Soft Magnetic Composite Market projected to reach USD 8.8 Billion by 2030, growing at a CAGR of 7.3% during the forecast period of 2023-2030 - says MarketDigits in its latest study
The Soft Magnetic Composite market was valued USD 5.4 Billion in 2023 and projected to reach USD 8.8 Billion by 2030, growing at a CAGR of 7.3% during the forecast period of 2023-2030.
Richmond, Feb. 21, 2024 (GLOBE NEWSWIRE) -- According to a research report "*Soft Magnetic Composite Market**”*,* by* *Materials Type (Electronic Iron, Si-Steel, Soft Ferrite, Others), Grade Type (1P, 3P, 5P, others), Application (Generators, Transformers, Switching Circuits,* *Inductors, Sensors, Motor, Others) and Region - Global Forecast to 2030**.*
*Global Soft Magnetic Composite Market* *Report Scope:*
*Report* *Details*
*Market size value in 2023* *USD 5.4 Billion*
*Market size value in 2030* *USD 8.8 Billion*
*CAGR (2023-2030)* *7.3%*
*Forecast Period* *2023–2030*
*Historic Data* *2019*
*Forecast Units* *Value (USD Million/USD Billion)*
*Segments Covered* *Materials Type**, **Grade Type**, **Application **and Region*
*Geographies Covered* *North America, Europe, Asia Pacific, and RoW*
* * · *Arnold Magnetic Technologies*
* * · *Dexter Magnetic Technologies, Inc.*
*Sample of Companies Covered * · *Hitachi Metals Ltd.*
* * · *MMG Canada Limited*
* * · *Rio Tinto*
*Download the Sample* - *https://www.marketdigits.com/request/sample/4081*
*TOC Covers in Depth & Breath on **Soft Magnetic Composite Market*
*170 - Market Data Tables *
*65 - List of Figures*
*225 – Pages*
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits*.*
*Market Overview*
The Soft Magnetic Composite (SMC) market has experienced remarkable growth over the past decade, driven by advancements in powder metallurgy techniques. SMC materials, produced through innovative bonding of high-purity iron powder, have emerged as superior alternatives to traditional laminated silicon steels in electromagnetic devices. This transformative market shift is emphasized by the unique properties of SMC, which offer key advantages over conventional materials. The foundation of the SMC market rests on its magnetically isotropic nature, enabling three-dimensional field paths in magnetic circuits. This characteristic facilitates unique design flexibility, empowering engineers to create motors custom-made precisely to the requirements of diverse applications. The isotropic thermal properties of SMC further enhance its appeal by promoting efficient heat dissipation, a critical factor for applications demanding optimal thermal performance. Reduced eddy current loss in SMC materials, especially at higher frequencies, positions them as ideal candidates for motors operating in demanding environments. The cost-effective manufacturing process, utilizing die-pressed iron cores and parts, minimizes machining requirements, translating to reduced production costs. This, coupled with the ability to achieve smooth corners in teeth, allows for thinner slot insulation and improved heat dissipation. Looking ahead, the SMC market presents significant opportunities. The environmentally friendly and cost-effective manufacturing processes make SMC materials poised for revolutionary developments in the electrical machine manufacturing industry. As industries increasingly demand motors operating at higher frequencies, SMC's suitability positions it for market expansion. Ongoing research and innovation in various motor topologies, such as axial field, transverse flux, and claw pole designs, open doors for enhanced efficiency and performance. The versatility of SMC extends beyond motors to applications like magnetic bearings, actuators, lighting components, and transformers, promising diversified growth avenues for the SMC market. the SMC market stands at the forefront of transformative change, offering incomparable opportunities in design innovation, environmental sustainability, and expanded market applications.
*Major vendors in the global Soft Magnetic Composite market:*
· Arnold Magnetic Technologies
· Dexter Magnetic Technologies, Inc.
· Electron Energy Corporation
· Elna Magnetics
· Hitachi Metals Ltd.
· MMG Canada Limited
· PROTERIAL, Ltd.
· Rio Tinto
· Steward Advanced Materials LLC
· Sumitomo Electric Industries, Ltd.
