Press Release

The soft magnetic composite market was valued at USD 19.5 Bn in 2021. The market is projected to grow USD 42.1 Bn in 2030, at a CAGR of 8.1%.

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The growing awareness of the benefits of soft magnetic composite is likely to boost global revenue growth. SMCs are commonly used to create compact, high-performance, and cost-effective electromagnetic composites. Automobile components such as traction motors, air conditioning compressors, pumps, on-board chargers, and other components are largely made of these composites. The growth of SMCs can be attributed to an increase in demand for solar panels, which has caused a domino effect that has benefited SMCs' market space position. Because of its expanding use in electric car manufacturing, soft magnetic composite is a vital contributor to any country's economic development. Due to manufacturers' focus on high-performance, high-tech products that are compact in size and have a long shelf life, this is the fastest expanding sector in the electronics market.

The increasing demand of high frequency transformer and reactors in power generating sectors. When compared to other magnetic materials, soft magnetic composites have demonstrated efficient production in end products. The significant properties exhibited by SMCs, such as low eddy current loss, reduced total care loss at high and medium frequencies, isotropic magnetic and thermal properties, and others, are expected to drive the global SMCs market in the near future. Furthermore, the SMCs market is expected to increase in the coming years due to the small design and cost-effective features connected with them, as well as the rising need for electromagnetic devices.

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The motors held the largest market share in 2020 of the global soft magnetic composite market attributing to high demand due to the rapid rise of electric vehicles and sophisticated axial flow motors around the world. The automotive segment is dominated the market share in 2020 owing to high demand for green hydrogen cells and battery-powered electric cars, as well as significant revenue generation in this area. Rising per capita income, particularly in emerging countries rapid residential growth in both urban and semi-urban areas in this region would considerably contribute to the growth of the concerned market.

Asia Pacific region is dominating the market share of global soft magnetic composite market owing to the rising population and urbanization activities. The need for soft magnetic composite has increased as the region's consumer electronics and automotive development activities have been increased. In recent years, market expansion has been spurred by population growth and an increase in disposable income in emerging countries. Furthermore, the consumption of soft magnetic composite has increased in India and China, and the building industry in the region has been fast growing thanks to increased government investment.

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REGIONAL INSIGHTS

The global soft magnetic composite market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. Asia Pacific region is dominating the market share of global soft magnetic composite market owing to the rising population and urbanization activities. The need for soft magnetic composite has increased as the region's consumer electronics and automotive development activities have been increased. In recent years, market expansion has been spurred by population growth and an increase in disposable income in emerging countries. Furthermore, the consumption of soft magnetic composite has increased in India and China, and the building industry in the region has been fast growing thanks to increased government investment. However, North America is expected to witness highest growth rate during the forecast period of the global soft magnetic composite market owing to the rising demand from automotive manufacturers, owing to increased production of light-weight vehicles and electric automobiles, as well as attractive financial incentives from the government in the region, are expected to fuel market expansion in the region over the forecast period.

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