Research Nester has released a report titled “Soft Magnetic Composites (SMCs) Market – Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the soft magnetic composites (SMCs) market in terms of market segmentation by material, by application, by end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global SMCs market is segmented by application into motors, compressors, transformers, generators and others, out of which, motors segment is anticipated to hold the largest market share of around 50.24% in the year 2027. The application of SMCs in electric motors results in higher power densities. This acts as a measure of improving conversion efficiency of the motor from electrical energy into mechanical energy. Moreover, the most common issue being faced in motors is the loss of power and amorphous alloy and SI-Fe steel is used to help achieve reduction in power loss. Such factors are anticipated to drive the growth of the segment in the global SMCs market.
The global soft magnetic composites (SMCs) market was valued at USD 21,375.1 million in the year 2018 and is anticipated to record a CAGR of 8.2% during the forecast period, i.e. 2020-2027. The market is further expected to reach a market size of USD 42,356.6 million by 2027. Factors such as development of materials in the field of magnetic materials along with transformations in the automotive and energy & power sector are expected to promote significantly towards the growth of the global SMCs market.
Regionally, the global SMCs market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, Asia Pacific is expected to hold the largest market share of around 43.26% in the year 2027 on account of nations such as China, India, Japan, Australia and Southeast Asian countries where there are large number of end-use industries that utilizes SMCs at a massive scale.
Rising Consumption in End-Use Industries
Increasing application of SMCs across end use industries is one of the major factors anticipated to fuel the growth of the global SMCs market over the forecast period. SMCs have superior chemical properties owing to which, it finds massive utilization across end use industries, primarily, automotive and electronics industry. SMCs are widely applied to traction motors, pumps, AC/DC converters and others as it reduces power loss and increases efficiency. Additionally, growing production of electric and hybrid vehicles, where SMCs is widely used, is also anticipated to contribute towards the growth of the global SMCs market during the forecast period.
However, concerns regarding fluctuating price of raw materials used in the manufacturing of SMCs is expected to affect negatively towards the growth of the global SMCs market.
This report also provides the existing competitive scenario of some of the key players of the global SMCs market, which includes company profiling of Hitachi Metals, Ltd. (TYO: 5486), Hoganas AB, VACUUMSCHMELZE GmbH & Co. KG, PMG Holding GmbH, Horizon Technology Inc., Fluxtrol Inc., Sintex a/s, Shenzhen City Ri Shengchang Magnet Technology Co., Ltd., AMES, and MMG Canada Limited. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global SMCs market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.