An exclusive market study published by Fact.MR on the Soft Magnetic Composites (SMCs) market offers insights related to how the market is projected to grow over the forecast period (2019-2029). The objective of the report is to enable our readers to understand the various aspects of the Soft Magnetic Composites (SMCs) market and assist them to formulate impactful business strategies. Furthermore, the different factors that are expected to influence the current and future dynamics of the Soft Magnetic Composites (SMCs) market are discussed in the presented study.
According to the report, the Soft Magnetic Composites (SMCs) market is set to reach a market value of ~US$ XX by the end of 2029 and register a CAGR growth of ~XX% during the assessment period. The report offers an in-depth understanding of the Soft Magnetic Composites (SMCs) supply chain, value, and volume chain across the various regional markets.
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Important Insights Enclosed in the Report:
- Technological developments within the Soft Magnetic Composites (SMCs) market sphere
- Growth prospects for new market players across different regions
- Company profiles of leading players in the Soft Magnetic Composites (SMCs) market
- Up-to-date insights related to the key success factors impacting the growth of the Soft Magnetic Composites (SMCs) market
- Recent mergers, acquisitions, partnerships, and strategic alliances
The published report provides a deep understanding of the Soft Magnetic Composites (SMCs) market by segregating the market into different segments such as region, application, and end-use industry.
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Soft Magnetic Composites (SMCs) Market Segmentation
The regional analysis of the Soft Magnetic Composites (SMCs) market dives deep to understand the market scenario in different regions. The market size, share, and value of each regional market is analyzed and presented in the report along with informative tables and figures.
The report offers a clear picture of how the Soft Magnetic Composites (SMCs) is utilized in various applications. The different applications covered in the report include:
By End-Use Industry
The end-use industry assessment throws light on the consumption of the Soft Magnetic Composites (SMCs) across various end-use industries including:
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Electric Motor Optimization and Miniaturization to Pave Avenues
Optimization of electric motors by using next-generation soft magnetic composites (SMCs) has been a key developmental focus area of manufacturers, with an aim to save on operation cost, and comply with energy efficiency regulations & standards imposed on utility equipment. As adoption of electric motors continues to grow in line with rising emphasis on power consumption – a key aspect linked with lifetime cost of electric motors — use of soft magnetic composites in new equipment has increased to save on additional upfront costs. Miniaturization has emerged as a cornerstone in equipment associated with power electronic applications, which has further paved lucrative avenues for soft magnetic composites manufacturers. Various industries are also replacing conventional laminated core in electric machines with soft magnetic composites (SMCs) as it leads to no eddy current loss and reduces bearing currents. A paradigm shift to adopt renewable energy sources and rising awareness towards reducing greenhouse gas emissions are also driving the demand for soft magnetic composites to produce high quality electrical machines at lower costs.
Emphasis on Compact & Lightweight Components in Electric Vehicles to Fuel Demand
As eco-friendly vehicles, including electric and plug-in hybrid cars, become increasingly palpable worldwide, demand for compact and lightweight auto components has been on an upward spiral. This has further led electric vehicle manufacturers in using soft magnetic composites core to boost the converter of motor drive system in hybrid electric vehicles.
Switched Reluctance Motor (SRM) is gaining popularity as an alternative to the conventional motors, such as DC motor or induction motor, in electric vehicles owing to its low cost, robust, and simple construction, along with fault tolerance attribute. Soft magnetic composites (SMCs) seek application in SRMs to deprive the low frequency torque ripple resulting from asymmetric mutual coupling between adjacent phases.
The modular stator and rotor structure made using soft magnetic composites further eliminates the flux reversals in SRM and reduces the core loss, thereby reducing the manufacturing cost of SRM. Additionally, New Axial Flux Permanent Magnet (AFPM) motor, with its stator composed of soft magnetic composites and laminated steel, have emerged as an efficient solution for power transmission in electric vehicles. Growing manufacturer focus on developing a prototype of AFPM motor for testing in electric vehicles, will further create significant opportunities for soft magnetic composites in the near future.
