India Soft Magnetic Material Market
India Soft Magnetic Material Market, By Material Type (Electric Steel, Cobalt, Iron, Nickel, Others (Soft Magnetic Composites (SMC), Soft Ferrite, Silicon Ferrite, Permalloy, Superalloy)); By Application (Motors, Transformers, Generators, Inductors, Electromagnetic Shields, Others (Actuators, Sensors)); By End User (Automotive, Energy & Power, Consumer Electronics, Industrial Equipment, Healthcare (Medical Devices), Telecommunication, Others (Aerospace & Defense)); By Region (North India, South India, East India, West India), Trend Analysis, Competitive Landscape & Forecast, 2019–2030
- Published Date: November 2024
- Report ID: BWC24895
- Available Format: PDF
- Page: 110
Report Overview
A spurring demand for soft magnetic materials from the thriving hybrid and electric vehicles, electronics, and renewable energy is expected to drive India Soft Magnetic Material Market during the forecast period between 2024 and 2030.
India Soft Magnetic Material Market – Industry Trends & Forecast Report, 2030
India Soft Magnetic Material Market size was estimated at USD 515.2 million in 2023. During the forecast period between 2024 and 2030, India Soft Magnetic Material Market size is projected to grow at a CAGR of 5.40% reaching a value of USD 735.9 million by 2030. Prominent drivers of the market include the increasing demand for electric and hybrid vehicles, expanding renewable energy infrastructure, and advancements in technology, particularly within the Indian market, which presents both challenges and opportunities for innovation and sustainability. Soft magnetic materials, known for their high magnetization capabilities, narrow hysteresis loop, and minimal energy losses, are widely used in motor applications to enhance the magnetic field generated by motor windings. Iron-based alloys like iron-silicon and iron-cobalt are primarily used in these applications, with powder metallurgy being the main method for producing motor components. The demand for soft magnetic materials is further boosted by the growing adoption of advanced automotive components, such as gearboxes, alternators, and induction coils, along with their use in electric vehicles due to benefits like low noise, compact design, and energy efficiency. These materials are also essential in various motors, including brushless DC motors, stepper motors, and transformers, owing to their low coercivity, high electrical resistivity, and high permeability, which help reduce losses and enhance performance. Consequently, the rising demand for soft magnetic materials in India is expected to significantly fuel the growth of the market.
Soft Magnetic Material – Overview
Soft magnetic materials are materials that can be easily magnetized and demagnetized, exhibiting a high level of magnetic permeability and low coercivity. The materials have a steep magnetization curve and a narrow hysteresis loop, which means they require little energy to magnetize and demagnetize, resulting in minimal energy losses during each cycle. Due to these properties, soft magnetic materials are widely used in applications where efficient magnetic field generation and energy conservation are critical, such as in electric motors, transformers, inductors, and various other electrical devices. Common examples include iron-based alloys like iron-silicon, iron-cobalt, and soft ferrites.
India Soft Magnetic Material Market
Growth Drivers
Increasing Demand from Thriving Automotive Industry
The development of a Fe-P soft magnetic alloy by the International Advanced Research Centre for Powder Metallurgy & New Materials (ARCI) is set to boost the growth of the India Soft Magnetic Material Market, particularly in the automotive sector. This breakthrough offers an energy-efficient and cost-effective alternative to the expensive non-oriented silicon steel commonly used in electric vehicle (EV) motors and other electro-mechanical devices. The Fe-P alloy, developed through a novel metallurgical process, exhibits higher magnetization and lower coercivity compared to conventional alloys, making it a viable substitute for silicon steel. By addressing the brittleness of phosphorous-containing alloys and improving magnetic properties, the new alloy could reduce India’s reliance on imported materials, strengthening the domestic supply chain and saving foreign exchange. With the growing focus on electric vehicles in India, this innovation is expected to be crucial for the automotive industry, as it enhances motor performance while reducing costs. ARCI is collaborating with an automotive manufacturer to evaluate the Fe-P alloy’s effectiveness in a Claw pole alternator, with promising laboratory results and ongoing field trials. This development aligns with the increasing demand for advanced materials in the Indian automotive sector, contributing to the overall growth of the Soft Magnetic Material Market.
Challenges
High Cost of Raw Materials
The high cost of raw materials is a significant restraint on the growth of the India Soft Magnetic Material Market. Volatility in the prices of key raw materials used in the production of soft magnetic materials has led to disruptions in the supply chain, creating challenges for manufacturers. This price instability increases the overall cost of production, making it difficult for companies to maintain profitability and pass on competitive pricing to customers. Furthermore, the rising cost of essential materials limits the ability of manufacturers to scale production and innovate, hindering market expansion. As a result, the high cost of raw materials is a critical factor restraining the growth of the soft magnetic material market in India.
