Nano Crystalline Soft Magnetic Materials Demand Rising as Industries Turn to Sustainable Energy Sources: Fact MR
The nano crystalline soft magnetic materials market study by Fact.MR offers compelling insights into key growth drivers and restraints impacting the growth trajectory through 2031. The survey offers nano crystalline soft magnetic materials demand outlook and studies opportunities existing in key segments, including radiation and monitoring products and detectors. It also highlights key strategies adopted by market players to increase product sales
NEW YORK, Aug. 5, 2021 /PRNewswire/ -- Fact.MR – A Market Research and Competitive Intelligence Provider: As per latest Fact.MR analysis, the nano crystalline soft magnetic materials market was estimated to be worth US$ 365 Mn in 2020. With integration of power electronics in the automotive sector, the market is forecast to expand at a strong CAGR of 9.5% between 2021 and 2031.
Nano crystalline soft magnetic materials are key to efficient operation of next generation power electronics and electrical machines such as motors and generators.
The robust growth in sales of nano crystalline soft magnetic materials market can be attributed to their demand across various industries such as automotive, electronics, semiconductor and transmission.
The unique mechanical, chemical and quantum properties of nano crystalline soft magnetic materials make them ideal for various applications, ranging from transformers and electric vehicles to inverter devices.
These materials help in reducing dimensions of electronic components, improving their efficiency and reducing weight and costs without compromising on their magnet performance.
Sales of nano crystalline soft magnetic materials are soaring with increasing adoption of high frequency transformers and reactors in power generation. These soft magnetic materials exhibit high permeability and enhanced saturation flux density along with low core loss, high temperature resistance and high frequency characteristics.
With the expansion of electric automotive industry, demand for soft magnetic materials skyrocketed. As these soft magnetic materials help to reduce vehicle weight, they are being extensively used in motor driven systems.
Manufacturers are continuously focusing on developing soft magnetic components with high performance and low energy losses at comparatively low costs.
By application, transformers segment leads the market. Growing demand for electricity and expansion of transmission and distribution network will bolster the sales of nano crystalline soft magnetic materials.
Asia Pacific excluding Japan (APEJ) will remain the most lucrative market for nano crystalline soft magnetic materials. This can be attributed to the rapid industrialization witnessed across various nations along with growing need for electricity transmission in the region.
"The demand is expected to soar in response to the increasing production of electric vehicles. Focus on electro-mobility is at all-time high and so is the demand for nano crystalline soft magnetic materials to produce compact size power supply kits that will complement the next-generation and lightweight electric vehicles", says the Fact.MR analyst.
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Key Takeaways from Nano Crystalline Soft Magnetic Materials Market Survey
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China, the largest producer and exporter of consumer electronics, will continue to dominate the nano crystalline soft magnetic materials market in APEJ.
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In order to reduce its dependence on China, the U.S. will focus on ramping up production of consumer electronics, in turn emerging as a lucrative market for nano crystalline soft magnetic materials.
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Owing to the increasing demand from electric automotive sector, Germany is projected to be emerge as a chief market within Europe during the forecast period.
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By application, transformer segment leads the nano crystalline soft magnetic materials market.
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Semiconductor industry will dominate the nano crystalline soft magnetic materials market.
Key Drivers
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Growing demand for soft magnetic materials in electronics is driving nano crystalline soft magnetic materials market.
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Expansion of electricity transmission and distribution network is positively impacting the demand for nano crystalline soft magnetic materials.
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Rapid production of electric and hybrid vehicles is fueling the sales of soft magnetic materials.
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Increasing investments by public and government bodies towards improving power generation is likely to create lucrative opportunities for growth.
Key Restraints
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Fluctuations in raw material prices is hampering sales.
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COVID-19 pandemic negatively impacted the nano crystalline soft magnetic materials market as there was a decline in the production of electronic devices and electric vehicles.
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Competitive Landscape
Key companies operating in the nano crystalline soft magnetic materials market are focusing on expanding their customer base across the world. They are adopting various organic and inorganic growth strategies such as mergers and acquisitions, advanced product development and collaborations to gain a competitive edge in the market.
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In 2020, LG Innotek announced the launch of "highly efficient" ferrite with the lowest power loss. The material can be used for ultra-slim smart TVs and vehicles.
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In July 2020, the Fraunhofer Institution for Manufacturing Technology and Advanced Materials (IFAM) launched a new research area working group on soft magnetic materials. The aim of the institution's research is to produce soft magnetic components which can reduce energy losses,
Some of the prominent players operating in the nano crystalline soft magnetic materials market profiled by Fact.MR are:
More Insights on the Global Nano Crystalline Soft Magnetic Materials Sales Outlook
Fact.MR provides an unbiased analysis of nano crystalline soft magnetic materials market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for nano crystalline soft magnetic materials products with a detailed segmentation on the basis of:
Classification
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One Dimensional
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Two Dimensional
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Three Dimensional
Application
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Transformers
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Portable
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Transmission
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Distribution
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Motors
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1hp-100hp
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101hp-200hp
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201hp-1000hp
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Above 1000hp
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Inductors
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Generators
End Use Industry
Region
Key Questions Covered in the Nano Crystalline Soft Magnetic Materials Sales Outlook Report
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The report offers insight into nano crystalline soft magnetic materials demand outlook for 2021-2031
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The market study also highlights projected sales growth for nano crystalline soft magnetic materials market between 2021 and 2031
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Nano crystalline soft magnetic materials market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
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Nano crystalline soft magnetic materials market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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