Soft Magnetic Materials Market Worth US$ 113B by 2026

(Newswire.net — June 8, 2017) New York , NY —  Persistence Market Research (PMR) estimates that the global consumption of soft magnetic materials will grow at an impressive 7.6% CAGR through 2026. Global consumption of soft magnetic materials was estimated at 16.1 million tons in 2016, and it is pegged to reach 33.708 million tons by 2026.

The growth of global soft magnetic materials market is primarily driven by soaring demand for hybrid and electric vehicles. The demand for soft magnetic materials is fuelled by utilization of soft magnetic motors in these vehicles as they offer several benefits including compact design, energy savings, and noise reduction. Additionally, soft magnetic materials are gaining prevalence in power generation industries owing to their property of withstanding high temperatures. The adoption of soft magnetic materials by automotive industry is on the rise as they help manufacturers attain that ever-elusive balance between smaller dimensions and working efficiencies. These factors are estimated to propel the growth of global soft magnetic materials market during the forecast period.

By material type, nano crystalline material is projected to witness the fastest growth at 9.8% CAGR, in terms of volume. Although soft ferrite will remain the largest material-type segment, it is expected to witness a slight decline in its revenue share by 2026.

With around one-third revenue share, motors are estimated to remain the most lucrative application segment in the global soft magnetic materials market. The revenue generated from applications of soft magnetic materials in motors is expected to witness 2.1X growth by 2026. On the other hand, transformer application segment is projected to grow at the highest volume CAGR. This is mainly attributed to soaring demand for high duty flux materials.

By volume, Asia Pacific Excluding Japan (APEJ), Eastern Europe and Latin America are expected to be the largest markets for soft magnetic materials. APEJ is estimated to remain dominant in the global soft magnetic materials market and is projected to grow at 8.5% CAGR, in terms of volume, through 2026. The soft magnetic materials market in APEJ is primarily driven by the presence of iron ore mines and cheap labor force. Eastern Europe is estimated to reflect 7.9% volume CAGR during the forecast period and is expected to be the second largest region for soft magnetic materials market.

View Report Table of Contents, Figures, and Tables@ http://www.persistencemarketresearch.com/market-research/soft-magnetic-materials-market/toc

Leading manufacturers are concentrating on utilizing various types of alloys for SMC and electric steel production with an aim to improve energy efficiency. Key manufacturers of soft magnetic materials market includ Hitachi Metals, Ltd., PMG Holding GmBH, VACUUMSCHMELZE GmBH & Co. KG, Rio Tinto PLC, GKN plc, Hoganas AB, voestalpine Stahl GmBH, Toshiba Materials Co., Ltd., Hengdian Group DMEGC Magnetics Co., Ltd., and Sumitomo Metal Mining Co., Ltd.

A sample of this report is available upon request@ http://www.persistencemarketresearch.com/samples/14842