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Soft Magnetic Composites Market: By Material Type, By Application, By End User and Geography
Soft Magnetic Composites Market: By Material Type, By Application, By End User and Geography
Soft Magnetic Composites Market size was valued at US$ 6,265.7 million in 2023 and is poised to grow at a CAGR of 7.6% from 2024 to 2030. Soft magnetic composites are ferromagnetic powder particles coated with a uniform layer of insulating film. Soft magnetic composites have various applications in industries like automotive, energy, consumer goods, etc. Soft magnetic composites have competitive magnetic properties along with higher electrical resistivity. The advantages of soft magnetic composite materials reside in the shape-making capability of the powder which is created through powder metal and is easily achieved with soft magnetic powders.
The consistent growth in the market is owing to various applications in traction motors, air conditioning compressors, dc/dc converters, ventilation fans, solar power, industrial motor drives, off-board battery charging, electrical engines & portable generators, and others. Also, the continuous innovations and advancements in products, the increasing investment in the electrical sector, and growing electric vehicle sales are influencing the global market at a significant rate. The superior chemical properties and the advantage of efficient output will further drive the market.
Furthermore, cost-effective features and compact designs associated with soft magnetic composites are increasing market demand for electromagnetic devices and it is expected to propel the expansion of the market in the forecasted years. Based on geography, North America held the major market share in 2021 and is expected to dominate the market at a significant CAGR in the forecasted years.
Study Period
2024 - 2030Base Year
2023CAGR
7.6%Largest Market
Asia PacificFastest Growing Market
North America
The growing demand for soft magnetic composites in the electrical industry is the key driver of the market with ample investments in private industries. Electronics and heavy machinery are expected to hold a major market revenue share in the global market. The growing construction industry is fuelling the market demand for electronics and electrical industries. The global key players are influencing the market with continuous investment, mergers, acquisitions, and expansion plans. Also, government support and initiatives will drive the market in developing and underdeveloped countries.
On the basis of regions, the market share is divided into North America, Asia-pacific, Europe, and the Middle East, and the African region. The soft magnetic composites market in North America is likely to hold a significant revenue share in 2021, and, in the following years, it is predicted to increase rapidly. It is due to the growing automotive, electronics, and electrical industries.
The automotive, electronics, and electricals industry in the U.S. held a major market share in the recent past. Asia Specific region is holding a significant market share in the global market due to emerging economies, rapid urbanization, and increasing demand for electricity in growing construction industries in developing countries.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2024 - 2030 |
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Market Size in 2023 |
US$ 6,265.7 million |
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Market CAGR |
7.6% |
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By Material Type |
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By Application |
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By End User |
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Soft magnetic composites market size was valued at US$ 6,265.7 million in 2023 and is expected to grow at a significant CAGR of 7.6% from 2024-2030.
Hitachi Metals Ltd, Toshiba Materials Co., Ltd., PMG Holding GmbH, Hengdian Group DMEGC Magnetics Co., Ltd., GKN Powder Metallurgy, Höganäs AB, VACUUMSCHMELZE GmbH & Co. KG
North America is the fastest growing region for soft magnetic composites market
| 1. Executive Summary |
| 2. Global Soft Magnetic Composites Market Introduction |
| 2.1. Global Soft Magnetic Composites Market Taxonomy |
| 2.2. Global Soft Magnetic Composites Market Definitions |
| 2.2.1. By Material Type |
| 2.2.2. By Application |
| 2.2.3. By End User |
| 2.2.4. By Region |
| 3. Global Soft Magnetic Composites Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Global Soft Magnetic Composites Market Dynamic Factors - Impact Analysis |
| 3.6. Global Soft Magnetic Composites Market Competition Landscape |
| 3.7. Epidemiology |
| 4. Global Soft Magnetic Composites Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 |
| 4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5. Global Soft Magnetic Composites Market, By Material Type, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 5.1. Soft Ferrite |
| 5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 5.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. Fe Amorphous |
| 5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 5.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 5.3. Nano Crystalline |
| 5.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 5.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.3.3. Market Opportunity Analysis |
| 5.4. Others |
| 5.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 5.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.4.3. Market Opportunity Analysis |
| 6. Global Soft Magnetic Composites Market, By Application, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 6.1. Traction Motors |
