Latest News - Soft Magnetic Material Market: Electronics are expected to lead the End-user segment during 2024-2028

The Soft Magnetic Material Market is being driven by Demand from automobile industry

The Soft Magnetic Material Market is expected to grow at a CAGR of 6% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 3555.1 million. The soft magnetic material market is experiencing significant growth due to the expanding utilization of these materials in the computer application sector. Soft magnetic materials, recognized for their superior magnetic permeability and minimal energy loss, play a pivotal role in enhancing computer technologies and addressing the requirements of contemporary computing systems. In the realm of power management, soft magnetic materials are extensively employed in components such as inductors, transformers, and power supplies for computers and data centers. As computing devices continue to evolve, becoming increasingly energy-efficient and compact, there is a heightened demand for materials that facilitate efficient energy storage and transfer. Soft magnetic materials contribute to this need by reducing power loss and enhancing overall system efficiency, thereby ensuring optimal performance in computing applications. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Electronics
  • Automotive
  • Energy
  • Industrial
  • Others
• Type
  • Silicon Steel
  • Permalloy
  • Nanocrystalline Alloys
  • Ferrite
• Application
  • Electric Motors
  • Inductors
  • Relays
  • Actuators
• End-User
  • Renewable Energy
  • Consumer Electronics
  • Automotive
  • Telecommunications
• Processing Method
  • Sintering
  • Annealing
  • Casting
  • Coating
• Geography
  • APAC
    • Australia
    • China
    • India
    • Japan
    • South Korea
  • North America
    • US
    • Canada
  • Europe
    • France
    • Germany
    • UK
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Demand from automobile industry
• Increased investment in magnetic materials
• Increasing demand of energy efficient electrical equipment

However, the market also witnesses some limitations, which are as follows:

• High cost associated with mining of rare-earth metals
• High research and development cost
• Volatile prices of raw materials

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Market Scope in Soft Magnetic Material Market Research Report

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Research Analysis Overview

The Soft Magnetic Material Market plays a crucial role in the construction and installation of renewable energy infrastructure, particularly in wind turbine installation and heavy duty lifting for high capacity cranes. Specialized crane services and rental companies offer project management, confined space access, and industry-specific requirements. Cutting-edge technology, energy efficiency, and cost optimization are key considerations, with lifting capacity, heavy equipment rental, and maintenance intervals regulated by safety regulations. Cranes are used in pipeline laying, mining equipment rental, and infrastructure modernization, with operator training, fuel efficiency, and off-road mobility essential. Smart cranes, remote control operation, safety features, and predictive maintenance are advancing the industry, along with green building initiatives and the use of high-strength materials, artificial intelligence, and urban renewal projects.

Market Research Overview

The soft magnetic material market exhibits a fragmented landscape, with various stakeholders involved in its production and distribution. Key players include raw material suppliers, such as steel, aluminum, and tin providers for magnetic alloys, as well as glass suppliers offering borosilicate, neutral glass, soda-lime-silica glass, treated soda-lime glass, de-alkalized soda-lime glass, and regular soda-lime glass for magnetic cores. Plastic container raw material suppliers, including high-density polyethylene (HDPE), low-density polyethylene (LDPE), polyethylene terephthalate (PET), polypropylene (PP), and polyvinyl chloride (PVC), also play a significant role. Downstream industries, including the transportation sector for heavy lifting tasks, crane services, and construction, as well as urbanization and offshore wind energy production, require innovative soft magnetic materials to meet their industry-specific needs for green power generation and tall structure applications. Rental businesses further contribute to the market's growth by providing flexible solutions for various industries. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/