Study on Soft Magnetic Materials Market Gain More Than 15% in 2026 Soft Magnetic Materials Market

Global Market Study on Soft Magnetic Materials:
Western Europe Projected to Gain More Than 15%
Market Value Share by 2026 End
Among all the regions, APEJ is expected to expand at a significantly high CAGR in terms of value over
the forecast period. The APEJ soft magnetic materials market is anticipated to emerge as the most
attractive regional market in terms of CAGR and market share during the forecast period. APEJ is likely
to reach a market value of more than US$ 15 Bn in 2017 and is projected to be valued close to US$ 40
Bn by 2026 end. The APEJ soft magnetic materials market is expected to account for a market share
of a little more than 30% and increase at a CAGR of 8.9% over the estimated period. In the APEJ
region, China is expected to dominate the soft magnetic materials market both in terms of volume and
value over the forecast period.
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The soft magnetic materials market in APEJ is largely driven by the presence of iron ore mines.
Besides, countries such as China and India are the major contributors in the APEJ region in terms of
production and consumption. Availability of cheap labor force coupled with an aim to target untapped
market areas propels soft magnetic materials manufacturers from North American and European
countries to invest in the APEJ region. The strong industrialization across APEJ countries coupled with
geographical advantages such as the presence of mines in China is one of the growth drivers of the
soft magnetic materials market in the APEJ region.
Hybrid vehicles combine diesel or petrol engines with an electric motor that reduces the fuel
consumption and CO2 emissions. Soft magnetic materials is an important component of the motor
drive system as it reduces the vehicle weight as compared to conventional electric steel. Use of soft
magnetic motor offers various advantages such low noise, compact design, and energy savings. The
increasing consumption of electric and hybrid vehicles in APEJ is expected to drive revenue growth of
the global soft magnetic materials market. The automotive industry in the APEJ region is experiencing
high demand for electronic components with enhanced reliability and efficiency. Besides, the industry
demands space reductions of the components; for instance, inductors consume a large space inside
an automobile. The need to attain a balance between working efficiency and the shift towards smaller
dimensions propels the use of soft magnetic materials in the automotive industry.
China is one of the top consumers and producers of steel. The geographical strength of Bayo Obo
mines, which is rich in iron ore and rare earth elements offers a strong advantage. Manufacturers from
countries such as Germany, Japan etc. are partnering a free trade with Mongolia as it is close to Bayo
Obo. Furthermore, growing electric vehicles, bicycles, aerospace and power industries offer good
opportunities for soft magnetic material manufacturers to expand in the APEJ region.