Soft Magnetic Composites (SMCs) Market: Tier 1 Players Hold Over50% Share
Soft magnetic composite market continues to be influenced by a range of factors, notably rising palpability of silicon ferrite in inductors, and increasing preference for soft magnetic materials in electronic components. Worldwide sales of soft magnetic materials exceeded US$ 18,000 Mn in 2018, according to a new Fact.MR study.
[UKPRwire, Wed Jul 17 2019] The report on the soft magnetic composites market by Fact.MR offers valuable insights, and forecast, along with in-depth analysis of the soft magnetic composites market. The report also includes the micro-economic and macro-economic factors resulting in the growth of the soft magnetic composites market. The report focuses on market dynamics including latest trends, market drivers, challenges and opportunities in the soft magnetic composites market. The report also provides region-wise analysis and competitive analysis of the soft magnetic composites marketThe purpose of this rich study presented by Fact.MR is to elaborate the various market projections impacting the global Soft Magnetic Composites Market during the period until 2027 This assessment delivers high-end statistics concerning market size (US$ Mn), Y-o-Y growth and revenue share (US& Mn) linked to different geographies and segmentation types. Readers can acquire precise insights about growth trends along with opportunities that are expected to reshape the overall structure of the Soft Magnetic Composites Market during the forecast period.
Soft magnetic composite market continues to be influenced by a range of factors, notably rising palpability of silicon ferrite in inductors, and increasing preference for soft magnetic materials in electronic components. Worldwide sales of soft magnetic materials exceeded US$ 18,000 Mn in 2018, according to a new Fact.MR study. Focus of utility equipment manufacturers on curtailing core losses, and leveraging renewable energy sources to meet growing power demand will significantly underpin demand for soft magnetic composites.
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APEJ to Spearhead Soft Magnetic Composites Market
Fact.MR study opines that APEJ is the most lucrative region for soft magnetic composites market, with revenues exceeding US$ 5,000 million in 2018. APEJ is emerging as a vast electrical and electronics hub and growing automotive industry in the region is driving demand for cost-effective soft magnetic composites.
Soft magnetic composites manufacturers are focusing on increasing demand for high performance materials with lightweight. With the rise in energy consumption, China and India are moving towards using new transformers. Countries are also increasingly replacing old transformers in order to improve grid reliability. China is also emerging as the largest soft magnetic composites producer owing to the vast availability of raw materials, skilled labor force, and low cost of the product.
Tier 1 Players Hold Over50% Share in Soft Magnetic Composites (SMCs) Market
Tier 1 players collectively hold over 50% share of the soft magnetic composites market. Established market footprint of Tier 1 soft magnetic composite manufacturers can be attributed to their robust distribution network and technological expertise. These players are further focusing on production capacity expansion, and mergers & acquisitions with medium-sized players to leverage their innovative development as key expansion strategies. On the other hand, Tier 2 players are competing through new product launches and development of cost-effective alternatives to retain their position in the soft magnetic composites market.
On the basis of the product type, the soft magnetic composites market is segmented into pure iron/iron, silicon ferrite, permalloy, and supermalloy. Based on the application, the soft magnetic composites market is segmented into inductors, generators, transformers (transmission transformers, distribution transformers, and portable transformers), and motors (1 HP-100 HP motors, 101 HP-200 HP motors, 201 HP-500 HP motors, 501 HP-1000 HP motors, and above 1000 HP motors).
- GKN plc is planning to divest GKN Powder Metallurgy including GKN Sinter Metals and Hoeganages as a part of new business strategy. The strategy has three agendas linked to it, namely, delivering distinct product development strategies via focused performance targets and rigorous capital allocation; establishing greater accountability-based delivery culture; and separate operationally post-maximizing the shareholder value.
- Sumitomo Metal Mining Co., Ltd. has acquired a 30% stake in Quebrada Blanca Phase 2 (QB2) copper project of the Teck Resources Ltd. in Chile. QB2 is the second phase of Quebrada Blanca copper mine in Chile.
- Hitachi Metals Ltd, along with the Singapore Institute of Manufacturing Technology, has established SIMTech-Hitachi Metals Additive Manufacturing Joint Lab for metal additive manufacturing. The company also announced a price increase due to the sharp rise in the cost of raw materials used in magnetic materials, specialty steel, and other components.
The report offers detailed profiles of the leading companies in the soft magnetic components market. Some of the key players in the market include Rio Tinto PLC, GKN plc. (Hoeganaes Corporation), Voestalpine Stahl GmbH, Toshiba Corp (Toshiba Materials Co., Ltd.), Höganäs AB, Hitachi Metals Ltd, VACUUMSCHMELZE GmbH & Co. KG, Hengdian Group DMEGC Magnetics Co., Ltd., PMG Holding GmbH, Sumitomo Metal Mining Co., Ltd., and other prominent players.
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