SOFT MAGNETIC CORE MARKET REPORT OVERVIEW
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The global soft magnetic core market size was USD 3226.3 million in 2022 and the market is projected to touch USD 3807.7 million by 2028, at CAGR of 2.8% during the forecast period.
Soft magnetic materials exhibit magnetic properties only when they are subject to a magnetizing force such as the magnetic field created when current is passed through the wire surrounding a soft magnetic core. Soft ferromagnetic materials are generally associated with electrical circuits where they are used to amplify the flux generated by the electric currents. These materials can be used in alternating current (AC) as well as direct current (DC) electrical circuits.A magnetic core is a piece of magnetic material with a high magnetic permeability used to confine and guide magnetic fields in electrical, electromechanical and magnetic devices such as electromagnets, transformers, electric motors, generators, inductors, magnetic recording heads, and magnetic assemblies. Increasing focus on reducing greenhouse gas emissions and transitioning towards sustainable energy sources, the demand for soft magnetic cores in power transformers and renewable energy systems is expected to surge. The rise of smart grids, along with the expanding telecommunications sector, is creating new opportunities for the soft magnetic core market.
The rapid technological advancements in power electronics and the growing adoption of electric vehicles also contribute to the positive outlook for the soft magnetic core market. Participants are fixing their efforts on encouraging R&D. Technological development are supporting the regional market growth. Manufacturers need to stay updated with changing market trends and develop products that meet growing consumer needs. Companies coming up with progressive technological solutions for firming their positions.
COVID-19 Impact: Pandemic Hampered The Market Due To Unexpected Disruption In The Sector
The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
COVID- 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. COVID- 19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in the market.
LATEST TRENDS
"Use Of Innovative Products To Boost The Market Growth "
Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.
SOFT MAGNETIC CORE MARKET SEGMENTATION
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- By Type Analysis
According to type, the market can be segmented into ferrite core, powder core, amorphous core.
Ferrite core will capture the maximum market share through forecast period. Ferrite cores are commonly used in high-frequency applications due to their excellent magnetic properties.
- By Application Analysis
According to application, the market can be segmented into SMPS, power inductors, transformer, inverter, others.
Soft magnetic core market players cover segment as SMPS will dominate the market share during forecast period. SMPS is a power supply that efficiently converts electrical power using switching regulators. It transforms the input voltage into a regulated output voltage by rapidly switching the input voltage on and off.
DRIVING FACTORS
"Increasing Demand For Renewable Energy Expansion To Boost The Market Growth"
Drive towards renewable energy sources like wind and solar power creates a substantial demand for efficient power conversion and distribution systems, increasing the need for soft magnetic cores in transformers and inverters. Soft magnetic cores help improve the energy efficiency of these devices by minimizing energy losses due to magnetic hysteresis and whirl currents.
"Technological Advancement and Development To Upsurge The Market"
Technological advancements and innovation activate unique revenue augmenting opportunity which will upsurge the soft magnetic core market growth. Growing investment in research and development activities and growing awareness about benefits are expected to deliver profitable opportunities for the market. Constant development are one of the trends in the market in variety of practices. Unceasing advancement in magnetic core materials, designs, and manufacturing process will lead to the development of high performance magnetic cores.
RESTRAINING FACTORS
"Price Fluctuations To Hamper The Market Growth"
Price instability is hampering development of soft magnetic core market. Raw materials plays an important role in this industry. The chemical industry converts these raw materials into primary, secondary, and tertiary products. Fluctuations in the prices of raw materials like iron, nickel, and cobalt, which are essential for manufacturing soft magnetic cores, can impact the cost-effectiveness of these products. Technical difficulties will reduce the industry revenue.
SOFT MAGNETIC CORE MARKET REGIONAL INSIGHTS
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"Asia Pacific to Dominate the Region Due To Rapid Industrialization And Infrastructure Development Activities"
Asia Pacific is further expected to witness growth in the soft magnetic core market share. The region is dominating the market due to rapid industrialization, urbanization, and infrastructure development activities. The rising inhabitants and increasing income levels are also contributing to the development of the market. Upsurge in investments by key market players for the R&D undertakings and enlargement of their production abilities and product portfolios are projected to upsurge the growth. The expansion of regional market is being aided by technological developments.
KEY INDUSTRY PLAYERS
"Key Players Focus On Partnerships To Gain Competitive Advantage"
The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger. The collective efforts of these major players expressively impact the competitive landscape and future path of the market.
List Of Market Players Profiled
- Hitachi (Japan)
- Magnetics (U.S.)
- POCO Magnetic (China)
- Delta Magnets Group (U.S.)
- Fastron (Germany)
REPORT COVERAGE
The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 3226.3 Million in 2022 |
Market Size Value By |
US$ 3807.7 Million by 2028 |
Growth Rate |
CAGR of 2.8% from 2022 to 2028 |
Forecast Period |
2022-2028 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the soft magnetic core market expected to touch by 2028?
The soft magnetic core market is expected to reach USD 3807.7 million by 2028.
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What CAGR is the soft magnetic core market expected to exhibit by 2028?
The soft magnetic core market is expected to exhibit a CAGR of 2.8% by 2028.
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What are the driving factors of the soft magnetic core market?
Increasing demand for renewable energy expansion and technological development and advancement are expected to deliver profitable opportunities for the soft magnetic core market.
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What are the key soft magnetic core market segments?
The soft magnetic core market segmentation that you should be aware of, which include, Based on type the soft magnetic core market is classified as ferrite core, powder core, amorphous core. Based on application the soft magnetic core market is classified as SMPS, power inductors, transformer, inverter, others.