| 6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 6.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. Air Conditioning Compressors |
| 6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 6.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 6.3. DC/DC Converters |
| 6.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 6.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.3.3. Market Opportunity Analysis |
| 6.4. Ventilation Fans |
| 6.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 6.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.4.3. Market Opportunity Analysis |
| 6.5. Solar Power |
| 6.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 6.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.5.3. Market Opportunity Analysis |
| 6.6. Industrial Motor Drives |
| 6.6.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 6.6.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.6.3. Market Opportunity Analysis |
| 6.7. Off-board Battery Charging |
| 6.7.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 6.7.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.7.3. Market Opportunity Analysis |
| 6.8. Electrical Engines & Generators |
| 6.8.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 6.8.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.8.3. Market Opportunity Analysis |
| 6.9. Others |
| 6.9.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 6.9.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.9.3. Market Opportunity Analysis |
| 7. Global Soft Magnetic Composites Market, By End User, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 7.1. Automotive |
| 7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 7.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. Industrial Machinery & Equipment |
| 7.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 7.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 7.3. Energy |
| 7.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 7.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.3.3. Market Opportunity Analysis |
| 7.4. Others |
| 7.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 7.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.4.3. Market Opportunity Analysis |
| 8. Global Soft Magnetic Composites Market Forecast, By Region, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 8.1. North America |
| 8.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 8.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.1.3. Market Opportunity Analysis |
| 8.2. Europe |
| 8.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 8.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.2.3. Market Opportunity Analysis |
| 8.3. Asia-Pacific |
| 8.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 8.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.3.3. Market Opportunity Analysis |
| 8.4. Latin America |
| 8.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 8.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.4.3. Market Opportunity Analysis |
| 8.5. Middle East and Africa |
| 8.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 8.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.5.3. Market Opportunity Analysis |
| 8.6. Global Soft Magnetic Composites Market - Opportunity Analysis Index, By Material Type, By Application, By End User, and Region, 2024 - 2030 |
| 9. North America Soft Magnetic Composites Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 9.1. Material Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 9.1.1. Soft Ferrite |
| 9.1.2. Fe Amorphous |
| 9.1.3. Nano Crystalline |
| 9.1.4. Others |
| 9.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 9.2.1. Traction Motors |
| 9.2.2. Air Conditioning Compressors |
| 9.2.3. DC/DC Converters |
| 9.2.4. Ventilation Fans |
| 9.2.5. Solar Power |
| 9.2.6. Industrial Motor Drives |
| 9.2.7. Off-board Battery Charging |
| 9.2.8. Electrical Engines & Generators |
| 9.2.9. Others |
| 9.3. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 9.3.1. Automotive |
| 9.3.2. Industrial Machinery & Equipment |
| 9.3.3. Consumer Goods |
| 9.3.4. Energy |
| 9.3.5. Others |
| 9.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 9.4.1. USA |
| 9.4.2. Canada |
| 9.5. North America Soft Magnetic Composites Market - Opportunity Analysis Index, By Material Type, By Application, By End User, and Country, 2024 - 2030 |
| 9.6. North America Soft Magnetic Composites Market Dynamics Trends |
| 10. Europe Soft Magnetic Composites Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 10.1. Material Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1. Soft Ferrite |
| 10.1.2. Fe Amorphous |
| 10.1.3. Nano Crystalline |
| 10.1.4. Others |
| 10.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 10.2.1. Traction Motors |
| 10.2.2. Air Conditioning Compressors |
| 10.2.3. DC/DC Converters |
| 10.2.4. Ventilation Fans |
| 10.2.5. Solar Power |
| 10.2.6. Industrial Motor Drives |
| 10.2.7. Off-board Battery Charging |
| 10.2.8. Electrical Engines & Generators |
| 10.2.9. Others |
| 10.3. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 10.3.1. Automotive |
| 10.3.2. Industrial Machinery & Equipment |
| 10.3.3. Consumer Goods |
| 10.3.4. Energy |
| 10.3.5. Others |
| 10.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 10.4.1. Germany |
| 10.4.2. UK |
| 10.4.3. France |
| 10.4.4. Spain |
| 10.4.5. Italy |
| 10.4.6. Rest of Europe |
| 10.5. Europe Soft Magnetic Composites Market - Opportunity Analysis Index, By Material Type, By Application, By End User, and Country, 2024 - 2030 |
| 10.6. Europe Soft Magnetic Composites Market Dynamics Trends |
