The global soft magnetic materials market will grow at a CAGR of 8.2% from 2022 to 2030. Soft magnetic materials have the efficiency to be easily magnetized and demagnetized. They typically have intrinsic coercivity less than 1000 Am–1 and are used primarily to enhance the flux produced by an electric current. Soft magnetic materials are extensively used in various applications such as electric motors, receipt of radio signals, electrical power generation and transmission, microwaves, relays, solenoids, magnetic shielding, and electromagnets.
The global soft magnetic materials market has been witnessing significant growth in recent years, owing to developments in the global automotive industry and increased demand for electric vehicles. Manufacturers are now focusing more on producing lightweight and reducing dependency on conventional fuel to curb carbon dioxide emission owing stringent government environmental policies automobile. Soft magnetic materials are widely used in electric motors. An increase in demand and production of electric vehicles leads to a rise in electric motors’ requirements. This factor is expected to increase the demand for soft magnetic materials and drive the growth of this market. In addition, soft magnetic materials are also used in brushless DC motors, which are primarily used in various industrial applications such as Linear Actuators motors, servo motors, actuators for industrial robots, extruder drive motors, and feed drives for CNC machine tools.
The demand for brushless DC motors is expected to increase considerably, resulting in a surge in demand for soft magnetic materials due to rapid industrialization across emerging economies. These factors are anticipated to drive the growth of the soft magnetic materials market. However, the global soft magnetic material market growth is anticipated to be hampered by unexpected volatility in raw material prices. It poses a challenge for manufacturers to supply quality products at a low price. However, an increase in demand for soft magnetic materials from emerging economies is estimated to create lucrative opportunities for the growth of this market.
Global Soft Magnetic Materials Market Dynamics
Drivers: Increase in demand for electric and hybrid vehicles
Electric vehicles (EVs) use electric motors or traction motors for propulsion. An EV is powered by batteries, solar panels, and an electric generator that converts fuel to electricity. A hybrid electric vehicle (HEV) combines conventional and electric sources for propulsion. The traction motors used in such vehicles are direct current (DC) motors. DC motor is a series of field windings. These motors are better in speed control, have higher efficiency, no sparking, longer lifetime, higher torque to weight ratio, more reliability, and less noise. In DC motors, DC electricity is directed into an inverter, converted to alternating current (AC) electricity, and connected to a 3phase AC motor.
Soft magnetic materials have a narrow magnetic hysteresis loop to minimize losses and maximize permeability; thus, they are used in traction motors to reduce energy loss. Therefore, soft magnetic materials are extensively utilized in electric vehicle engine parts, motors, ignition–related components, and other highly functional electric automotive components. The increase in consumption and production of electric vehicles is influencing the adoption of DC motors which eventually drives the demand for raw materials related to battery production.
