Soft Magnetic Material Market Size

Global Soft Magnetic Material Market size was valued at USD 58.63 Billion in 2023 and is poised to grow from USD 63.38 Billion in 2024 to USD 113.04 Billion by 2032, growing at a CAGR of 7.5% during the forecast period (2025-2032).

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. 'Arnold Magnetic Technologies', 'GKN Sinter Metals Engineering GmbH', 'Hitachi Metals Group', 'JFE Steel Group', 'Mahindra CIE', 'MATE CO., LTD', 'Meyer Sintermetall AG', 'Sintered Specialties, LLC', 'Steward Advanced Materials LLC', 'VACUUMSCHMELZE GmbH & Co. KG', 'NBTM New Materials', 'POCO', 'TDK', 'DMEGC', 'MAGNETICS', 'TDG', 'Acme Electronics'

High emphasis on sustainability and adoption of clean mobility solutions is driving up the sales of electric vehicles around the world. Soft magnetic materials are extensively used in electric motors, transformers, and inductors to enhance their energy efficiency and reduce power losses. Hence, increased sales of electric vehicles are expected to benefit the global soft magnetic material market outlook.

Development of Nanocrystalline and Amorphous Alloys: low core loss, high permeability, and excellent thermal stability offered by nanocrystalline and amorphous alloys is allowing them to emerge as the next-generation soft magnetic materials. Growing use of these novel soft magnetic materials in power electronics, transformers, and electric vehicle applications is slated to make this an indispensable soft magnetic material market trend for companies through 2032.

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.