| 11. Asia-Pacific Soft Magnetic Composites Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 11.1. Material Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1. Soft Ferrite |
| 11.1.2. Fe Amorphous |
| 11.1.3. Nano Crystalline |
| 11.1.4. Others |
| 11.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 11.2.1. Traction Motors |
| 11.2.2. Air Conditioning Compressors |
| 11.2.3. DC/DC Converters |
| 11.2.4. Ventilation Fans |
| 11.2.5. Solar Power |
| 11.2.6. Industrial Motor Drives |
| 11.2.7. Off-board Battery Charging |
| 11.2.8. Electrical Engines & Generators |
| 11.2.9. Others |
| 11.3. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 11.3.1. Automotive |
| 11.3.2. Industrial Machinery & Equipment |
| 11.3.3. Consumer Goods |
| 11.3.4. Energy |
| 11.3.5. Others |
| 11.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 11.4.1. China |
| 11.4.2. India |
| 11.4.3. Japan |
| 11.4.4. ASEAN |
| 11.4.5. Australia & New Zealand |
| 11.4.6. Rest of Asia-Pacific |
| 11.5. Asia-Pacific Soft Magnetic Composites Market - Opportunity Analysis Index, By Material Type, By Application, By End User, and Country, 2024 - 2030 |
| 11.6. Asia-Pacific Soft Magnetic Composites Market Dynamics Trends |
| 12. Latin America Soft Magnetic Composites Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 12.1. Material Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 12.1.1. Soft Ferrite |
| 12.1.2. Fe Amorphous |
| 12.1.3. Nano Crystalline |
| 12.1.4. Others |
| 12.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 12.2.1. Traction Motors |
| 12.2.2. Air Conditioning Compressors |
| 12.2.3. DC/DC Converters |
| 12.2.4. Ventilation Fans |
| 12.2.5. Solar Power |
| 12.2.6. Industrial Motor Drives |
| 12.2.7. Off-board Battery Charging |
| 12.2.8. Electrical Engines & Generators |
| 12.2.9. Others |
| 12.3. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 12.3.1. Automotive |
| 12.3.2. Industrial Machinery & Equipment |
| 12.3.3. Consumer Goods |
| 12.3.4. Energy |
| 12.3.5. Others |
| 12.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 12.4.1. Brazil |
| 12.4.2. Mexico |
| 12.4.3. Rest of Latin America |
| 12.5. Latin America Soft Magnetic Composites Market - Opportunity Analysis Index, By Material Type, By Application, By End User, and Country, 2024 - 2030 |
| 12.6. Latin America Soft Magnetic Composites Market Dynamics Trends |
| 13. Middle East and Africa Soft Magnetic Composites Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 13.1. Material Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 13.1.1. Soft Ferrite |
| 13.1.2. Fe Amorphous |
| 13.1.3. Nano Crystalline |
| 13.1.4. Others |
| 13.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 13.2.1. Traction Motors |
| 13.2.2. Air Conditioning Compressors |
| 13.2.3. DC/DC Converters |
| 13.2.4. Ventilation Fans |
| 13.2.5. Solar Power |
| 13.2.6. Industrial Motor Drives |
| 13.2.7. Off-board Battery Charging |
| 13.2.8. Electrical Engines & Generators |
| 13.2.9. Others |
| 13.3. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 13.3.1. Automotive |
| 13.3.2. Industrial Machinery & Equipment |
| 13.3.3. Consumer Goods |
| 13.3.4. Energy |
| 13.3.5. Others |
| 13.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 13.4.1. Gulf Cooperation Council (GCC) Countries |
| 13.4.2. South Africa |
| 13.4.3. Rest of MEA |
| 13.5. MEA Soft Magnetic Composites Market - Opportunity Analysis Index, By Material Type, By Application, By End User, and Country, 2024 - 2030 |
| 13.6. MEA Soft Magnetic Composites Market Dynamics Trends |
| 14. Competition Landscape |
| 14.1. Strategic Dashboard of Top Market Players |
| 14.2. Company Profiles (Introduction, Financial Analysis, Key Material Types, Key Developments, Strategies, and SWOT Analysis) |
| 14.2.1. Hitachi Metals Ltd |
| 14.2.2. Toshiba Materials Co., Ltd. |
| 14.2.3. PMG Holding GmbH |
| 14.2.4. Hengdian Group DMEGC Magnetics Co., Ltd. |
| 14.2.5. GKN Powder Metallurgy |
| 14.2.6. Höganäs AB |
| 14.2.7. VACUUMSCHMELZE GmbH & Co. KG |
| 14.2.8. Rio Tinto |
| 14.2.9. Sumitomo Metal Mining Co., Ltd. |
| 14.2.10. Steward Advanced Materials Inc. |
| 14.2.11. AIC Engineering Ltd |
| 14.2.12. Fluxtrol Inc. |
| 14.2.13. ThyssenKrupp Electrical Steel India Private Limited |
| 14.2.14. Mitsubishi Materials Corporation |
| 14.2.15. Dexter Magnetic Technologies |
| 15. Research Methodology |
| 16. Key Assumptions and Acronyms |
Key Market Players
Author
Prem Kumar with profound experience and sound knowledge across a wide range of market forecasting methods, demand forecasting, and pricing analysis, I am able to make precise projections. I have extensive practical knowledge in Time Series Analysis (TSA), Simple Linear Regression (SLR), Multiple Linear Regression (MLR), Seasonality & Trend Forecasting, and Forecasting Models for New Products, among others. Additionally, I have hands-on experience with tools such as Power BI and SQL. I am highly committed, self-motivated, and possess a strong entrepreneurial spirit. Over the past 8 years, my team and I have built a robust clientele in various sectors, including Packaging, Pharma, Medical Devices, Oil & Gas, and Chemicals & Materials. We have provided a wide range of services, from management consulting to market forecasting and survey-related projects. I am particularly proud to have provided consulting services to one of the industry’s leading COVID-19 vaccine manufacturers for a packaging-related project. In the packaging space, I have served clients across a range of segments, including packaging printing, consumer packaging, flexible packaging, rigid packaging, and pharmaceutical packaging, to name a few. I deeply appreciate the efforts of my team and am grateful to our clients for their continued trust.