Lucintel's latest market report analyzed that soft magnetic composites provides attractive opportunities in the automotive, industrial machinery & equipment, consumer goods, and power generation industries. The soft magnetic composites market is expected to reach $XX billion by 2028 with a CAGR of 7% to 9%. In this market, electrical steel is the largest segment by material, whereas automotive is largest by end use industry.
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Based on material, the soft magnetic composites market is segmented into iron, soft ferrite, and electrical steel. The electrical steel segment accounted for the largest share of the market in 2023 and is expected to register the highest CAGR during the forecast period, due to availability of the material across all region, and increasing application in different end use industry industries, along with cost-effective nature of the material.
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The Soft Magnetic Composites Market is marked by the presence of several big and small players. Some of the prominent players offering soft magnetic composites include GKN Powder Metallurgy, Höganäs AB, Hitachi Metals, Rio Tinto, Sumitomo Material Mining, SG Technologies, Mitsubishi Materials.
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