July 19, 2019 by Steve Blade
The report on the soft magnetic composites market by Fact.MR offers valuable insights, and forecast, along with in-depth analysis of the soft magnetic composites market. The report also includes the micro-economic and macro-economic factors resulting in the growth of the soft magnetic composites market. The report focuses on market dynamics including latest trends, market drivers, challenges and opportunities in the soft magnetic composites market. The report also provides region-wise analysis and competitive analysis of the soft magnetic composites market.
Soft magnetic composite market continues to be influenced by a range of factors, notably rising palpability of silicon ferrite in inductors, and increasing preference for soft magnetic materials in electronic components. Worldwide sales of soft magnetic materials exceeded US$ 18,000 Mn in 2018, according to a new Fact.MR study. Focus of utility equipment manufacturers on curtailing core losses, and leveraging renewable energy sources to meet growing power demand will significantly underpin demand for soft magnetic composites.
Soft magnetic composites are ferromagnetic powder particles surrounded by electrical insulating film. Soft magnetic composites are used in electromagnetic applications. The unique properties of soft magnetic composites are very low eddy current loss, 3D isotropic ferromagnetic behavior, low total core loss at high and medium frequencies, and possibilities for improved thermal characteristics. Soft magnetic composites are compacted like other powder metal part and heated die compaction is used to offer higher density.
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APEJ to Spearhead Soft Magnetic Composites Market
Fact.MR study opines that APEJ is the most lucrative region for soft magnetic composites market, with revenues exceeding US$ 5,000 million in 2018. APEJ is emerging as a vast electrical and electronics hub and growing automotive industry in the region is driving demand for cost-effective soft magnetic composites.
Soft magnetic composites manufacturers are focusing on increasing demand for high performance materials with lightweight. With the rise in energy consumption, China and India are moving towards using new transformers. Countries are also increasingly replacing old transformers in order to improve grid reliability. China is also emerging as the largest soft magnetic composites producer owing to the vast availability of raw materials, skilled labor force, and low cost of the product.
Tier 1 Players Hold Over50% Share in Soft Magnetic Composites (SMCs) Market
Tier 1 players collectively hold over 50% share of the soft magnetic composites market. Established market footprint of Tier 1 soft magnetic composite manufacturers can be attributed to their robust distribution network and technological expertise. These players are further focusing on production capacity expansion, and mergers & acquisitions with medium-sized players to leverage their innovative development as key expansion strategies. On the other hand, Tier 2 players are competing through new product launches and development of cost-effective alternatives to retain their position in the soft magnetic composites market.
Motors to Remain a Key Application Area of Soft Magnetic Composites
Continued research on soft magnetic composites is resulting in the vast potential for AC and DC applications that improves magnetic induction of core materials. Electric motor manufacturers are focusing on offering efficient, simple and high performance motors using soft magnetic composites. According to the report by Fact.MR, the demand for soft magnetic composites for application in motors is projected to surpass US$ 6,000 million in 2018.
The United States Department of Energy (DOE) is funding research and development activities to develop energy efficient electric motors for diverse applications. New technologies are being developed including high-speed bearing designs, advanced magnetic materials. Majority of the developed countries are implementing Minimum Energy Performance Standards (MEPS). This is resulting in wide adoption of premium (IE3) and super premium (IE4) efficiency motors in these countries.
The report offers detailed profiles of the leading companies in the soft magnetic components market. Some of the key players in the market include Rio Tinto PLC, GKN plc. (Hoeganaes Corporation), Voestalpine Stahl GmbH, Toshiba Corp (Toshiba Materials Co., Ltd.), Höganäs AB, Hitachi Metals Ltd, VACUUMSCHMELZE GmbH & Co. KG, Hengdian Group DMEGC Magnetics Co., Ltd., PMG Holding GmbH, Sumitomo Metal Mining Co., Ltd., and other prominent players.
Additional Questions Answered
Along with the valuable insights on the soft magnetic composites market, the report also provides answers to some of the important questions related to the soft magnetic composites market.
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