Soft Magnetic Material Market
Report ID: SQMIG45I2263
Report ID: SQMIG45I2263
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Report ID:
SQMIG45I2263 |
Region:
Global |
Published Date: February, 2025
Pages:
196
|Tables:
65
|Figures:
72
Global Soft Magnetic Material Market size was valued at USD 34.54 Billion in 2024 and is poised to grow from USD 37.75 Billion in 2025 to USD 76.89 Billion by 2033, growing at a CAGR of 9.3% during the forecast period (2026–2033).
Growing sales and popularity of electric vehicles (EVs) are projected to bolster the demand for soft magnetic materials over the coming years. Extensive use of soft magnetic materials in the manufacturing of EV components such as electric motors, transformers, and inductors is also promoting market development. Rising emphasis on sustainability around the world is promoting the demand for soft magnetic materials as they are used to make power electronics and generators for renewable energy generation applications. Increasing electrification and adoption of smart grids around the world are also slated to boost global soft magnetic material market growth in the future. Growing investments in the R&D of novel magnetic materials and surging sales of consumer electronics are also estimated to promote the adoption of soft magnetic materials in the long run. However, high costs of production, fluctuations in raw material availability, competition from substitute materials, and environmental challenges are anticipated to impede the demand for soft magnetic materials across the forecast period and beyond.
Market snapshot - 2026-2033
Global Market Size
USD 31.6 billion
Largest Segment
Electrical Steel
Fastest Growth
Ferrite
Growth Rate
9.3% CAGR
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Global Soft Magnetic Material Market is segmented by Material Type, Application, End-Use Industry and region. Based on Material Type, the market is segmented into Soft ferrite, Electrical steel, Cobalt and Others. Based on Application, the market is segmented into Motors, Transformers, Alternators and Others. Based on End-Use Industry, the market is segmented into Automotive, Electronics & Telecommunications, Electrical and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Analysis by Product
Electrical steel is estimated to account for the dominant global soft magnetic material market share in the future. Exceptional magnetic properties of electrical steel are making it a mainstay in the manufacturing and production of motors, generators, and transformers. High permeability and low core loss of electrical steel is allowing electrical steel to be used in a variety of applications thereby further cementing the high share of this segment. Moreover, the ability of electrical steel to be customized easily as per applications and end user requirements is also slated to generate more revenue from this segment in the long run.
On the other hand, ferrite accounts for the second-largest share of the global soft magnetic material industry going forward. Low electrical conductivity and high magnetic permeability of ferrites is helping this segment generate new business scope. Ferrites find wide usage in high-frequency applications such as transformers, inductors, and antennas to minimize energy losses due to eddy currents. Ferrites find extensive application in power lines as they are highly effective in reducing electromagnetic interference (EMI). Versatility of design offered by use of ferrites is also estimated to bolster its adoption in customized electrical and electronic applications.
Analysis by Application
Electric motors are forecasted to account for a notable chunk of the global soft magnetic material market share over the coming years. Rapidly surging demand for electric motors in a wide variety of residential and industrial applications is primarily helping boost adoption of soft magnetic materials in this segment. Increasing popularity of electric vehicles and extensive use of advanced electric motors in the same are helping this segment bring in the most revenue. High efficiency, low maintenance, versatility, and the ability to run on clean energy or produce it are helping bolster the demand for soft magnetic material in electric motors through 2032.
On the other hand, the use of soft magnetic materials in transformers is anticipated to hold the second-largest share in the global market. Surging demand for advanced transformers to meet the rising energy demands and rising investments in the development of smart grid infrastructure are promoting market development via this segment. Advancements in transformer technologies and rising demand for efficient yet high-performing transformers are also estimated to bolster the use of advanced soft magnetic materials in transformer cores going forward. Upgradation of old grids and set up of smart grids in multiple parts of the world coupled with electric vehicle charging infrastructure development are offering new opportunities for market players.
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Asia Pacific is estimated to emerge as the top regional market in the global soft magnetic material industry. Rapidly increasing urbanization and industrialization in this region are promoting investments in development of grids thereby creating new opportunities for soft magnetic material suppliers. The presence of leading electric vehicle manufacturers, high demand for electric motors, and launch of initiatives to promote electricity accessibility in remote areas are also cementing the dominance of this region. China, Japan, India, and South Korea are slated to remain the most opportune countries for soft magnetic material suppliers operating in this region.
Europe is slated to account for the second-largest share of the global soft magnetic material market in the future. Growing emphasis on sustainability, rising investments in EV charging infrastructure development, and high emphasis on grid upgradation are helping boost sales of soft magnetic materials in this region. Deployment of smart grids and integration of renewable energy systems with existing power grids are also creating new business scope for soft magnetic material companies. Germany and the United Kingdom are forecasted to emerge as the top markets in the European region across the study period.
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Drivers
High Demand for Electric Vehicles
Growing Demand for Renewable Energy Generation
Restraints
High Costs of Production
Competition from Substitute Materials
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Soft magnetic material companies should focus on increasing affordability of their offerings to maximize their sales potential. Collaborations are also expected to play a crucial role in promoting product innovation for soft magnetic material companies going forward. Use of soft magnetic materials in electric vehicles and EV charging infrastructure is slated to boost revenue generation for all companies as per this global soft magnetic material market analysis.
Top Player’s Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, rising demand for renewable energy generation and growing sales of electric vehicles are projected to primarily drive the demand for soft magnetic materials going forward. On the contrary, high costs of soft magnetic material production and competition from substitute materials are expected to slow down the sales of soft magnetic materials in the future. The Asia Pacific region is forecasted to account for a dominant share of the global soft magnetic material industry owing to the presence of leading electric vehicle manufacturers in countries such as China and Japan. The use of soft magnetic materials in 5G and wireless communication technologies is expected to offer new business scope for market players in the long run.
| Report Metric | Details |
|---|---|
| Market size value in 2024 | USD 34.54 Billion |
| Market size value in 2033 | USD 76.89 Billion |
| Growth Rate | 9.3% |
| Base year | 2024 |
| Forecast period | 2026-2033 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
Methodology
For the Soft Magnetic Material Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Soft Magnetic Material Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Soft Magnetic Material Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Soft Magnetic Material Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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