Application of SMCs in automobile component production is slated to offer long-run sustainable push to the global soft magnetic composites market
ROCKVILLE, MD / ACCESSWIRE / October 13, 2020 / The soft magnetic composites market is anticipated to grow at 6.4% CAGR through 2030. The SMCs market is in its developing stage in a PLC curve, due to numerous innovations by prominent stakeholders and quickly changing market dynamics.
"Regional presence and price normalization plays an imperative role in outrivalling in the global market for soft magnetic composites," says the Fact.MR report.
Soft Magnetic Composites (SMCs) Market - Key Takeaways
- Silicon ferrite will remain the top-selling variant
- Motors will remain the leading application segment
- Asia Pacific excluding Japan (APEJ) will remain the most lucrative market
- Japan will continue to be a promising market for soft magnetic composites
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Soft Magnetic Composites (SMCs) Market - Driving Factors
- Extensive use in manufacturing cost-efficient, high performance and compact electromagnetic to produce automotive components supporting the market growth.
- Long-term buoyancy in automotive sector, despite COVID-19 blip
- Growing demand for solar panels to positively impact SMCs market growth
Soft Magnetic Composites (SMCs) Market - Constraints
- Unpredictability in machine costs is likely to inhibit the growth of the soft magnetic composite market
- The absence of a highly skilled workforce remains a key challenge in the global market
Anticipated Market Impact by COVID-19 Outbreak
The COVID-19 pandemic has prompted disrupted supply chains and reduced industrial activities. Lockdowns across the majority of the nations have adversely impacted the manufacturing of soft magnetic composites. With a gradual lift in lockdowns, the SMC market will at least take a couple of quarters to restore back to pre-crisis landscape.
Explore the Soft Magnetic Composites market comprising of 103 figures and 109 data tables, along with the table of contents. You can find a detailed market segmentation on https://www.factmr.com/report/2543/soft-magnetic-composites-market
Competition Landscape
The soft magnetic composites market is moderately consolidated. Toshiba Corp (Toshiba Materials Co., Ltd.), Voestalpine Stahl GmbH, and Hitachi Metals Ltd are amid the tier 1 companies. Together, they are projected to capture over 40% of the worldwide SMCs market share in 2020. Producers are focusing on channeling products to promising applications and research & development to improve their market share. Moreover, they have also demonstrated organic strategies such as entering niche and developing products, impenetrable markets such as aerospace and defense components.
More on the Report
The Fact.MR's market research report provides in-depth insights into the Soft Magnetic Composites (SMCs) market. The market is scrutinized based on product (pure iron/ iron powder, silicon ferrite, supermalloys, and permalloy) and application (transformers, motors, inductors, and generators), across five major regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA)).
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SOURCE: Fact.MR