Global Soft Magnetic Materials Market Size Set Expands at Significant CAGR of 6.79% During 2024–2030 to Reach USD 56.04 Billion by 2030

Published | 21 February 2024

Global Soft Magnetic Materials Market is flourishing due to increasing demand across various industries such as electronics, automotive, and energy. Advancements in technology, coupled with a growing emphasis on renewable energy solutions, further contribute to the flourishing market

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Global Soft Magnetic Materials Market size at USD 34.42 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Global Soft Magnetic Materials Market size to expand at a CAGR of 6.79% reaching a value of USD 56.04 billion by 2030.  The global soft magnetic materials market is experiencing substantial growth, driven by the rapid expansion of the electronics industry, rising demand for miniaturized and lightweight components, and continuous advancements in telecommunications infrastructure. The U.K. electronic components market is poised to reach approximately £1.9 billion in 2024, as indicated by the Electronics Components Supply Network (ECSN). Record-breaking sales in 2023 in the U.K. and Ireland's authorized distribution market for electronic components underscore the industry's robust performance. The increased focus on enhancing electronic device performance and reliability, coupled with the growing need for high-frequency applications, has led to a significant uptick in the utilization of soft magnetic materials. Additionally, the surge in the Internet of Things (IoT) ecosystem and the escalating demand for data centers further contribute to the widespread adoption of soft magnetic materials, playing a crucial role in driving growth in the dynamic landscape of modern technology.

Opportunity: Growing demand from the automotive industry

The increasing demand for soft magnetic materials driven by the automotive industry, particularly the rising popularity of electric vehicles (EVs) and hybrid electric vehicles (HEVs), presents significant growth opportunities for the market. With EVs and HEVs relying on electric motors and transformers, the demand for soft magnetic materials is expected to surge with the growing adoption of these eco-friendly vehicles. Soft magnetic materials play a crucial role in enhancing the efficiency and performance of electric motors by minimizing core losses, thereby efficiently converting electrical energy into magnetic energy. Additionally, these materials contribute to reducing the weight of electric motors, a critical factor for improving the range of EVs. The momentum is further underscored by substantial EV sales, such as the 1 million units recorded in India in 2022, as per the Government of India’s Vahan portal. As the global demand for EVs, HEVs, and electronic devices continues to rise, the future outlook for the soft magnetic materials market appears promising, offering manufacturers significant opportunities for growth and innovation.

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Impact of Geopolitical Tensions on Global Soft Magnetic Materials Market

Geopolitical tensions exert a profound impact on the global soft magnetic materials market, resonating across supply chains, production processes, and pricing structures. These materials, integral to diverse industries such as automotive, consumer electronics, and power generation, face vulnerabilities rooted in geopolitical challenges. The intricate supply chain of critical minerals, fundamental to soft magnetic materials, becomes susceptible to disruptions amid geopolitical uncertainties. Strained relations between nations can impede the smooth flow of these essential minerals, thereby disrupting the production and availability of soft magnetic materials. Additionally, geopolitical factors influence the demand side of the equation. For example, the growth trajectory of the electric vehicle market, a significant driver for soft magnetic materials, is susceptible to geopolitical competition and trade policies. The ripple effects of geopolitical risks extend to investment decisions and alter market dynamics, potentially hindering the market's overall growth trajectory. As such, the stability and resilience of the global soft magnetic materials market hinge on vigilance and proactive measures by businesses and policymakers. Monitoring and addressing geopolitical risks are imperative to navigate uncertainties, sustain supply chains, and ensure the continued growth and stability of the soft magnetic materials market. The interconnectedness of geopolitical dynamics and the market underscores the need for strategic foresight in navigating this intricate landscape.

Global Soft Magnetic Materials Market

Segmental Information

Global Soft Magnetic Materials Market - By End User Industry

Based on the end-user industry, the global soft magnetic materials market is segmented into electronics and electricals, automotive, energy and power, telecommunication, and others. The electronics and electrical segment is anticipated to cover a prominent market share driven by its integral role in pivotal technological advancements. The Technical Consumer Goods (TCG) sector in India, encompassing diverse electronic products and gadgets, experienced a significant 8% upswing in overall value in 2023, according to the Trade Promotion Council of India. This surge underscores the sector's robust growth and increasing consumer demand. Soft magnetic materials are pivotal in this expansion, finding wide-ranging applications across consumer electronics and industrial equipment. Their diverse utility substantiates their significant market standing, positioning them as crucial drivers in the overall dynamics of the global soft magnetic materials market.

Global Soft Magnetic Materials Market - By Region

Geographically, the global soft magnetic materials market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Europe is expected to be the fastest-growing region in the global soft magnetic materials market due to increasing focus on sustainable energy solutions, growing adoption of electric vehicles, and advancements in smart grid technologies. The region's commitment to reducing carbon emissions and transitioning towards cleaner energy sources has propelled the demand for soft magnetic materials in applications such as transformers, motors, and renewable energy systems. Additionally, the burgeoning automotive industry's shift towards electric mobility has spurred the use of soft magnetic materials in electric motors, further fueling the region's rapid growth in the global market. The combination of environmental initiatives and technological advancements positions Europe as a key player in driving the expansion of the soft magnetic materials market.

Competitive Landscape

The Global Soft Magnetic Materials Market is fragmented, with numerous players serving the market. The key players dominating the global soft magnetic materials market include Arnold Magnetic Technologies Daido Steel, Hitachi Metals Ltd., Mate Co., Ltd., Mk Magnetics Inc., SG Technologies, Steward Advanced Materials LLC, Sumitomo Metal Mining Co., Ltd., Toshiba Materials Co., Ltd., Vacuumschmelze GmbH & Co., JFE Steel Group, Sintered Specialities LLC, Höganäs AB, PROTERIAL, Ltd., MAGNETICS, SDM Magnetics, Hengdian Group DMEGC Magnetics Co., Ltd., Anhui Astromagnet Co., Ltd, Bomailichen Investment (China) Co Ltd., Zjzkmagnet, GAOTUNE TECHNOLOGIES CO., LTD, AMES Group, Dansk Sintermetal A/S, NEO (Neo Performance Materials), Fluxtrol Inc. Bunting Magnetics Europe Ltd., MMG Canada Limited, Eclipse Magnetics, Hangzhou Vector Magnets Co., Ltd and other prominent players. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge in the overall market.

Don’t miss the business opportunity of the Global Soft Magnetic Materials Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The report's in-depth analysis provides information about growth potential, upcoming trends, and the Global Soft Magnetic Materials Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Soft Magnetic Materials Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the market's growth drivers, challenges, and competitive dynamics.

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