Soft Magnetic Composites Market Outlook 2031
- The global soft magnetic composites market was valued over US$ 4.6 Bn in 2020
- It is estimated to expand at a CAGR of 7.2% from 2021 to 2031
- The global soft magnetic composites market is expected to cross the value of US$ 9.8 Bn by the end of 2031
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Analysts’ Viewpoint on Soft Magnetic Composites Market Scenario
Manufacturers are rethinking global supply chains, as the coronavirus crisis has exposed the vulnerabilities of countries and companies that rely heavily on a limited number of trading partners. Automotive and electronics industries have showcased a notable increase in the consumption of soft magnetic composites, owing to their superior chemical properties. Even though the continuous demand for electric motors is generating revenue streams for stakeholders in the soft magnetic composites market, there is a need for qualified electric motor suppliers for mission-critical applications in the automotive industry. Hence, companies should gain knowledge about the unique combination of powder metal experience with a forward-thinking team of engineers who are eager to create custom opportunities for manufacturers.
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Industry 4.0 Applications Triggering Demand for Soft Magnetic Composites
Multiple applications of soft magnetic composites (SMCs) are translating into revenue opportunities for SMC manufacturers. The proliferation of Industry 4.0 is benefitting manufacturers. The continuous demand for essential equipment such as traction motors, air conditioning compressors, and pumps is acting as key driver for the expansion of the soft magnetic composites market.
Iron-based soft magnetic composites are promising substitutes for laminate steel in electromagnetic applications due to their excellent magnetic properties and productivity. Since electrical steel material of soft magnetic composites is employed in limited applications, the electrical steel segment is likely to expand at a steady pace during the forecast period. Innovations in electric mobility as well as improvement in the efficiency of home appliances & industrial equipment have led to the need for higher performance motors.
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Focus on Positive or Limited-negative Impact Industries Essential During Coronavirus Crisis
Companies in the soft magnetic composites market are focusing on key revenue-generating end-uses such as industrial machinery, consumer goods, and electronics to keep the economies running amid the coronavirus crisis. The demand for SMCs is projected to increase at a sluggish pace, due to poor market sentiments. Nevertheless, surge in imports & exports and cross-border trade is anticipated to revive the growth of the soft magnetic composites market.
Manufacturers are focusing on positive or limited-negative impact industries to allocate budgets for investments and expenditures. They are realizing the importance of R&D spending to collect data that helps companies before making inroads in new local and national regions.
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Lack of Knowledge on Qualified Electric Motor Suppliers Affecting Market Growth
The soft magnetic composites market is slated to register a favorable CAGR during the assessment period. Although electric motors are virtually present in most industrial applications, there is a need for clarity on how to choose qualified electric motor suppliers. This is evident since unconventional requirements in the automotive manufacturing industry is creating a demand for innovative design solutions from experienced suppliers.
Thus, apart from manufacturing SMCs, companies in the soft magnetic composites market are diversifying into increasing the availability of suppliers to encourage cross-functional collaborations between stakeholders in the value chain. Strong experience in serial production of SMCs and electric motors is helping companies to gain a competitive edge over other manufacturers. The complete development of new solutions from concept to production is essential for innovations in robust electric motor designs.
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High Performance Properties of Soft Magnetic Composites Replacing Conventional Materials
Soft magnetic composites have showcased efficient output in end products compared to other magnetic materials. The numerous advantages offered by soft magnetic composites over conventional materials such as silicon steel and laminated sheets are being preferred by end users. High performance properties exhibited by soft magnetic composites such as thermal properties, low eddy current loss, and reduced total care loss at high and medium frequencies are some of the factors anticipated to drive the global soft magnetic composites market in the near future.
Furthermore, cost-effective features and compact designs associated with soft magnetic composites in tandem with the increasing demand for electromagnetic devices are also anticipated to propel the expansion of the market over the next decade.
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