Precision Business Insights has published a report on the global soft magnetic composites market, estimating its value at USD 6,742 Million in 2024 and is expected to expand at a compound annual growth rate (CAGR) of 7.6% over the forecast period 2025-2031. The report explores the market growth and potential opportunities in the market industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.
View the detailed report description here - https://www.precisionbusinessinsights.com/market-reports/soft-magnetic-composites-market
The Soft Magnetic Composites (SMC) market revolves around materials with excellent magnetic properties, minimal eddy current losses, and enhanced performance in electromagnetic applications. These composites are widely used in industries such as automotive, electronics, and energy, particularly in electric vehicles, industrial motors, and transformers.
Drivers:
1)Growth in electric vehicles (EVs): The automotive sector's shift towards electrification has boosted the need for SMCs in electric motors and transformers.
2) Advancements in electronics: The proliferation of smart devices and IoT has created a demand for components that efficiently manage electromagnetic fields, aligning with the properties of SMCs.
The global soft magnetic composites market segmentation:
1) By Material Type: Soft Ferrite, Fe Amorphous, Nano Crystalline, and Others
2) By Application: Traction Motors, Air Conditioning Compressors, DC/DC Converters, Ventilation Fans, Solar Power, Industrial Motor Drives, Off-board Battery Charging, Electrical Engines & Generators, and Others
3) By End User: Automotive, Industrial Machinery & Equipment, Consumer Goods, Energy, and Others
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Regional Overview:
The report also examines the current concerns and their Future Effects on the soft magnetic composites market by the region. The report covers all regions and countries, North America was the largest and Asia was the fastest-growing region in the soft magnetic composites market. The market has been segmented into numerous primary regions and a detailed evaluation of primary countries.
North America (U.S., Canada)
Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
Asia-Pacific (China, India, Japan, Australia, Southeast Asia, Rest of Asia Pacific)
Latin America (Mexico, Brazil, Argentina, Columbia, Rest of Latin America)
Middle East & Africa (GCC, Egypt, Nigeria, South Africa, Rest of Middle East and Africa)
The competitive landscape is dominated by major players like hitachi metals ltd, toshiba materials co., ltd., pmg holding gmbh, hengdian group dmegc magnetics co., ltd., gkn powder metallurgy, hã¶ganã¤s ab, vacuumschmelze gmbh & co. kg, rio tinto, sumitomo metal mining co., ltd., steward advanced materials inc., aic engineering ltd, fluxtrol inc., thyssenkrupp electrical steel india private limited, mitsubishi materials corporation, dexter magnetic technologies
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