Global Soft Magnetic Composites Market Analytic: Market Value is Expected to Grow to $956.28 Million by 2029

Global Soft Magnetic CompositesMarket Overview

According to Global Market Monitor, the global soft magnetic composites market size will reach $705.18 million in 2024 and is expected to grow to $956.28 million by 2029.

Efforts to improve the performance of electrical devices and to create new high-quality applications lead to the optimization of their design and application of existing magnetic materials such as soft magnetic composites (SMC). These materials are manufactured from iron and iron-based powder particles pressed together with a dielectric binder using the powder metallurgy compaction process. In low frequency applications (up to 50 kHz), high-purity coarse iron powder is used with a thermoset resin powder to compete with low-carbon steel laminate constructions. These applications will include small motors, reluctance motors, and brushless DC motors; which also require hard magnetic components for an efficient design.

Application Prospect Analysis of Soft Magnetic Composite Materials

Soft magnetic composites are the most suitable and indispensable materials for many downstream applications. For example, with the increasing use of household appliances, consumer electronics, home appliances, etc., soft magnetic composites are more popular. With the continuous development of the automotive industry and telecommunications engineering, the application of soft magnetic composites is also increasing. In the new energy and energy-saving technology, the transmission and conversion of energy is an extremely important link. Soft magnetic materials play an important role here. Among them, ferrite soft magnetic and metal soft magnetic are the two most widely used soft magnetic materials. With the increase in people's awareness of environmental protection, soft magnetic composite materials as an alternative energy will have a larger market.

China Soft Magnetic CompositesMarket Status

China is at the forefront of the soft magnetic composites industry, and due to its manufacturing expertise, extensive research capabilities, and industrial infrastructure scale, as a world manufacturing powerhouse, China has a strong track record in efficiently producing high-quality materials, further driving the surge in demand for soft magnetic composites. To meet the demand for advanced magnetic materials at home and abroad, China is focusing on technological innovation and the booming electric vehicle market.

Höganäs AB is one of the major players operating in the Soft Magnetic Composites market, holding a share of 11.57% in 2023. Hoganas AB develops, manufactures, and markets iron and non-ferrous metal powders and alloys, as well as highly refined powders and customer-specific mixes. The Company sells its products to the automotive industry and companies active in the welding, chemical, and metallurgical industries. Hoganas produces in Sweden, Belgium, India, Japan, and China and sells its products worldwide.

Company Name	Höganäs AB
Website	www.hoganas.com
Established Time	1903
Plants Distribution	Europe
Sales Region	Worldwide
Product Introduction	Somaloy® is Höganäs’ trademark for soft magnetic composite powders with unique 3D flux properties, which is developed for component manufacturing of electromagnetic applications, providing high performance and low losses and designed for efficient volume production at low cost, by utilizing state-of-the-art technology.