Soft Magnetic Powder Market to Grow by 2352.10 thousand MT during 2021-2025|The Surge in Transformer Installations to Boost Market |Technavio - PRNewswire

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Soft Magnetic Powder Market: Increasing adoption of electric motors in automotive applications to drive growth
The adoption of electric vehicles (EVs) offers an effective solution, as EVs use electric motors and electricity instead of an engine and fossil fuels, respectively. Rebates and subsidies are provided by the government to buyers and manufacturers of electric or hybrid cars. The growth of the hybrid segment and the cost of hybrid passenger cars are important factors for the automotive motors market. However, original equipment manufacturers (OEMs) are continuously improving the fuel efficiency of these cars to reduce the cost gap. The reduction in the prices of hybrid passenger cars, technological improvements in hybrid and electric cars, and government initiatives are likely to increase the adoption of automotive motors and boost the demand for soft magnetic powder.

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As per Technavio, the surge in transformer installations will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2021-2025.

Soft Magnetic Powder Market: Surge in transformer installations
The increase in demand for electricity worldwide has led to the growth in investments in new power generation, transmission, and distribution systems to meet this demand. The rise in industrial development and urbanization in developing countries led to high demand for electricity. The various project focuses on increasing the efficiency of electricity transmission and the replacement of all high-voltage equipment, relay protection, and automation devices with an automated technological process control system. The increase in the installation of new transformers and the replacement of old transformers with new ones will spur the demand for soft magnetic powder used in transformers. These factors will drive the growth of the soft magnetic powder market during the forecast period.

"The growth of EV manufacturing and sales and the construction of new data centers will further boost market growth during the forecast period", says a senior analyst at Technavio.

Soft Magnetic Powder Market: Major Vendors

Arnold Magnetic Technologies Corp.
DEXTER MAGNETIC TECHNOLOGIES
FJ Industries AS
Hitachi Metals Ltd.
Hoganas AB

Soft Magnetic Powder Market: Segmentation Analysis
This market research report segments the soft magnetic powder market by product (Electrical steel, cold-rolled lamination sheet, Soft ferrites, Amorphous steel, and Others), end-user (Electrical and electronics, Automotive, Telecommunication, and Others), and geography (APAC, North America, Europe, South America, and MEA).

The APAC region led the soft magnetic powder market in 2021, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the growth in data center infrastructure.

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Some of the key topics covered in the report include:

Market Challenges
Market Drivers
Market Trends
Vendor Landscape

Vendors covered
Vendor classification
Market positioning of vendors
Competitive scenario

About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Jesse Maida
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Website: www.technavio.com/
Report Page: https://www.technavio.com/report/soft-magnetic-powder-market-size-industry-analysis

SOURCE Technavio