Impact of Escalating Geopolitical Tensions on India Soft Magnetic Material Market
Escalating geopolitical tensions among countries across regions could have a significant impact on the growth of India Soft Magnetic Material Market. Increased trade barriers, import restrictions, and supply chain disruptions are likely outcomes of such tensions, which could lead to higher costs for raw materials essential for manufacturing soft magnetic materials. Additionally, geopolitical instability may affect foreign investments and collaborations, hindering technological advancements and innovation in the market. The uncertainty in international relations could also limit the availability of critical components and disrupt global manufacturing networks, potentially slowing down production and increasing operational costs in India. These factors could pose challenges to the market's growth and development in the coming years.
India Soft Magnetic Material Market
Segmental Coverage
India Soft Magnetic Material Market – By Material Type
By material type, India Soft Magnetic Material Market is divided into Electric Steel, Cobalt, Iron, Nickel, and other (including Soft Magnetic Composites (SMC), Soft Ferrite, Silicon Ferrite, Permalloy, and Superalloy) segments. The electric steel segment holds the highest share in India Soft Magnetic Material Market by material type. Electric steel is known for its excellent electrical insulation, high permeability, low coercivity, and high electrical resistivity, which help minimize magnetic losses. These properties make it ideal for use in applications such as electrical power transformers, motors, generators, and inductors. Additionally, electric steel’s small hysteresis area reduces eddy current losses, enhancing the efficiency of these devices. Due to its favorable characteristics, the demand for electric steel in various applications is growing rapidly, contributing significantly to the overall market expansion.
India Soft Magnetic Material Market – By Application
Based on application, India Soft Magnetic Material Market is divided into Motors, transformers, Generators, Inductors, Electromagnetic Shields, and other (including Actuators and Sensors) segments. The motors segment holds the highest share in India Soft Magnetic Material Market by application. It is driven by their widespread use across industries such as automotive, industrial machinery, and consumer electronics. Soft magnetic materials play a crucial role in motor applications by enhancing magnetic flux, reducing energy losses, and improving efficiency. The growing shift towards electric and hybrid vehicles has further boosted the demand for electric motors, which rely on soft magnetic materials for optimal performance. Additionally, industrial sectors like robotics, automation, and HVAC systems require high-performance motors, making soft magnetic materials essential for maintaining efficiency and reliability in these applications.
India Soft Magnetic Material Market – By End User
On the basis of end user, India Soft Magnetic Material Market is divided into Automotive, Energy & Power, Consumer Electronics, Industrial Equipment, Healthcare (Medical Devices), Telecommunication, and other (including Aerospace & Defense) segments. The consumer electronics segment is expected to hold the highest share in India Soft Magnetic Material Market by end user during the forecast period. Soft magnetic materials are essential in the consumer electronics sector, where they are widely used in devices such as smartphones, tablets, laptops, and wearables. These materials enhance the performance of transformers, inductors, and sensors, which are integral to the functionality of modern electronic products. Their role in improving efficiency, miniaturization, and overall device performance is crucial. With the growing demand for advanced consumer electronics and smart devices, the reliance on high-quality soft magnetic materials in this sector is set to continue driving market growth.
India Soft Magnetic Material Market – By Region
The in-depth research report on India Soft Magnetic Material Market covers the market in the country’s major regions: North India, South India, East India, and West India regions.
Competitive Landscape
Major players operating in India Soft Magnetic Material Market include Proterial (India) Private Limited, Delta Manufacturing Ltd., Ashvini Magnets Pvt Ltd, Kumar Magnet Industries, Parmanu Dhatu Nigam, Permanent Magnets Ltd (PML), Nomax Electrical Steel Pvt. Ltd., Cosmo Ferrites Limited, and CIE Automotive India. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
Scope of the Report
Attributes |
Details |
Years Considered |
Historical Data – 2019–2030 |
Base Year – 2023 |
|
Estimated Year – 2024 |
|
Forecast Period – 2024–2030 |
|
Facts Covered |
USD Million |
Market Coverage |
India |
Product/ Service Segmentation |
Material Type, Application, End User, Region |