Lack of Skilled Labor and High Cost Associated of Soft Magnetic Composites (SMCs) to Hamper the Growth
Soft magnetic composites continue to seek extensive application in electric micro and small machine cores, owing to their flexibility and efficiency in forming a magnetic core of desired geometric properties. However, the worldwide production of soft magnetic composites is limited, resulting in high material cost. The high cost of the primary raw materials including iron powder and bonding materials used in developing soft magnetic composites is further resulting in a significant increase in its production cost. Magnetic properties of soft magnetic composites depend strongly on its manufacturing process, which in turn is resulting in the increasing need for the highly skilled workforce. However, lack of skilled labor for developing soft magnetic components is hampering continues to remain a key challenge. In a bid to cater growing demand for soft magnetic composites in various applications along with the benefits offered, manufacturers and researchers are focusing on the development of high-quality soft magnetic composites, by decreasing its production cost.
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Soft magnetic composites are ferromagnetic powder particles surrounded by electrical insulating film. Soft magnetic composites are used in electromagnetic applications. The unique properties of soft magnetic composites are very low eddy current loss, 3D isotropic ferromagnetic behavior, low total core loss at high and medium frequencies, and possibilities for improved thermal characteristics. Soft magnetic composites are compacted like other powder metal part and heated die compaction is used to offer higher density.
About the Report
The report on the soft magnetic composites market provides valuable and actionable insights on the market along with the forecast. Historical data and important factors impacting the growth of the soft magnetic composites market is also offered in the report. Market dynamics including market drivers, key trends, factors hampering growth, and growth opportunities in the soft magnetic composites (SMCs) across regions is provided in the report.
The report on the soft magnetic components market also offers region-wise analysis, segment-wise analysis, and competitive analysis. Details on leading companies along with the market share of each company and new developments in the soft magnetic composites market is included in the report.
The report provides a segment-wise analysis of the soft magnetic composites market. The soft magnetic composites market is segmented on the basis of product type and application. Both the segments are divided into sub-segments to offer better understanding and in-depth analysis of the soft magnetic composites market.
On the basis of the product type, the soft magnetic composites market is segmented into pure iron/iron, silicon ferrite, permalloy, and supermalloy. Based on the application, the soft magnetic composites market is segmented into inductors, generators, transformers (transmission transformers, distribution transformers, and portable transformers), and motors (1 HP-100 HP motors, 101 HP-200 HP motors, 201 HP-500 HP motors, 501 HP-1000 HP motors, and above 1000 HP motors).
Additional Questions Answered
Along with the valuable insights on the soft magnetic composites market, the report also provides answers to some of the important questions related to the soft magnetic composites market.
- Which product is expected to gain the highest revenue share in soft magnetic composites market?
- Which region is likely to hold a strong position in the soft magnetic composites market?
- What will be the market share of inductors in the soft magnetic composites market?
- What factors are likely to impact the growth of the soft magnetic composites market?
- What will be the revenue share of motors in the soft magnetic composites market?
The extensive research methodology is used in the report to provide important data and information on the soft magnetic composites market. Analysts have used both primary and secondary research methodologies including interviews with the industry experts and collecting data and validating it with data sources and insights from soft magnetic composites market experts.
The report has been developed using bottom-up and top-down approaches. To provide details on the opportunities and in-depth analysis of the soft magnetic components market, interviews were conducted with vendors, suppliers, and distributors. Information on the historical data and current scenario in the soft magnetic composites market is also offered in the report with help of primary and secondary research.
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Important queries addressed in the Soft Magnetic Composites (SMCs) market report:
- How will the evolving trends impact the growth of the Soft Magnetic Composites (SMCs) market over the forecast period?
- Which companies are currently dominating the Soft Magnetic Composites (SMCs) market in terms of market share?
- How can market players capitalize on the lucrative opportunities in Region 1?
- What is the projected growth rate of the Soft Magnetic Composites (SMCs) market in various regions during the forecast period?
- Is the current market scenario favorable for the growth of new market players?
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