In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
It refers to ferromagnetic material generally present in powder form and surrounded by the insulated thin film made by atomization of Fe & Si and by more other combination with iron. It offers several advantages over old fashioned laminated steel such as 3D isotropic ferromagnetic behavior, very low eddy current, low core loss which enhances its thermal properties. Soft magnetic composite material provides reliability durability and optimization in machine design which causes reduction in weight and high resistivity. Moreover it also reduces production cost. It is widely used in automotive, energy production, locomotive and many more sectors. Beside this, it also has wide application in electromagnetic application such as AC & DC generator motors and others.
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 & automobile is increasing across the globe. Further rising number of nuclear power plant and vehicles and electrical appliances (pumps, compressor) is paving the growth of the soft magnetic composite market. Moreover, growth in automotive and energy sector is believed to open a gateway of opportunities for the companies entering into the business of soft magnetic composites.
In the regional market, Asia pacific is projected to dominate the overall soft magnetic composite market during the forecast period. Factor such as increase in demand for, electricity generator, transformer, automotive parts and others across the globe is expected to positively impact the growth of soft magnetic composite market over the forecast period. Moreover, some of the Asian countries such as India, Indonesia and others are gradually increasing their investment in Automotive and energy production.
Further, North America automotive & energy production has grown progressively over the past few years. Rise in the number of projects related to automobile projects in the region is anticipated to garner the growth of soft magnetic composite market in North America during the forecast period. Europe market is expected to contribute significantly towards the growth of the soft magnetic composite market. The market is mainly expanding on the back of the growth and expansion of automobile industries in the region.
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The soft magnetic composite market has been segmented by application such as motors, transformer, stator, speaker, electrical coil and others out of which motors and transformer anticipated to account for the largest market share in overall soft magnetic composite market over the forecast period.
Our in-depth analysis has segmented soft magnetic composite market into the following segments:
Soft magnetic composite market is further classified on the basis of region as follows:
Increasing demand in energy & Automotive sector is the major factor responsible for the growth of soft magnetic composite market across the globe. Moreover, increase in heavy investment and increasing interest of various companies in this field is further anticipated to drive the growth of soft magnetic composite production in the upcoming years. These market activities are opening a gateway of opportunities for the growth of the soft magnetic composite market.
Apart from this, soft magnetic composite find their use in several applications such as electric machine (like Fans, Pumps, Compressor, etc.), reactor, fuel injection and many more. 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 negatively impact the growth of the soft magnetic composite market.