Soft Magnetic Material Market Size (2024 - 2029)

The Soft Magnetic Materials Market is projected to experience significant growth over the forecast period, driven by increasing applications in electronics and rising demand in the power generation sector. Despite the challenges posed by the high cost of raw materials, the market is expected to expand, with the automotive industry presenting promising growth opportunities. The Asia-Pacific region leads in market consumption, with substantial contributions from countries such as China, India, and Japan. The market's recovery from the COVID-19 pandemic has further fueled its expansion.

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Market Size of Soft Magnetic Material Industry

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Soft Magnetic Material Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR (2024 - 2029) 6.87 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Medium

Major Players

Soft Magnetic Material Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Soft Magnetic Materials Market Analysis

The Soft Magnetic Material Market size is estimated at 10.68 Million tons in 2024, and is expected to reach 14.88 Million tons by 2029, growing at a CAGR of 6.87% during the forecast period (2024-2029).

  • The market was negatively impacted due to COVID-19. Owing to the pandemic scenario, several countries around the world went into lockdown to curb the spread of the virus. The shutdown of numerous companies and factories disrupted worldwide supply networks and harmed global production, delivery schedules, and product sales. Eventually, the market recovered from the COVID-19 pandemic and increased at a significant rate.
  • Over the medium term, the market has witnessed significant growth propelled by the increasing applications in electronics and the growing demand in the power generation industry.
  • However, the high cost of raw materials is likely to restrain the growth of the studied market. Nevertheless, the growth and expansion of the automotive industry are likely to create lucrative growth opportunities for the global market.
  • The Asia-Pacific region dominated the market globally, with the largest consumption coming from countries like China, India, and Japan.

Soft Magnetic Materials Industry Segmentation

A material that can be easily magnetized and demagnetized is called soft magnetic material. These materials have low coercivity and high permeability.

The soft-magnetic material market is segmented by material type, end-user industry, and geography. By material type, the market is segmented into electric steel, cobalt, iron, nickel, and other material types (soft magnetic composites (SMC), soft ferrite, silicon ferrite, permalloy, supermalloy, etc.). By end-user industry, the market is segmented into electronics, automotive, energy, industrial, and other end-user industries (telecommunication, medical, industrial transformers, etc.). The report also covers the market size and forecasts for the soft magnetic material market for 15 major countries.

For each segment, the market sizing and forecasts have been done in terms of value (USD).

Material Type
Electric Steel
Cobalt
Iron
Nickel
Other Material Types (Soft Magnetic Composites (SMC), Soft Ferrite, Silicon Ferrite, Permalloy, Supermalloy, etc.)
End-user Industry
Electronics
Automotive
Energy
Industrial
Other End-user Industries (Telecommunication, Medical, Industrial Transformers, etc.)
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Soft Magnetic Material Market Size Summary

The soft magnetic materials market is poised for significant growth over the forecast period, driven by increasing applications in the electronics and power generation sectors. These materials are essential components in various devices such as AC and DC converters, electric motors, transformers, and computers. The market experienced a downturn due to the COVID-19 pandemic, which disrupted global supply chains and production schedules. However, it has since rebounded, with the Asia-Pacific region leading in consumption, particularly in countries like China, India, and Japan. The region's dominance is attributed to its expansive power generation sector and ongoing investments in electronics and automotive industries. Despite challenges such as high raw material costs, the automotive industry's expansion presents lucrative opportunities for market growth.

The demand for soft magnetic materials is further bolstered by the rising need for electric motors, transformers, and actuators, especially in the Asia-Pacific region, where power plants are on the rise. The region's commitment to renewable energy and electric vehicle adoption, driven by government regulations and carbon neutrality goals, is expected to sustain this demand. Major players in the market, including Vacuumschmelze GmbH & Co. KG, Daido Steel Co., Ltd., and others, are actively innovating to meet these demands, as evidenced by recent product launches aimed at enhancing performance in communication, IoT devices, and electric automobiles. These developments, coupled with the growing electronics manufacturing sector in India and the increasing capacity for power generation in China, are likely to propel the market forward in the coming years.

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Soft Magnetic Material Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Growing Applications in Electronics

      2. 1.1.2 Increasing Demand for Power Generation Industry

      3. 1.1.3 Other Drivers

    2. 1.2 Restraints

      1. 1.2.1 High Cost of Raw Materials

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Value)

    1. 2.1 Material Type

      1. 2.1.1 Electric Steel

      2. 2.1.2 Cobalt

      3. 2.1.3 Iron

      4. 2.1.4 Nickel

      5. 2.1.5 Other Material Types (Soft Magnetic Composites (SMC), Soft Ferrite, Silicon Ferrite, Permalloy, Supermalloy, etc.)

    2. 2.2 End-user Industry

      1. 2.2.1 Electronics

      2. 2.2.2 Automotive

      3. 2.2.3 Energy

      4. 2.2.4 Industrial

      5. 2.2.5 Other End-user Industries (Telecommunication, Medical, Industrial Transformers, etc.)

    3. 2.3 Geography

      1. 2.3.1 Asia-Pacific

        1. 2.3.1.1 China

        2. 2.3.1.2 India

        3. 2.3.1.3 Japan

        4. 2.3.1.4 South Korea

        5. 2.3.1.5 Rest of Asia-Pacific

      2. 2.3.2 North America

        1. 2.3.2.1 United States

        2. 2.3.2.2 Canada

        3. 2.3.2.3 Mexico

      3. 2.3.3 Europe

        1. 2.3.3.1 Germany

        2. 2.3.3.2 United Kingdom

        3. 2.3.3.3 France

        4. 2.3.3.4 Italy

        5. 2.3.3.5 Rest of Europe

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Rest of South America

      5. 2.3.5 Middle-East and Africa

        1. 2.3.5.1 Saudi Arabia

        2. 2.3.5.2 South Africa

        3. 2.3.5.3 Rest of Middle-East and Africa

Soft Magnetic Material Market Size FAQs

The Soft Magnetic Material Market size is expected to reach 10.68 million tons in 2024 and grow at a CAGR of 6.87% to reach 14.88 million tons by 2029.

In 2024, the Soft Magnetic Material Market size is expected to reach 10.68 million tons.

Soft Magnetic Materials Market Report Snapshots

Soft Magnetic Materials Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)