Soft Ferrite Market size is estimated to reach USD 4.2 Billion by the end of 2035,growing at a CAGR of 6% during the forecast period, i.e., 2023-2035. In the year 2022, industry size of soft ferrite was over USD 2 Billion. The growth of the market can be attributed to the widespread adoption of soft ferrite across multiple fields the primary factors impacting the development of the soft ferrite market throughout the forecast period. Transmission transformers, portable transformers, distribution transformers, 1 HP-100 HP motors, 101 HP-200 HP motors, 201 HP-500 HP motors, 501 HP-1000 HP motors, Inductors, and generators are some of the primary sectors where the soft ferrite industry is frequently employed.
Soft ferrite is a ceramic substance with moderate coercive strength. This characteristic aids in the modification of their magnetization, allowing them to function as magnetic field conductors. This attribute allows soft ferrite to spread smoothly for usage in a variety of applications throughout the electronics industry. Also, With the growing demand from the chemical sector, the market is expected to grow in the future. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, the Chemical industry in the U.S. accounted for 16.43% of manufacturing value-added in 2018.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~6% |
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Base Year Market Size (2022) |
~ USD 2 Billion |
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Forecast Year Market Size (2035) |
~ USD 4.2 Billion |
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Regional Scope |
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End-user (Aerospace & Defense, Automotive, Consumer Electronics, Power, Telecommunications)
The soft ferrite market is segmented and analyzed for demand and supply by end users into transformers, motors, alternators, and others. Out of these, the transformers segment is estimated to gain the largest market share of about ~48% in the year 2035. The growing demand for energy-efficient power distribution systems, as well as severe regulatory requirements to reduce power waste, are boosting the segment's growth prospects. The growing demand for energy-efficient power distribution networks, as well as severe federal regulations to reduce power waste, are boosting the market's growth opportunities. Increased innovation for the building of a centralized power distribution network, continuing use of sophisticated monitoring solutions, and the advancement of power distribution infrastructure are expected to open up new potential opportunities for the transformers segment. Baoding Tianwei Baobian Electric Co. Ltd revealed the manufacturing of its 110KV natural ester oil transformer in September 2022.
Product (Mn-Zn Ferrite, Ni-Zn Ferrite)
The global soft ferrite market is also segmented and analyzed for demand and supply by product into Mn-Zn ferrite, and Ni-Zn ferrite. Amongst these three segments, the Mn-Zn ferrite segment is expected to garner a significant share of around ~65% in the year 2035. Manganese-zinc ferrite (Mn-Zn Ferrite) is widely used in the electrical sector owing to its low cost and, more importantly, its favorable externalities, and numerous industries manufacture motors and transformers. These ferrites are also employed in magnetic liquids, sensors, and biosensors. Furthermore, it has superior saturation levels and conductivity than nickel zinc ferrite from a technical standpoint. Throughout the mid-term projection time frame, there is expected to be a surge in consumer demand for Mn-Zn Ferrite.
Our in-depth analysis of the global market includes the following segments:
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By Product |
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By Application |
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By End User |
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North American Market Forecast
The market in North America is estimated to witness noteworthy growth over the forecast period on the back of the rising production of electrical components in the region. Apart from this, the growing use of electric motors for a variety of industrial applications such as refrigeration, pumping, compressed air, and material processing, is also expected to expand the market in the region in the coming years. As a result of an increase in electrical machinery production in the region. Key market companies in the region's electrical industry, including General Electric, demonstrate an increase in soft ferrite usage. One of the main influences fueling the expansion of the market in North America is the increasing demand for electric automobiles. In the motors and generators of electric cars, ferrite magnets are used. The region's primary markets are the United States and Canada.
APAC Market Statistics
Moreover, the market in the Asia Pacific is projected to occupy the largest share during the forecast period, which can be credited to the increasing demand for electricity, rapid population growth, and growing industrialization in the region. For instance, the electricity consumption in China was more than 7500 terawatt hours in 2020, up from about 7225 terawatt hours in 2019. The total electricity consumption in this nation has only observed a hike since 2010. Over the historical era, Japan has shown potential for expansion in the soft ferrite industry. This is a consequence of increased soft ferrite usage in electrical components such as transformers, smart transformers and motors. Furthermore, an increase in power industry projects may increase the requirement for soft ferrite in the country. According to the National Investment Promotion and Facilitation Agency, India's contribution to global electronics production has increased from 1.3% in 2012 to 3.0% in 2018, with a target of $400 billion by 2025. Therefore, the rise in the electronics sector is also estimated to contribute to the regional market.
Europe Market Forecast
Moreover, the market in Europe is anticipated to acquire a significant share during the forecast period. Higher permeation and saturation degrees of Mn-Zn ferrite are expected to boost consumption from motor manufacturers, increasing sales in Europe. As a result of its energy-saving properties, soft ferrite is increasingly being used in high-frequency transformers, which is expected to fuel the expansion of this market in Europe. Furthermore, Germany is known around the world for its pioneering microelectronics manufacturing and research facilities. Germany's electronics industry is also Europe's biggest manufacturing and distribution market. As a result, growth in the electronics sector is expected to add to the regional market over the upcoming decades.
Author Credits: Smruti Ranjan, Rajrani Baghel
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