Key Players |
Proterial (India) Private Limited, Delta Manufacturing Ltd, Ashvini Magnets Pvt Ltd, Kumar Magnet Industries, Parmanu Dhatu Nigam, Permanent Magnets Ltd (PML), Nomax Electrical Steel Pvt Ltd, Cosmo Ferrites Limited, CIE Automotive India |
By Material Type
-
Electric Steel
-
Cobalt
-
Iron
-
Nickel
-
Others (Soft Magnetic Composites (SMC), Soft Ferrite, Silicon Ferrite, Permalloy, Superalloy)
By Application
-
Motors
-
Transformers
-
Generators
-
Inductors
-
Electromagnetic Shields
-
Others (Actuators, Sensors)
By End User
-
Automotive
-
Energy & Power
-
Consumer Electronics
-
Industrial Equipment
-
Healthcare (Medical Devices)
-
Telecommunication
-
Others (Aerospace & Defense)
By Region
-
North India
-
South India
-
East India
-
West India
- Research Framework
- Research Objective
- Product Overview
- Market Segmentation
- Executive Summary
- India Soft Magnetic Material Market Insights
- Industry Value Chain Analysis
- DROC Analysis
- Growth Drivers
- Growing automotive industry
- Rapid growth of the electronics industry
- Increasing adoption of renewable energy sources
- Restraints
- High cost of raw materials
- Developing advanced soft magnetic materials with superior performance and cost-effectiveness
- Opportunities
- Infrastructure development
- Investing in research and development to develop innovative soft magnetic materials
- Challenges
- Competition from imported materials
- Lack of skilled workforce
- Growth Drivers
- Technological Advancements/Recent Developments
- Regulatory Framework
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of New Entrants
- Threat of Substitutes
- Intensity of Rivalry
- India Soft Magnetic Material Market: Marketing Strategies
- India Soft Magnetic Material Market Overview
- Market Size & Forecast, 2019–2030
- By Value (USD Million)
- Market Share & Forecast
- By Material Type
- Electric Steel
- Cobalt
- Iron
- Nickel
- Others (Soft Magnetic Composites (SMC), Soft Ferrite, Silicon Ferrite, Permalloy, Superalloy)
- By Application
- Motors
- Transformers
- Generators
- Inductors
- Electromagnetic Shields
- Others (Actuators, Sensors)
- By End User
- Automotive
- Energy & Power
- Consumer Electronics
- Industrial Equipment
- Healthcare (Medical Devices)
- Telecommunications
- Others (Aerospace & Defense)
- By Region
- North India
- South India
- East India
- West India
- By Material Type
- Market Size & Forecast, 2019–2030
- North India Soft Magnetic Material Market
- Market Size & Forecast, 2019–2030
- By Value (USD Million)
- Market Share & Forecast
- By Material Type
- By Application
- By End User
- Market Size & Forecast, 2019–2030
- South India Soft Magnetic Material Market
- Market Size & Forecast, 2019–2030
- By Value (USD Million)
- Market Share & Forecast
- By Material Type
- By Application
- By End User
- Market Size & Forecast, 2019–2030
- East India Soft Magnetic Material Market
- Market Size & Forecast, 2019–2030
- By Value (USD Million)
- Market Share & Forecast
- By Material Type
- By Application
- By End User
- Market Size & Forecast, 2019–2030
- West India Soft Magnetic Material Market
- Market Size & Forecast, 2019–2030
- By Value (USD Million)
- Market Share & Forecast
- By Material Type
- By Application
- By End User
- Market Size & Forecast, 2019–2030
- Competitive Landscape
- List of Key Players and Their Offerings
- India Soft Magnetic Material Company Market Share Analysis, 2023
- Competitive Benchmarking, By Operation Channel Parameters
- Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
- Impact of Escalating Geopolitical Tensions on India Soft Magnetic Material Market
- Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
- Proterial (India) Private Limited
- Delta Manufacturing Ltd
- Ashvini Magnets Pvt Ltd
- Kumar Magnet Industries
- Parmanu Dhatu Nigam
- Permanent Magnets Ltd (PML)
- Nomax Electrical Steel Pvt Ltd
- Cosmo Ferrites Limited
- CIE Automotive India
- Other Prominent Players
- Key Strategic Recommendations
- Research Methodology
- Qualitative Research
- Primary & Secondary Research
- Quantitative Research
- Market Breakdown & Data Triangulation
- Secondary Research
- Primary Research
- Breakdown of Primary Research Respondents, By Region
- Assumption & Limitation
- Qualitative Research
*Financial information of non-listed companies will be provided as per availability
**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable
List of Figures
Figure 1 India Soft Magnetic Material Market Segmentation
Figure 2 India Soft Magnetic Material Market Value Chain Analysis
Figure 3 Company Market Share Analysis, 2023
Figure 4 India Soft Magnetic Material Market Size, By Value (USD Million), 2019–2030
Figure 5 India Soft Magnetic Material Market Share, By Material Type, By Value (USD Million) 2019–2030
Figure 6 India Soft Magnetic Material Market Share, By Application, By Value (USD Million) 2019–2030
