Global Soft Magnetic Composites Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Soft Magnetic Composites Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Soft magnetic composites (SMCs), which are used in electromagnetic applications, can be described as ferromagnetic powder particles surrounded by an electrical insulating film.

All transformation from generator to electric socket and finally computer screen or hair dryer is achieved by a simple device consisting of copper winding around a core of a soft-magnetic material, usually iron or an electric steel, and losses comes from the resistance in the copper and from the magnetization of the core material. Iron based soft magnetic composites are often termed ferromagnetic composite iron (abbreviated as FCI) or soft magnetic composites (abbreviated as SMC), increasingly used for soft magnetic applications. Efforts to improve the performance of electrical devices and to create the new high-quality applications lead to the optimization of their design and application of existing magnetic materials such as soft magnetic composites (SMC). These materials are manufactured from iron and iron-based powder particles pressed together with a dielectric binder using the powder metallurgy compaction process. In low frequency applications (up to 50 kHz), high purity coarse iron powder is used with a thermoset resin powder to compete with low carbon steel laminate constructions. These applications will include small motors, reluctance motors and brushless dc motors; which also requires hard magnetic components for an efficient design.

Market Overview:

The latest research study on the global Soft Magnetic Composites market finds that the global Soft Magnetic Composites market reached a value of USD 656.13 million in 2022. It’s expected that the market will achieve USD 892.3 million by 2028, exhibiting a CAGR of 5.26% during the forecast period.

Advantages of soft magnetic composite materials

Advantages of soft magnetic composite materials
The magnetic metal particles are dispersed in the non-conductor object, which can reduce the high-frequency eddy current loss and increase the application frequency; it can be processed into a powder core by hot pressing, or can be injection molded into a complex shape magnet by using the current plastic engineering technology; It has the advantages of low density, light weight, high production efficiency, low cost, good product repeatability and consistency. These excellent properties are better for promoting the use of materials.

Cost saving

In view of the rise of electrification in the automotive industry, the demand for compact, energy-saving electromagnetic components is greater than ever. Providing a space-saving design for a variety of motor applications and achieving low-cost manufacturing in high-volume production are critical requirements.

Resource limitation of Iron

Iron is a non-renewable resource. It is a widely occurring mineral commonly found in large deposits. It is worth noting that most of them are produced in China, America, Australia and other places. Iron ore prices have been the biggest monthly decline in nearly eight years due to China's huge steel engine cooling and rising global commodity shipments. In recent years, iron ore prices have been fluctuating.

Region Overview:

From 2023-2028, North America is estimated to witness robust growth prospects.

Company Overview:

Höganäs AB is one of the major players operating in the Soft Magnetic Composites market, holding a share of 11.92% in 2023.

Höganäs AB

Hoganas AB develops, manufactures and markets iron and non-ferrous metal powders and alloys, as well as highly-refined powders and customer-specific mixes. The Company sells its products to the automotive industry and to companies active in the welding, chemical and metallurgical industries. Hoganas produces in Sweden, Belgium, India, Japan and China and sells its products worldwide.

PMG

PMG is a global group of companies that utilizes the vast resources available from all its facilities. To guarantee a high quality of their products and processes, each company has implemented a quality management system according to ISO 9001 or IATF 16949.

Segmentation Overview:

By type, Soft Ferrites Material segment accounted for the largest share of market in 2022.

Metallic Alloys Soft Magnetic Material

Metallic Alloys Soft Magnetic Material is a soft magnetic material with various nickel-iron and nickel-cobalt soft magnetic alloys and pure iron for high performance parts requiring high initial and maximum magnetic permeability and easy to manufacture.

Soft Ferrites Material

Soft Ferrites Material are soft magnetic materials with the properties of ceramic insulators. These materials are ferrimagnetic, have a cubic crystal structure and a general composition MO.Fe 2 O 3 , where M is a transition metal such as nickel, manganese or zinc.

Application Overview:

By application, the Automotive segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Soft Magnetic Composites market covered in Chapter 3:

Sintex
SG Technologies
Shenzhen City Ri Shengchang Magnet Technology Co. Ltd
PMG
Burgess-Norton
Fluxtrol，Inc
Höganäs AB
GKN Sinter Metals
Mitubishi Metal Trading Corporation
Hengdian Group DMEGC Magnetics Co., Ltd

In Chapter 4 and Chapter 14.2, on the basis of types, the Soft Magnetic Composites market from 2018 to 2029 is primarily split into:

Metallic Alloys Soft Magnetic Material
Soft Ferrites Material
Other

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Soft Magnetic Composites market from 2018 to 2029 covers:

Consumer Electronics
Household Appliances
Communication
Automotive
Other

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)