Key soft magnetic composites manufacturers are focusing on consolidation strategies including joint ventures and acquisitions to leverage demand from automotive and power generation industries.
DUBAI, UAE / ACCESSWIRE / April 21, 2020 / The global soft magnetic composites market will cross a value pool of US$ 80 Bn by the end of the forecast period 2019 - 2029. As per the latest study by Future Market Insights (FMI), the market for soft magnetic composites is largely influenced by increasing demand for alloys with superior ferromagnetic characteristics and energy efficiency. The market growth will also be supported by the increasing numbers of electric and hybrid automobiles, and consumer electronics products.
"Soft magnetic composites offer the potential of developing 3D products with complex geometry in varying situations, in addition to cost and energy efficiency. Moreover, innovations in automotive and electronics sectors will generate new growth avenues," reveals the FMI report.
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Key Research Findings
- The electrical steel segment will grow at a higher rate through the forecast period, driven by greater scope of end use applications.
- The 5P type of soft magnetic composites will gain substantial traction in the power generation industry, making price reductions likely.
- The 3D printing applications of soft magnetic composites will bolster sales figures through the forecast period.
- Gains of the global soft magnetic composites market will remain largely concentrated in Asia Pacific.
- The East Asia market will display a higher CAGR with greater opportunities of growth from the electronics sector.
Key Growth Drivers
- Rising production in consumer electronics and automobile sectors plays a major role in the growth of soft magnetic composites market.
- Efforts by manufacturers to downsize to increase profitability contributes to the global presence of producers.
- Extensive expansion of applications in 3D printing platforms, with increased scope in wireless applications will contribute to market growth.
- The continued growth of power generation and automotive industries, and remand for relevant components will drive adoption.
- Volatility in the prices of machines, is a key challenge for manufacturers, which is likely to hamper market growth.
The Coronavirus Impact
The global soft magnetic composites market is very dependent on the seamless operations of their supply chains. A lot of the materials required for production comes from China. Consequently, production of automotive, consumer electronics, and power components, has been significantly disrupted. This trend is likely to hamper the market growth for the near future.
The covid-19 outbreak is being viewed as a major stress test for the global soft magnetic composite industry. The outbreak is expected to result in a major drop of revenues, as companies struggle to survive this phase, even as end use industries prepare for delays in their delivery schedules.
Explore the complete soft magnetic composites market report with 212 illustrative figures, 52 data tables, and the table of contents. Also find a detailed market segmentation on https://www.futuremarketinsights.com/covid19/rep-gb-869
Competition Structure Analysis - Soft Magnetic Composites Market
The competition landscape of soft magnetic composites market remains highly consolidated. Key producers are also pushing to bolster their research and development compatibility. Manufacturers are also seeking strategic collaborations, mergers and acquisitions to further consolidate their market presence.
Some of the key players in the soft magnetic composites market include, but are not limited to Toshiba Materials Co. Ltd., GKN PM, and Hitachi Metals Ltd.
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About the Report
This report offers global, regional, and national level analysis on the latest trends in the industry influencing the soft magnetic composites market. The study provides actionable insights on the soft magnetic composites market on the basis of material (electrical steel, soft ferrite, and iron powder), type (1P, 3P, and 5P), application (electrical coils, motors, generators, transformers, inductors, sensors, and others), and end use (automotive, industrial machinery & equipment, consumer goods, power generation, and others) across 30 countries spanning seven key regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, 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 take critical decisions with confidence and clarity amidst breakneck competition.
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SOURCE: Future Market Insights