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Soft Magnetic Composites Market: Global Industry Analysis, Size, Share, Growth, Trends And Forecast 2019-2029

 With the accelerating electricity consumption and increasing threat from the green-house effect and consequential environmental degradation, all the industries are stepping forward into the reduction of consumption and loss of energy. Though increasing the energy production will meet the demand but it will lead to increased strain on natural resources and hence the environment. The better way to tackle the problem lies in the reduction of core losses that is related to the generation and transformation of electricity.

All transformation from generator to electric socket and finally computer screen or hair dryer is achieved by a simple device consisting of copper winding around a core of a soft-magnetic material, usually iron or an electric steel, and losses comes from the resistance in the copper and from the magnetization of the core material. Iron based soft magnetic composites are often termed ferromagnetic composite iron (abbreviated as FCI) or soft magnetic composites (abbreviated as SMC), increasingly used for soft magnetic applications. Efforts to improve the performance of electrical devices and to create the new high quality applications lead to the optimization of their design and application of existing magnetic materials such as soft magnetic composites (SMC). These materials are manufactured from iron and iron-based powder particles pressed together with a dielectric binder using the powder metallurgy compaction process. In low frequency applications (up to 50 kHz), high purity coarse iron powder is used with a thermoset resin powder to compete with low carbon steel laminate constructions. These applications will include small motors, reluctance motors and brushless dc motors; which also requires hard magnetic components for an efficient design.

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Advancements in materials research has put the imagination into reality to produce high quality material with soft magnetic properties. SMC compete with steel laminations at a similar production cost or even cheaper. The benefits of replacing the conventional laminated core in an electric machine with the SMC are considerable, and include reduced high frequency tooth ripple losses since the SMC has essentially no eddy current losses, modular construction allows the possibility of easy removal of an individual modular unit for quick repair or replacement, stator is easily recyclable, reduced bearing currents. Soft ferrite has the dominant share amongst the soft magnetic composites. Use of SMC in automotive application will also expand, for instance in electro-mechanical valve opening and closing, direct fuel injection, noise suppression etc. Iron based soft magnetic composites are considered to have major potential in electric motors. Due to the significant economic and environmental benefits, SMC materials possess great potential for application in electrical machines, particularly those with complex structures. However, because of the outstanding drawbacks of the SMC, as lower magnetic permeability and lower saturation flux density compared with laminated steels, particular efforts to overcome them should be done.

Soft Magnetic Composites Market: Drivers & Restraints 

Energy paradigm shift to adopt usage of renewable energy sources, awareness towards reduction of greenhouse gas emissions, rising sustainability concerns, and government regulations promoting energy efficient systems are some of the key factors driving the growth of the soft magnetic composites market.

Raw material availability, associated costs and skilled labor force are probable factors restraining the growth of the soft magnetic composites market. 

Soft Magnetic Composites Market: Segmentation 

The global soft magnetic composites market is broadly classified on the basis of product type, applications and geographies.

Based on application, the global soft magnetic composites market is segmented into:

  • Electronics
  • Automotive
  • Energy generation
  • Others

Based on product type, the global soft magnetic composites market is segmented into:

  • Soft ferrite
  • Electrical steel

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Soft Magnetic Composites Market: Overview 

Increased concern for energy efficiency and , the acceptance of soft magnetic composites is gaining popularity. The global soft magnetic composites market is expected to expand at a promising CAGR during the forecast period (2015-2025).

Soft Magnetic Composites Market: Region-wise Outlook

The global soft magnetic composites market is expected to register a double-digit CAGR for the forecast period. Depending on geographic regions, global soft magnetic composites market is segmented into seven key regions: North America, South America, Eastern Europe, Western Europe, Asia Pacific, Japan, and Middle East & Africa. As of 2015, Europe dominated the global soft magnetic composites market in terms of market revenue followed by North America. Asia Pacific & Japan are projected to expand at a substantial growth and will contribute to the global soft magnetic composites market value exhibiting a robust CAGR during the forecast period, 2015?2025. 

Soft Magnetic Composites Market: Key Players

Some of the key market participants in global soft magnetic composites market are Steward Advanced Materials Inc, GKN Sinter Metals, Dexter Magnetics, MMG Canada Limited, Magnetics, AMES, Elna Magnetics, Hitachi Metals Ltd, Höganäs AB, Arnold Magnetic Technologies Corp and Electron Energy Corporation.

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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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