Portland, OR, Oct. 24, 2019 (GLOBE NEWSWIRE) -- The global soft magnetic material market garnered $47.3 billion in 2018 and is expected to garner $87.2 billion by 2026, growing at a CAGR of 8.8% from 2019 to 2026. The report provides a detailed analysis of changing market dynamics, key segments, top winning strategies, and competitive landscape.
High permeability offered by soft magnetic materials, an increase in demand for electric and hybrid vehicles, and the surge in demand for power transmission components drive the global soft magnetic material market. However, variations in raw material prices restrain the market growth. On the other hand, the creation of nanostructured soft magnetic materials would offer opportunities in the coming years.
Download Report Sample https://www.alliedmarketresearch.com/request-sample/2446
The cobalt segment is expected to grow at the highest CAGR of 11.2% from 2019 to 2026, owing to a rise in requirements of the batteries to be utilized in electric vehicles. On the other hand, the electric steel segment held the highest market share of the global soft magnetic material market, accounting for nearly two-fifths of the total share, owing to its utilization in the manufacturing of transformer cores, electric motor, and automotive components.
The electric & electronics segment accounted for the highest share in 2018, accounting for nearly one-third of the market share, owing to wide applications in DC motors, brushed DC motors, stepper motors, transformers, switch reluctance motors, and alternators. However, the automotive segment would grow at the highest CAGR of 9.6% during the forecast period, owing to a surge in demand for batteries, rise in electric vehicles adoption and production, and demand for high functional automotive components.
North America is estimated to grow at the fastest CAGR of 9.5% from 2019 to 2026, owing to a surge in demand for soft magnetic material in energy and power, telecommunication, and electronics sectors along with a trend of miniaturization. However, the Asia-Pacific region accounted for the highest share in 2018, accounting for more than one-third of the total market, owing to surge in adoption of high functional automotive components, nanostructured material development, and a huge base of electronics and electrical manufacturing in Japan.
Leading market players analyzed in the research are
- AMES
- Grundfos A/S
- Daido Steel
- Mate Co., Ltd.
- Hitachi, Ltd.
- SG Technologies
- Melrose Industries PLC
- Sumitomo Metal Mining Co., Ltd.
- Toshiba Materials Co., Ltd., and others.
Purchase Enquiry https://www.alliedmarketresearch.com/purchase-enquiry/2446
About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.