The global soft magnetic materials market size was US$ 22.51 billion in 2021. The global soft magnetic materials market size is forecast to reach US$ 45.75 billion by 2030, growing at a compound annual growth rate (CAGR) of 8.3% during the forecast period from 2022 to 2030.

The soft magnet is a material that can respond to applied magnetic fields either by demagnetizing or magnetizing. Material that can easily demagnetize and magnetize is known as a soft magnet. Typically, they have an intrinsic coercivity lower than 1000 Am-1 and are primarily used to enhance the flux produced by an electric current. Many industry verticals like electrical & electronics, automotive, energy & power, telecommunication, healthcare, and aviation use soft magnetic materials like cobalt, iron, nickel, electrical steel, soft ferrite, and amorphous nanocrystalline alloys. Due to their high permeability and prevent eddy current loss feature. 

Factors Influencing Market Growth

• The growing use of electric motors in different regions drives the global market.
• Instability in raw material costs may slow down the overall market growth.
• Growing demand for motors in medical equipment and rising power distribution are boosting global industry growth.
• The expansion of nano-structured soft magnetic material is likely to generate novel applications. Thus, this factor is forecast to offer lucrative growth opportunities for the global market growth during the forecast period.  

Impact Analysis of COVID-19

The COVID-19 pandemic has adversely impacted the global market growth, owing to lockdown, supply chain disruptions, and decreased demand from end-users. Nevertheless, the COVID-19 pandemic has increased the demand for medical equipment like ventilators, which use motors for regulated airflow, high torque density, proper control, and less noise. In addition, the need for ventilators was accelerating due to the rapidly growing number of COVID-19 patients worldwide, which has fueled the demand for motors and led to the global market growth.

Regional Insights

North America is forecast to have lucrative growth in the market during the forecast period. The growing demand for new aircraft and electricity presents possibilities for the soft magnetic materials market growth. In addition, the rising use of soft magnetic materials in aircraft engines fuels the market growth. The increasing electricity generation through new renewable sources ultimately leads to the advanced use of transformers and drives the industry in the region. Increasing aircraft shipments drives the market growth in the U.S.

Leading Competitors

The leading prominent companies profiled in the global soft magnetic materials market are:

• Melrose Industries PLC
• Daido Kogyo Co. Limited
• Vacuumschmelze GmbH and Co. KG
• Toshiba Materials Co., Limited
• AMES, Mate Co., Limited
• Hitachi Metals, Limited
• GRUNDFOS A/S
• Sumitomo Metal Mining Co., Limited
• Steward Advanced Materials Incorporated
• SG Technologies
• Other Prominent Players

Scope of the Report

The global soft magnetic materials market segmentation focuses on Material, Industry Vertical, and Region.

Segmentation based on Material

• Cobalt
• Iron
• Nickel
• Electric Steel
• Others

Segmentation based on Industry Vertical

• Automotive
• Electrical & Electronics
• Telecommunication
• Energy & Power
• Others

Segmentation based on Region

• North America
• The U.S.
• Canada
• Mexico
• Europe
• Western Europe
• The UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Poland
• Russia
• Rest of Eastern Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Brazil
• Argentina
• Rest of South America