Figure 7 India Soft Magnetic Material Market Share, By End User, By Value (USD Million) 2019–2030
Figure 8 India Soft Magnetic Material Market Share, By Region, By Value (USD Million) 2019–2030
Figure 9 North India Soft Magnetic Material Market Size, By Value (USD Million), 2019–2030
Figure 10 North India Soft Magnetic Material Market Share, By Material Type, By Value (USD Million) 2019–2030
Figure 11 North India Soft Magnetic Material Market Share, By Application, By Value (USD Million) 2019–2030
Figure 12 North India Soft Magnetic Material Market Share, By End User, By Value (USD Million) 2019–2030
Figure 13 South India Soft Magnetic Material Market Size, By Value (USD Million), 2019–2030
Figure 14 South India Soft Magnetic Material Market Share, By Material Type, By Value (USD Million) 2019–2030
Figure 15 South India Soft Magnetic Material Market Share, By Application, By Value (USD Million) 2019–2030
Figure 16 South India Soft Magnetic Material Market Share, By End User, By Value (USD Million) 2019–2030
Figure 17 East India Soft Magnetic Material Market Size, By Value (USD Million), 2019–2030
Figure 18 East India Soft Magnetic Material Market Share, By Material Type, By Value (USD Million) 2019–2030
Figure 19 East India Soft Magnetic Material Market Share, By Application, By Value (USD Million) 2019–2030
Figure 20 East India Soft Magnetic Material Market Share, By End User, By Value (USD Million) 2019–2030
Figure 21 West India Soft Magnetic Material Market Size, By Value (USD Million), 2019–2030
Figure 22 West India Soft Magnetic Material Market Share, By Material Type, By Value (USD Million) 2019–2030
Figure 23 West India Soft Magnetic Material Market Share, By Application, By Value (USD Million) 2019–2030
Figure 24 West India Soft Magnetic Material Market Share, By End User, By Value (USD Million) 2019–2030
List of Tables
Table 1 India Soft Magnetic Material Market Size, By Value (USD Million), 2019–2030
Table 2 India Soft Magnetic Material Market Share, By Material Type, By Value (USD Million) 2019–2030
Table 3 India Soft Magnetic Material Market Share, By Application, By Value (USD Million) 2019–2030
Table 4 India Soft Magnetic Material Market Share, By End User, By Value (USD Million) 2019–2030
Table 5 India Soft Magnetic Material Market Share, By Region, By Value (USD Million) 2019–2030
Table 6 North India Soft Magnetic Material Market Size, By Value (USD Million), 2019–2030
Table 7 North India Soft Magnetic Material Market Share, By Material Type, By Value (USD Million) 2019–2030
Table 8 North India Soft Magnetic Material Market Share, By Application, By Value (USD Million) 2019–2030
Table 9 North India Soft Magnetic Material Market Share, By End User, By Value (USD Million) 2019–2030
Table 10 South India Soft Magnetic Material Market Size, By Value (USD Million), 2019–2030
Table 11 South India Soft Magnetic Material Market Share, By Material Type, By Value (USD Million) 2019–2030
Table 12 South India Soft Magnetic Material Market Share, By Application, By Value (USD Million) 2019–2030
Table 13 South India Soft Magnetic Material Market Share, By End User, By Value (USD Million) 2019–2030
Table 14 East India Soft Magnetic Material Market Size, By Value (USD Million), 2019–2030
Table 15 East India Soft Magnetic Material Market Share, By Material Type, By Value (USD Million) 2019–2030
Table 16 East India Soft Magnetic Material Market Share, By Application, By Value (USD Million) 2019–2030
Table 17 East India Soft Magnetic Material Market Share, By End User, By Value (USD Million) 2019–2030
Table 18 West India Soft Magnetic Material Market Size, By Value (USD Million), 2019–2030
Table 19 West India Soft Magnetic Material Market Share, By Material Type, By Value (USD Million) 2019–2030
Table 20 West India Soft Magnetic Material Market Share, By Application, By Value (USD Million) 2019–2030
Table 21 West India Soft Magnetic Material Market Share, By End User, By Value (USD Million) 2019–2030
Table 22 Proterial (India) Private Limited Company Overview
Table 23 Proterial (India) Private Limited Financial Overview
Table 24 Delta Manufacturing Ltd Company Overview
Table 25 Delta Manufacturing Ltd Financial Overview
Table 26 Ashvini Magnets Pvt Ltd Company Overview
Table 27 Ashvini Magnets Pvt Ltd Financial Overview
Table 28 Kumar Magnet Industries Company Overview
Table 29 Kumar Magnet Industries Financial Overview
Table 30 Parmanu Dhatu Nigam Company Overview
Table 31 Parmanu Dhatu Nigam Financial Overview
Table 32 Permanent Magnets Ltd (PML) Company Overview
Table 33 Permanent Magnets Ltd (PML) Financial Overview
Table 34 Nomax Electrical Steel Pvt Ltd Company Overview
Table 35 Nomax Electrical Steel Pvt Ltd Financial Overview
Table 36 Cosmo Ferrites Limited Company Overview
Table 37 Cosmo Ferrites Limited Financial Overview
Table 38 CIE Automotive India Company Overview
Table 39 CIE Automotive India Financial Overview
Market Segmentation
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