As per the report by Grand View Research Inc., the global Soft Magnetic Material Market is estimated to be valued at USD 26.12 billion by 2027. It is expected to develop by a 3.9% CAGR from 2020 to 2027.
Expansion in the power distribution sector followed by the growing demand for electric motors in diverse applications, particularly in medical field is expected to boost the development of the market for soft magnetic material. Additionally, the market development is further pushed by the improvements in the development of renewable energy. The rising demand for electric vehicles and increasing investments in the power distribution sector. Growing funds in the manufacturing of the medical equipment, power transmission sector are pushing the production for manufacturing of generators, transformers and the motors in the U.S.A. This is increasing the demand for the soft magnetic material in the U.S. market.
The exceptional quality of the soft magnetic material of getting easily magnetized and demagnetized, is responsible for its demand. This feature is fairly necessary in electronic and electrical circuits because the magnetic energy gets transformed to the electrical energy before any action in the circuit. This is impossible, in case of permanent otherwise hard magnetic materials, because their magnetization and demagnetization results in generating massive amount of energy. Therefore, soft magnetic material is widely used across applications in generators, motors, transformers and others.
In 2019, the motors retained the biggest share of the market. The soft magnetic material is utilized in the motors where they increase the magnetic field created by motor windings, and direct the flux in the motors made up of permanent magnet. The electric motors possess plentiful applications for medical equipment, home appliances, mills, turbines, pumps, HVAC equipment, electric vehicles, ships, power tools, machine tools and others. The usage of motors, in diverse industries, is increasing the development of the market for soft magnetic material.
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Effect of Covid-19:
The eruption of Covid-19 pandemic has harshly affected different markets together in terms of source and cost. On the other hand, the pandemic has furthermore increased the necessity for medicinal apparatus, for example ventilators. These ventilators utilize the motors for synchronized flow of air, greater density of torque, fewer noise, and appropriate control. The demand for ventilators is speeding up globally, due to the fast rising patients of corona virus. This is projected to increase the demand for the motors and ultimately the development of the market for the soft magnetic material.
Key Takeaways from the report:
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Companies
Some of the companies for Soft Magnetic Material Market are:
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Grand View Research has segmented the global soft magnetic materials market report on the basis of application, product, and region:
Soft Magnetic Materials Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
Soft Magnetic Materials Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
Soft Magnetic Materials Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
About Grand View ResearchGrand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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