· Others
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*Enhanced Performance in Higher Frequency Applications*
One primary driver for SMC market growth is its increased adoption and dominance in higher-frequency applications. Industries transitioning to advanced technologies demand motors operating at elevated frequencies, where SMC's lower eddy current losses shine. The isotropic thermal properties and magnetically isotropic nature of SMC materials facilitate efficient heat dissipation and the creation of 3D field paths, addressing the specific requirements of higher frequency applications. In essence, SMC's superior performance at elevated frequencies positions it as a key enabler in the evolving landscape of electromagnetic devices, fostering innovation and design optimization.
*Market Dynamics*
*Drivers:*
· SMC enables design flexibility
· The insulation of iron particles in SMC minimizes eddy current loss
· SMC offers the potential for large-scale, low-cost motor manufacturing
· Enhanced Performance in Higher Frequency Applications
*Opportunities:*
· The cost-effective and environmentally friendly manufacturing process of SMC
· Market Expansion in Higher Frequency Applications
· Innovation in Motor Topologies
· Integration in Various Applications
*Enhanced Performance in Higher Frequency Applications*
The adoption of soft magnetic composite materials in the electrical machine industry presents significant environmental and economic benefits. SMC, produced through powder metallurgy techniques, surpasses traditional laminated silicon steels in electromagnetic devices, offering advantages such as enhanced design flexibility and improved thermal properties. From an environmental perspective, SMC materials contribute to reduced material waste through efficient powder metallurgical techniques, which are up to 50% more cost-effective than conventional production methods. The manufacturing process involves pressing iron powder into desired shapes using dies, minimizing the need for further machining. This not only streamlines production but also aligns with sustainable practices by minimizing material usage and waste. Economically, SMC opens up opportunities for large-scale, cost-effective motor manufacturing. The ability to shape iron cores directly in a die, coupled with reduced machining requirements, significantly lowers production costs. SMC parts also facilitate the creation of smoother corners in teeth, allowing for thinner slot insulation, improved heat dissipation, and more space for winding. This cost-effective approach to motor design provides developers with greater control over motor size, shape, and potential output. The SMC materials offer advantages in heat dissipation and reduced eddy current loss, especially at higher frequencies. While SMC may have higher total core loss at lower frequencies compared to laminated steels, it excels at higher excitation frequencies. This positions SMC as a favorable choice for applications requiring enhanced performance at elevated frequencies, such as in permanent magnet motors.
*North America dominates the market for Soft Magnetic Composite*
The soft magnetic composites market exhibits a significant regional distribution, with North America, Asia-Pacific, Europe, the Middle East, and Africa comprising distinct market shares. North America is confident to command a substantial revenue share, a trend expected to accelerate in the coming years. This growth is attributed to the growing automotive, electronics, and electrical industries within the region. The U.S., in particular, has been a key player in these sectors, contributing significantly to the market.
The Asia-Pacific region holds a prominent position globally, driven by emerging economies, rapid urbanization, and escalating electricity demands in the construction sector of developing nations. The region, especially China and Japan, is witnessing substantial growth in the automotive and electronics & telecommunications industries, propelling the demand for soft magnetic materials. China, with its growing automobile sector, emerges as a major player.
*The Motor Segments is anticipated to hold the Largest Market Share during the Forecast Period*
In the global Soft Magnetic Composite market, the Application segment comprises various categories such as Generators, Transformers, Switching Circuits, Inductors, Sensors, Motor, Others. The motor segment in the soft magnetic composite (SMC) market is transforming electric motor design. SMCs, composed of ferromagnetic powder particles with an insulating film, exhibit remarkable advantages. They facilitate higher-speed operation, enhanced energy efficiency, increased compactness and density, elevated permeability, and the utilization of higher frequencies. Their unique properties, achieved through the right alloy system, density control, and sintering conditions, contribute to lower core/eddy losses. SMC materials, produced through heated die compaction, offer the flexibility of creating intricate 3D geometries, allowing for innovations in electric motor design. Their compatibility with laminated parts enables hybrid designs, reducing components, ensuring easy manufacturing, tight tolerances, smooth surfaces, and system-level cost savings. Heat treatment further improves SMC properties, emphasizing the significance of optimal temperature for enhanced resistivity and strength, making SMCs a key player in advancing electric motor technology.
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