Global Soft Magnetic Composite Market: Overview
Soft magnetic composites are ferromagnetic powder particles ideally coated with a uniform layer of electrical insulating film. These materials vary depending upon their final application. Once insulated, the powder is pre-mixed with compaction lubrication to smoothen the path for compaction and ejection from the die. The lube is removed during heat treatment afterwards. Soft magnetic composites offer possibilities that simply didn’t exist before. Soft magnetic composites in any automotive and other technology can run faster, consume less energy, compact & denser, and experience lower core.
A report by Transparency Market Research on the global soft magnetic composites market discusses the prospects and growth pace of the market in detail. This report also features unique and salient factors that may make a huge impact on the development of the global soft magnetic composites market during the coming years.
Global Soft Magnetic Composite Market: Drivers & Restraints
Global soft magnetic composite market is anticipated to flourish at a significant CAGR over the forecast period. Moreover, growth of SMCs market is increasing as the demand for energy & automobiles is increasing across the globe. Further rising number of nuclear power plants and and electrical appliances is paving growth of the soft magnetic composite market. In addition, growth in automotive and energy sector is believed to open a gateway of opportunities for the companies entering into the market. Soft magnetic composite also reduces production cost. It is widely used in automotive, energy production, locomotive and many more sectors. Factor such as increase in demand for, electricity generator, transformer, automotive parts and others worldwide is expected to grow the global soft magnetic composite market over the forecast period.
These factors are expected to positively impact the growth of soft magnetic composite market during the forecast period. As population is increasing worldwide the demand for electricity and automobile is also rising which is predicted to trigger the growth of soft magnetic composite market across the globe. In contrast, volatility in machine prices is anticipated to dampen growth of the soft magnetic composite market.
Global Soft Magnetic Composite Market: Geographical Outlook
The global soft magnetic composite market is witnessing a steady growth in different regions around the world. Geographically, Asia pacific is projected to dominate the global soft magnetic composite market during the forecast period. This is mainly due to a strong acceptance and popularity existing in these regions, coupled with a high demand for ferromagnetic material. North America is also anticipated to take over the global soft magnetic composite market. The market is mainly expanding on the back of the growth and expansion of automobile industries in the region.
Global Soft Magnetic Composite Market: Competitive Landscape
Companies such as Steward Advanced Materials Inc, GKN Sinter Metals, Dexter Magnetics, MMG Canada Limited, and Magnetics among others, enjoy a strong hold in the global soft magnetic composite market. The market is currently witnessing fierce competition among several leading players. The upcoming report aims to unveil their market shares, products, and geographical outreach, offers a detailed analysis of the various companies operating in the global soft magnetic composite market.