According to a market report by Lucintel, the future of the soft magnetic composites market looks promising with opportunities in the automotive, industrial machinery & equipment, consumer goods, and power generation industries. The global soft magnetic composites market is expected to grow with a CAGR of 7% to 9% from 2023 to 2028. The major drivers for this market are growing demand for axial flux motors as an application in electric vehicles and rise in the demand for high-performance industrial motors in economically significant end markets.
In this market, iron, soft ferrite, and electrical steel are the major segments by material. Lucintel forecasts that electrical steel will remain the largest segment over the forecast period due to availability of the material across all region, and increasing application in different end use industry industries, along with cost-effective nature of the material.
Within this market, automotive is expected to remain the largest segment due to growing per capita income, especially in the developing nations, high demand for green hydrogen cells and battery electric vehicles and substantial revenue generation in this sector.
APAC will remain the fastest growing region due to increasing demand for soft magnetic composites for various applications such as high-performance industrial motors that are intrinsic to industrial units, and constantly increasing presence of strong electronic and automotive sector in countries such as China, India, ASEAN Countries, and Japan.
GKN Powder Metallurgy, Höganäs, Hitachi Metals, Rio Tinto, Sumitomo Material Mining, SG Technologies, and Mitsubishi Materials are the major suppliers in the global soft magnetic composites market.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global soft magnetic composites market by material, product type, application, end use industry, and region. Lucintel has compiled a comprehensive research report titled “Growth Opportunities in the Global Soft Magnetic Composites Market 2023-2028: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global soft magnetic composites market by material, product type, application, end use industry, and region, as follows:
Soft Magnetic Composites Market by Material [Value ($B) shipment analysis for 2017-2028]:
· Iron
· Soft ferrite
· Electrical steel
Soft Magnetic Composites Market by Product Type [Value ($B) shipment analysis for 2017-2028]:
· 1P
· 2P
· 3P
Soft Magnetic Composites Market by Application [Value ($B) shipment analysis for 2017-2028]:
· Electrical Coils
· Motors
· Generators
· Transformers
· Inductors
· Sensors
· Others
Soft Magnetic Composites Market by End Use Industry [Value ($B) shipment analysis for 2017-2028]:
· Automotive
· Industrial Machinery & Equipment
· Consumer Goods
· Power Generation
· Others
Soft Magnetic Composites Market by Region [Value ($B) shipment analysis for 2017-2028]:
· North America
· Europe
· Asia Pacific
· The Rest of the World
A more than 150 pages and in-depth TOC on “Global Soft Magnetic Composites Market". To download report brochure, please go to
https://www.lucintel.com and click "report brochure" tab from the menu.
About Lucintel
Lucintel, the premier global Management Consulting and market research firm, creates winning strategies for growth. Lucintel offers market assessments, competitive analysis, opportunity analysis, Growth Consulting, M&A, and Due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.
This report answers the following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the soft magnetic composites market by material (iron, soft ferrite, and electrical steel), product type (1P, 2P, and 3P), application (electrical coils, motors, generators, transformers, inductors, sensors, and others), end use industry (automotive, industrial machinery & equipment, consumer goods, power generation, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?