction. The usage of soft magnetic materials in the energy and electricity sectors globally has subsequently increased remarkably.
Get Free Sample Copy of This Report:
https://www.factmr.com/connectus/sample?flag=S&rep_id=9666
The need for soft magnetic materials has increased due to the rapid betterment of modern technologies, notably in electronics, renewable energy systems, and electric cars. These materials are frequently utilized in consumer electronics such as laptops, cell phones, and other portable devices and in power production, distribution, and transmission applications. Their special qualities, such as high permeability and low coercivity, make them perfect for motors, transformers, and other electrical components.
The need for renewable energy systems is predicted to increase rapidly as the industry progresses toward a more sustainable future, increasing demand for soft magnetic materials even further. Likewise, there is a growing need for high-performance motors and generators due to the increasing use of electric vehicles, which primarily rely on soft magnetic materials. Businesses that take advantage of this trend might benefit greatly from developing the soft magnetic material market, which is expected to happen in the forthcoming decade.
| Report Attribute | Details |
| Value Projection (2034) | US$ 134.40 Billion |
| Growth Rate (2024-2034) | 7.8% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 48 Tables |
| No. of Figures | 144 Figures |
Key Takeaways from Market Study
- The global soft magnetic material market is expected to grow at 7.8% CAGR through 2034.
- With a significant CAGR of 8.3% through 2034, the market for soft magnetic material in East Asia is predicted to expand.
- The industry for soft magnetic material in North America is projected to grow at a CAGR of 8.0% until 2034.
- In 2024, the United States soft magnetic material market is estimated to command 71.7%.
- China is anticipated to have 56.9% of the global market for soft magnetic material in 2024.
“The soft magnetic materials make their place in power electronics, automotive, renewable energy, and telecommunications sectors, particularly in the automotive industry for electric and hybrid vehicles. Continuous research and development efforts anticipated to give companies a competitive advantage over players” States the Fact.MR. Analyst
Soft magnetic materials cater to the demand for energy-efficient technologies, such as electric vehicles and renewable energy systems, while providing innovative solutions for electronics and medical equipment.
Key Companies Profiled in This Report
- Arnold Magnetic Technologies
- GKN Sinter Metals Engineering GmbH
- Hitachi Metals Group
- JFE Steel Group
- Mahindra CIE
- MATE CO., LTD
- Meyer Sintermetall AG
- Sintered Specialties, LLC
- Steward Advanced Materials LLC
- VACUUMSCHMELZE GmbH & Co. KG
- NBTM New Materials
- POCO
- TDK
- DMEGC
- MAGNETICS
- TDG
- Acme Electronics
- FERROXCUBE
- Nanjing New Conda
- Haining Lianfeng
- JPMF
- Kaiyuan
- Samwha Electronics
Demand for the Soft Magnetic Materials Progresses in Multiple Industries
The global soft magnetic material industry has significantly expanded in recent times, thanks to the efforts of major market players boasting an array of diverse product portfolios. The soft magnetic materials market is fiercely competitive and highly consolidated, with industry leaders emphasizing advanced material properties.
Get Customization on this Report for Specific Research Solutions:
https://www.factmr.com/connectus/sample?flag=RC&rep_id=9666
To achieve a more elevated revenue share and expand their geographical presence, manufacturers in the soft magnetic materials market are focusing on strategic acquisitions and improving their marketing and distribution channels. Market consolidation has been observed at the manufacturer level, with prominent market players using various alloys for electric steel production and soft magnetic composite (SMC) to improve energy efficiency.
Country-wise Insights:
North America's soft magnetic material market is predicted to grow at an excellent annual rate of 8.0% by 2034. Soft magnetic composites are predicted to account for 71.7% of the market in the United States by 2024. Meanwhile, the East Asian soft magnetic composites sector is expected to grow at an 8.3% CAGR through 2034. China is estimated to occupy the largest share of the East Asian soft magnetic materials market in 2024, accounting for 56.9%.
Soft magnetic material utilisation in China is estimated to reach US$ 13,171.4 million by 2024. In 2024, China is expected to maintain its 56.9% share of the East Asian market for electromagnet soft iron applications. This market has expanded considerably in recent years.
Explore More Related Studies Published by Fact.MR Research:
Electric Generators Market: The Electric Generators market is likely to grow at a CAGR of 3.32% in the coming years.
Nanocrystalline Soft Magnetic Materials Market: The global nanocrystalline soft magnetic materials market is estimated to value at US$ 6.6 billion in 2022 and further expand at a CAGR of 10.2% to reach US$ 17.5 billion by the end of 2032.
Generator Market: The global generator market is set to surpass a valuation of US$ 32,170.8 mn in 2022 and is expected register at a CAGR of 5.5% to reach US$ 54,873.6 mn by the end of 2032.
About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
Contact:
US Sales Office
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583, +353-1-4434-232 (D)
Sales Team: sales@factmr.com
Follow Us: LinkedIn | Twitter | Blog
