Nano Crystalline Core Material to Emerge Lucrative in Soft Magnetic Materials Market Says PMR Study
Nano Crystalline Core Material to Emerge Lucrative in Soft Magnetic Materials Market, Says PMR Study.
Global sales of soft magnetic materials surpassed the market value of US$ 60 Bn in 2018. Though the demand will be concentrated in the automotive industry, increasing the use of soft magnetic materials in electrical components and the use of sintered soft magnetic materials for electrical motors, generators, and transformers warrant high prospects of soft magnetic material consumption in the near future. A new study reveals that the soft magnetic materials market is set for a robust CAGR during the projection period (2019 – 2029), on the back of solid application potential in electric and hybrid electric vehicles that have been reflecting significant sales growth over the recent past.
Key Takeaways — Global Soft Magnetic Materials
- Reduction in the size and weight of components is a top priority while designing hybrid vehicles. Conventionally, electromagnetic steel sheets were used as reactor cores. The use of soft magnetic composite (SMC) core materials characterized by excellent high-frequency properties and isotropic magnetic properties is expected to enable design of new three-dimensional magnetic circuits and reduce the size and weight of reactors.
- New improved alloys such as Ni-Zn and Mg-Zn, with higher energy efficiency and magnetic properties have been demonstrated for soft ferrites. SMCs have been used extensively as the core material for transformers and motors.
- Moreover, the nanocrystalline core material has been identified as an emerging soft magnetic material owing to its higher efficiency. This material type is estimated to witness noteworthy growth in the foreseeable future as compared to its counterparts such as Fe amorphous and soft ferrite.
- Key manufacturers have consolidated their market presence through established supply chain infrastructure. The soft magnetic materials market in Western Europe and North America is matured and hence, companies are targeting emerging markets such as China, Japan, and India to improve profit margins.
Primarily pushed by the increasing trend of vehicle electrification, sales of soft magnetic materials will also be contributed by their increasing employment in a number of solar power generation initiatives.
Market Players Relying on M&A
The report identifies key market players and various strategies followed by these players in the global soft magnetic materials market. Some of the market giants are Toshiba Materials Co., Ltd., Rio Tinto PLC, Hitachi Metals Ltd, and GKN plc, among others. Extensive R&D in this field is boosting the market growth. The recent trend of mergers and acquisitions has enhanced market growth. A landmark development was the merger of Japan's largest and world's sixth-largest steelmaker Nippon Steel Corporation with 27th-ranked Sumitomo Metal Industries in December 2017.
Global Soft Magnetic Materials Market Landscape
The global soft magnetic materials market is anticipated to observe double-digit year-over-year growth, owing to the impending needs of various end-use domains such as automotive, electronics, and metallurgy. Escalating demand for soft magnetic materials in developing countries, such as India and China, is estimated to open new avenues for manufacturers in the global soft magnetic materials market over the forecast period. Renewed focus on increasing energy efficiency and disruptive innovations for harvesting renewable energy has led to a positive shift in the market dynamics.
These insights are based on a report on Soft Magnetic Materials Market by Persistence Market Research.
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