The soft magnetic composites market is anticipated to grow at 6.4% CAGR through 2030. The SMCs market is in its developing stage in a PLC curve, due to numerous innovations by prominent stakeholders and quickly changing market dynamics.

"Regional presence and price normalization plays an imperative role in outrivalling in the global market for soft magnetic composites," says the Fact.MR report.

Soft Magnetic Composites (SMCs) Market - Key Takeaways

Silicon ferrite will remain the top-selling variant
Motors will remain the leading application segment
Asia Pacific excluding Japan (APEJ) will remain the most lucrative market
Japan will continue to be a promising market for soft magnetic composites
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Soft Magnetic Composites (SMCs) Market - Driving Factors

Extensive use in manufacturing cost-efficient, high performance and compact electromagnetic to produce automotive components supporting the market growth.
Long-term buoyancy in automotive sector, despite COVID-19 blip
Growing demand for solar panels to positively impact SMCs market growth
Soft Magnetic Composites (SMCs) Market - Constraints

Unpredictability in machine costs is likely to inhibit the growth of the soft magnetic composite market
The absence of a highly skilled workforce remains a key challenge in the global market
Anticipated Market Impact by COVID-19 Outbreak

The COVID-19 pandemic has prompted disrupted supply chains and reduced industrial activities. Lockdowns across the majority of the nations have adversely impacted the manufacturing of soft magnetic composites. With a gradual lift in lockdowns, the SMC market will at least take a couple of quarters to restore back to pre-crisis landscape.

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Competition Landscape

The soft magnetic composites market is moderately consolidated. Toshiba Corp (Toshiba Materials Co., Ltd.), Voestalpine Stahl GmbH, and Hitachi Metals Ltd are amid the tier 1 companies. Together, they are projected to capture over 40% of the worldwide SMCs market share in 2020. Producers are focusing on channeling products to promising applications and research & development to improve their market share. Moreover, they have also demonstrated organic strategies such as entering niche and developing products, impenetrable markets such as aerospace and defense components.

More on the Report

The Fact.MR's market research report provides in-depth insights into the Soft Magnetic Composites (SMCs) market. The market is scrutinized based on product (pure iron/ iron powder, silicon ferrite, supermalloys, and permalloy) and application (transformers, motors, inductors, and generators), across five major regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA)).

Media Release: https://www.factmr.com/media-release/1641/soft-magnetic-composites-market-trends