The soft magnetic composites (SMCs) market, valued at US$ 4.5 billion in 2023, is projected to reach US$ 8.9 billion by 2033, growing at a CAGR of 7% over the forecast period.

The rising demand for motors in the automotive and electric sectors is a key driver of SMC usage, with soft magnetic composites currently accounting for 60% of the global motor market.

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Key Driving Forces Accelerating the Market Growth

  • The demand for high-performance electrical machines, such as motors and transformers, that are more efficient and energy-saving is on the rise. Soft magnetic composites (SMCs) are becoming the preferred material for these applications due to their excellent magnetic properties, low core losses, and minimized eddy current losses. The need for energy-efficient solutions is driving the adoption of SMCs across industries like automotive, electronics, and renewable energy.
  • A major driver for the SMCs market is the global shift toward electrification in transportation, including electric vehicles (EVs) and hybrid electric vehicles (HEVs). SMCs are widely used in electric motors and generators in these vehicles because of their superior magnetic properties, high efficiency, and lightweight nature. As the demand for EVs and HEVs grows, the need for SMCs is expected to increase significantly.
  • Additionally, the emphasis on renewable energy sources, such as wind and solar power, is boosting the demand for SMCs. These composites are used in generators and transformers in wind turbines and solar power systems, enhancing energy conversion efficiency and reducing core losses. The rise in renewable energy installations is further driving the growth of the SMCs market

Vital indicators shaping the future of the industry

  • Ongoing technological advancements are pivotal in shaping the future of the soft magnetic composites (SMCs) industry. Progress in material science, manufacturing techniques, and magnetic property optimization is expected to drive the development of more advanced SMCs. These innovations will result in improved magnetic properties, reduced losses, and enhanced performance, expanding SMC applications into new industries and products.
  • Continued research and development (R&D) efforts are critical to the industry's growth. R&D activities are focused on discovering new materials, refining manufacturing processes, and addressing challenges related to scalability, cost-efficiency, and performance optimization. Investments in R&D by companies, academic institutions, and government bodies will spur innovation, driving the expansion of the SMCs market.
  • Government regulations and policies also play a key role in the SMCs industry. Initiatives promoting energy efficiency, carbon emission reduction, and renewable energy adoption create a favorable environment for SMC growth. Supportive policies, such as incentives for electric vehicle adoption and renewable energy integration, further stimulate the demand for SMCs in these sectors.

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Challenges hindering the market growth

  • Cost remains a key factor influencing the adoption of soft magnetic composites (SMCs). Currently, SMCs are more expensive than traditional laminated magnetic cores or other magnetic materials, largely due to the cost of raw materials, specialized manufacturing techniques, and limited economies of scale. To promote market growth, it is essential to improve cost-effectiveness through technological advancements, optimized manufacturing processes, and more efficient supply chain management.
  • Despite the advantages SMCs offer, there is still limited awareness of their potential across various industries. Many designers, engineers, and manufacturers are more accustomed to conventional magnetic materials and may be hesitant to adopt SMCs due to concerns over design changes, performance validation, and supply chain integration. Increasing education and awareness about the benefits and applications of SMCs will be vital to encouraging broader adoption.

How competition influences the market

Key players in the market are adopting various growth strategies, including establishing new production facilities and pursuing acquisitions.

For example, intense competition within the SMCs market motivates companies to invest in research and development (R&D) and drive innovation. Manufacturers are focused on differentiating their products by creating new formulations, enhancing magnetic properties, refining manufacturing processes, and exploring new applications. This competitive environment fosters innovation, resulting in the introduction of advanced SMCs with superior performance characteristics and expanded functionalities.

  • In 2019, GKN Powder Metallurgy, a leading supplier of metal powders and components, acquired Forecast 3D to strengthen its market position.

Key Companies Profiled

  • Elna Magnetics
  • MMG Canada Limited
  • Hitachi Metals Ltd.
  • Electron Energy Corporation
  • Rio Tinto
  • Steward Advanced Materials
  • Arnold Magnetic Technologies Corporation
  • Magnetics
  • Dexter Magnetic Technologies, Inc.

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Key Segments of Soft Magnetic Composites Industry Research

  • By Product:
    • Iron Powder
    • Silicon Ferrite
    • Supermalloy
    • Permalloy
  • By Application:
    • Transformers
    • Inductors
    • Motors
    • Generators
  • By Region:
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East & Africa

What differences can the soft magnetic composites report make on the revenue impacts and strategies of businesses?

Fact.MR strives to provide comprehensive assessments of opportunities in various regions and technology segments. The study also offers an uncluttered data-driven insights into the growth avenues of the Soft magnetic composites and all its segments. Some of the ways the study can make a discernible impact are by offering evidence-based perspectives on:

  • Attractiveness quotient of emerging product/technology types in various products in the Soft magnetic composites.
  • Micro-economics factors that may hamper the prospects of some of the key segments.
  • Recent spate of research and development (R&D) funding on key Soft magnetic composites.
  • New business models paving way for disruptions in demand dynamic of key segments.
  • Regional markets that will be future engine of growth and the industry trends that will support these markets.

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