The soft magnetic composites (SMCs) market is projected to expand from its present valuation of US$ 4.5 billion in 2023 to US$ 8.9 billion by the conclusion of 2033. During the period from 2023 to 2033, the market is anticipated to experience a compound annual growth rate (CAGR) of 7%.
The rising demand for motors in the automotive and electric sectors is propelling the adoption of soft magnetic composites. Currently, soft magnetic composites represent 60% of the global motor market.
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Key Driving Forces Accelerating the Market Growth:
There is an escalating need for high-performance electrical machines, including motors and transformers, that exhibit greater efficiency and lower energy consumption. Soft magnetic composites (SMCs) provide outstanding magnetic characteristics, minimal core losses, and diminished eddy current losses, rendering them a favored option for these applications. The pursuit of energy-efficient solutions is propelling the integration of SMCs across various sectors, such as automotive, electronics, and renewable energy.
The global transition towards the electrification of transportation, particularly with electric vehicles (EVs) and hybrid electric vehicles (HEVs), serves as a major catalyst for the SMCs market. SMCs are utilized in the electric motors and generators of these vehicles due to their exceptional magnetic properties, high efficiency, and lightweight nature. As the demand for EVs and HEVs continues to grow, the requirement for SMCs is anticipated to rise correspondingly.
Furthermore, the increasing focus on renewable energy sources, including wind and solar power, is further driving the demand for SMCs. These materials are integral to the production of generators and transformers utilized in wind turbines and solar energy systems. The capability of SMCs to improve energy conversion efficiency and minimize core losses makes them an ideal choice for such applications. Consequently, the expanding deployment of renewable energy systems is significantly boosting the demand for SMCs.
How competition influences the market
Key producers in the market are focusing on various growth tactics and are setting up new production facilities and acquiring other businesses.
For instance, Intense competition encourages companies in the SMCs market to invest in research and development (R&D) and innovation. Manufacturers strive to differentiate their products by developing new formulations, improving magnetic properties, enhancing manufacturing processes, and exploring novel applications. The drive to stay ahead of competitors fosters innovation, leading to the introduction of advanced SMCs with superior performance characteristics and expanded functionalities.
- In 2019, GKN Powder Metallurgy, leading metal powder and components supplier had acquired Forecast 3D.
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