The global soft magnetic materials market size was US$ 22.51 billion in 2021. The global soft magnetic materials market size is forecast to reach US$ 45.75 billion by 2030, growing at a compound annual growth rate (CAGR) of 8.3% during the forecast period from 2022 to 2030.

The soft magnet is a material that can respond to applied magnetic fields either by demagnetizing or magnetizing. Material that can easily demagnetize and magnetize is known as a soft magnet. Typically, they have an intrinsic coercivity lower than 1000 Am-1 and are primarily used to enhance the flux produced by an electric current. Many industry verticals like electrical & electronics, automotive, energy & power, telecommunication, healthcare, and aviation use soft magnetic materials like cobalt, iron, nickel, electrical steel, soft ferrite, and amorphous nanocrystalline alloys. Due to their high permeability and prevent eddy current loss feature.

Factors Influencing Market Growth

The growing use of electric motors in different regions drives the global market.
Instability in raw material costs may slow down the overall market growth.
Growing demand for motors in medical equipment and rising power distribution are boosting global industry growth.
The expansion of nano-structured soft magnetic material is likely to generate novel applications. Thus, this factor is forecast to offer lucrative growth opportunities for the global market growth during the forecast period.
Impact Analysis of COVID-19

The COVID-19 pandemic has adversely impacted the global market growth, owing to lockdown, supply chain disruptions, and decreased demand from end-users. Nevertheless, the COVID-19 pandemic has increased the demand for medical equipment like ventilators, which use motors for regulated airflow, high torque density, proper control, and less noise. In addition, the need for ventilators was accelerating due to the rapidly growing number of COVID-19 patients worldwide, which has fueled the demand for motors and led to the global market growth.

Regional Insights

North America is forecast to have lucrative growth in the market during the forecast period. The growing demand for new aircraft and electricity presents possibilities for the soft magnetic materials market growth. In addition, the rising use of soft magnetic materials in aircraft engines fuels the market growth. The increasing electricity generation through new renewable sources ultimately leads to the advanced use of transformers and drives the industry in the region. Increasing aircraft shipments drives the market growth in the U.S.

Leading Competitors

The leading prominent companies profiled in the global soft magnetic materials market are:

Melrose Industries PLC
Daido Kogyo Co. Limited
Vacuumschmelze GmbH and Co. KG
Toshiba Materials Co., Limited
AMES, Mate Co., Limited
Hitachi Metals, Limited
GRUNDFOS A/S
Sumitomo Metal Mining Co., Limited
Steward Advanced Materials Incorporated
SG Technologies
Other Prominent Players
Scope of the Report

The global soft magnetic materials market segmentation focuses on Material, Industry Vertical, and Region.

Segmentation based on Material

Cobalt
Iron
Nickel
Electric Steel
Others
Segmentation based on Industry Vertical

Automotive
Electrical & Electronics
Telecommunication
Energy & Power
Others
Segmentation based on Region

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America