Loosening restrictions by emerging economies in the wake of flattening infection curves and higher recovery rates is prompting resumption of critical economic activities, spurring growth
ROCKVILLE, MD / ACCESSWIRE / January 27, 2021 / Award winning market research company Fact.MR's global soft magnetic composites market report projected a moderate decline in the first two quarters of 2020, attributed to government imposed lockdowns to contain the spread of COVID-19. Growth is expected to rebound in 2021 as industrial operations gradually resume, rendering long-term outlook for the upcoming decade significantly optimistic.
The incline was observed since the latter half of 2020, with industries such as automotive and construction registering substantial gains. It is expected that the global construction industry shall reach US$ 5.8 trillion in valuation by 2030, registering and increase of nearly 35%. Two-thirds of overall growth is expected to be pivoted by China, the U.S, Indonesia and India. Likewise, the automotive industry is likely to expand at nearly 2% by 2026.
Going by the aforementioned trends, the outlook for soft magnetic components appears highly promising, with manufacturers seeking to capitalize on the highly lucrative opportunities presented by emerging economies across the long-term forecast period. As population growth accelerates, demand for infrastructure is expected to uplift construction activities and automotive sales, generating new revenue ecosystems.
"Prominent manufacturers are directing their resources towards intensive research and development activities to introduce new product portfolios. Primary focus is on achieving weight reduction and higher degree of flexibility in operations, leading to adoption of lightweight material," remarks the Fact.MR analyst.
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Key Takeaways from Fact.MR's Soft Magnetic Composites Report
- Silicon ferrite based soft magnetic components to remain popular, poised to generate over half of the total revenue
- By application, motors are expected to extensively utilize soft magnetic components, attributed to a surging automotive industry
- U.S to generate a lucrative revenue share, fueled by prolific developments across the aerospace sector
- France and Germany to register steady expansion amid growing investments in developing EVs
- China to be the leader across the Asia-Pacific region, followed by Japan and South Korea, with gains underpinned by increasing construction activities
Soft Magnetic Composites Market- Prominent Drivers
- Increasing adoption of electric motors to reduce power consumption is accelerating soft magnetic composites usage
- Growing preference for lightweight assembly components by automotive manufacturers to stimulate expansion
- Soft magnetic composites have also acquired ground in nuclear power generation
Soft Magnetic Composites Market- Key Restraints
- Volatile machine costs in the wake of rapidly changing economic dynamics is bound to limit soft magnetic composites adoption owing to rising expenses
- Lower saturation flux density and limited permeability are expected to restrict adoption by end-users
Discover more about the soft magnetic composites market with 103 figures and 109 data tables, along with the table of contents. You will also find detailed market segmentation on https://www.factmr.com/report/2543/soft-magnetic-composites-market
Competitive Landscape
Voestalpine Stahl GmbH, Hitachi Metals Ltd. and Toshiba Corp. (Toshiba Materials Co. Ltd.) are the dominant players in the soft magnetic composites market. Collectively, these players generate nearly two-fifths of the global revenue, according to Fact.MR. However, other players such as Hoganas AB, PMG Holding GmbH, GKN Plc, VACCUMSCHMELZE GmbH & Co. KG are equally active in the landscape.
The aforementioned players' principal strategies include consolidation of research & development activities and other organic strategies such as product launches and niche marketing. The latter approach has proven instrumental in penetrating specific markets.
In August 2020, Voestalpine Stahl expanded its lightweight construction expertise by developing the TransANT freight cars with extremely light modular superstructures. The carriages are 20% lighter than conventional freight rakes, and is capable of carrying heavier loads of up to four tons per car.
Also, GKN Plc's Aerospace division has inked a joint venture with COMAC subsidiary SAMC (Shanghai Aircraft Manufacturing Company) and AVIC Supply for manufacturing composite and metallic aerostructures in China. The venture is expected to take off from 2021 with the establishment of a state-of-the-art facility measuring 80,000 m2 in Jingjiang.
More Valuable Insights on Soft Magnetic Composites Market
Fact.MR, in its new offering, presents an unbiased analysis of the global soft magnetic composites market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study divulges essential insights on the SMCs market on the basis of product (pure iron/ iron powder, silicon ferrite, supermalloys, and permalloy) and application (transformers, motors, inductors, and generators), across six major regions.
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SOURCE: FactMR