The global soft magnetic powder market is expected to grow at a significant CAGR during the forecast period (2024-2031). The major factor that fuels the growth of the market includes the energy paradigm shift to implement the usage of renewable energy sources and government regulations, which are encouraging to use of energy-efficient systems. The rise in sustainability concerns and awareness toward the reduction of greenhouse gas emissions leads to extensive R&D in the field of soft magnet powder, which is another factor that drives the market growth.
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In addition, an increase in the application of soft magnet powder in various end-use industries further boosts market growth. In the automotive industry, soft magnetic powder is used to manufacture induction coils and fuel injectors in diesel engines. In the electrical industry, it finds applications in the production of stators of claw pole motors, brushless DC motors, brushed DC motors, stepper motors, switch reluctance motors, transformers, and alternators.
Soft magnet powders are materials that are easily magnetized and demagnetized. This powder plays an important role in many of the electrical and electronic systems and is used in electric motors, receipt of radio signals & microwaves, relays, solenoids, magnetic shielding, electrical power generation & transmission, and electromagnets. According to the new energy standards, which comprises greater dependence on renewable energy sources and energy-efficient motors & machines, has fast-tracked research in the development of soft magnet powder for energy-related technologies. New materials with higher energy competence include soft ferrite, electrical steel, amorphous steel, cold-rolled lamination steel, cobalt, silicon steels, low carbon steel alloy, aluminium, phosphorus, chromium, and sintered iron powder.
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Market Coverage
- Segment Covered
- Regions Covered- Globally
Competitive Landscape: SG Technologies Ltd., Vacuumschmelze GmbH & Co., Ltd., Steward Advanced Materials, Mate Co., Ltd., and Hitachi Metals Ltd., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Soft Magnetic Powder Market by Segment
By Material
- Soft Ferrite
- Electrical Steel
- Amorphous Steel
- Cold-Rolled Lamination Steel
- Cobalt
- Silicon Steels
- Low Carbon Steel Alloy
- Aluminium
- Phosphorus
- Chromium
- Sintered Iron Powder
By Application
- Alternators
- Motors Transformers
- Electromagnets
- Solenoids
- Relays
- Choke Coils
- Loudspeakers
- Earphones
- Others
By End-Use Industry
- Electrical & Electronics
- Telecommunications
- Automotive
- Others
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