Amorphous Soft Magnetic Materials Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Amorphous Soft Magnetic Materials Market
The amorphous soft magnetic materials market size was valued at USD 522.4 million in 2019, and the market is now projected to grow USD 728.5 million in 2027 exhibiting a CAGR of 4.7% during the forecast period of 2024-2032.
The pandemic has increased the need for healthcare and diagnostic products such as CT scanners, MRI machines as well as ventilators. Companies that produce this equipment, such as GE Healthcare, put into overdrive, with GE using Ford’s automotive model to rapidly churn out ventilators. This scenario has led to an upsurge for soft magnetic materials in products such as electrical motors, magnetic switches and sensors that are used in areas such as medical use.
Fe-Ni-Co-B, C, Si, and their derivatives are categorized as amorphous metallic alloys that present various magnetic characteristics such as low core losses, high permeability, light, and compact sizes. Such alloys allow efficient utilization of energy at a comparatively lower cost for the industrial users. This has boosted their popularity due to its’ fine corrosion and mechanical strength coupled with maximum versatility particularly in electrical and electronic markets.
Both amorphous and nanocrystalline alloys are employed on account of their unique mechanical and magnetic characteristics; nevertheless, they have constraints such as low ductility and poor thermal stability. These synthesis approaches are being studied to obtain amorphous-nanocrystalline alloys with superior and optimized magnetic properties, thermal stability, and ductility.
Comprehensive Analysis of Amorphous Soft Magnetic Materials Market
The amorphous soft magnetic materials market growth is rising at an exponential rate due to its market segmentation. This market expansion rightly provides a thorough market breakdown near to the industry considering the leading supply and demand forces. These segmentations are methodically segregated by application. By application include electronic article surveillance, flexible antenna, magnetic sensors, magnetic shielding, transformers, and others.
The Asia Pacific region lead the amorphous soft magnetic materials market share by benefitting a market size of USD 286.1 million in 2019 due to the increasing adoption of electric vehicles.
The top players in the markets have a central responsibility in the chemicals & advanced materials industry to be sure of industrial prospectus development and to establish the market norms. These players include, Hitachi Metals Ltd, VACUUMSCHMELZE GmbH Co KG, CHINA AMORPHOUS TECHNOLOGY CO Ltd, BOMATECH, Toshiba Materials Co Ltd, AMES SA, Advanced Technology & Materials Co Ltd, MK Magnetics Inc. these market players provide a level-playing competitive landscape.
In January 2018, Hitachi Metals introduced MaDC-A, a Magnetic Domain Control Type Fe-base Amorphous Metal with significantly reduced core loss.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2016-2027
Base Year 2019
Forecast Period 2020-2027
Historical Period 2016-2018
Unit Value (USD Million)
Segmentation Application and Geography
By Application
Electronic Article Surveillance
Flexible Antenna
Magnetic Sensors
Magnetic Shielding
Transformers
Others
By Geography
North America
By Application
By Country
U.S.
Canada
Europe
By Application
By Country
Germany
UK
France
Italy
Rest of Europe
Asia Pacific
By Application
By Country
China
India
Japan
South Korea
Rest of Asia Pacific
Latin America
By Application
By Country
Brazil
Mexico
Rest of Latin America
Middle East & Africa
By Application
By Sub-Region
Middle East
Africa
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