The global soft magnetic composites (SMCs) market has witnessed rapid growth at a CAGR of 6.4% over the past half-decade. However, due to the ongoing outbreak of COVID-19, the electrical industry has put the brakes on production, cascading the effect to the soft magnetic composites market across the globe in Q1 and Q2 of FY2020. Resumption of production to some extent across Europe, Japan, and APEJ has slightly increased the demand for soft magnetic composites.
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Soft Magnetic Composites Market Product Insights
Soft magnetic composites containing silicon ferrite are gaining prominence across regions, owing to extensive utilization and rising demand. Positive network externalities is a key factor contributing to the rapid growth of silicon ferrite. Key consumers of soft magnetic composites such as Toshiba Corporation, Schneider Electric SA, and others have utilized silicon ferrite in significant amounts. Silicon ferrite accounts for more than half of the soft magnetic composites demand pie.
The second-most utilized type of soft magnetic composites is permalloys, due to their widespread application for manufacturing compact and high performance magnetic composites. Permalloys account for less than a quarter of the global soft magnetic composites market. Owing to the aforementioned market inclination of respective product types, silicon ferrite soft magnetic composites are assessed to progress at a high single digit CAGR over the forecast period of FY2020 – FY2030.
Soft Magnetic Composites Market Insights by Application
SMCs are extensively utilized in producing compact, high performance, and cost-efficient electromagnetic composites. These composites are majorly utilized in manufacturing automotive components such as traction motors, air conditioning compressors, pumps, on-vehicle chargers, and other bundle of components. Growth of SMCs could be attributed to a rise in the demand for solar panels, which has created a domino effect, positively effecting the growth of the SMCs market space stance.
In 2020, the market has declined near 1% in the first and second quarter, owing to the COVID-19 pandemic. On the outlook of normative electrical component economics, the SMCs market is set to revive by the end of 2020.
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Soft Magnetic Composites Market: Segmentation
Fact.MR has studied the soft magnetic composites market with detailed segmentation on the basis of by product, application, and region.
|Pure Iron/ Iron Powder||Transformers||North America|
|Silicon Ferrite||Motors||Latin America|
|Asia Pacific Excluding Japan|
|Middle East & Africa|
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SMCs Market: Analysis on Market Size Evaluation
The soft magnetic composites market has been analyzed for each market segment, in terms of volume (Tons) and value (US$ Mn).
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