Fact.MR projects the global nano crystalline soft magnetic materials market to ascend at around 9.5% CAGR during the forecast period of 2021 to 2031. There has been a rise in the use of nano crystalline soft magnetic materials in a diverse range of applications of electric vehicles, such as converters, batteries, board chargers, and motors, to name a few.
While excellent high switching frequency and low core loss properties of nano crystalline soft magnetic materials are attracting potential end-use industries, continuous efforts by manufacturers to develop more efficient products are also aiding market expansion.
Key Takeaways from Market Study
- Global demand for one dimensional nano crystalline soft magnetic materials to propel growth through 2031.
- Applications likely to abound across portable transformers by 2031.
- Automotive Sector is poised to register a CAGR of ~10% over the next 10 years.
- East Asia remains the highest consumer in APEJ, with the epicenter in China.
- The United States remains the leading consumer of nano crystalline soft magnetic materials in North America.
- Germany to remain the dominating country in Europe
“As the surge in demand for compact-sized power supply circuits with reduced weight is being witnessed, owing to the high requirement from consumer electronics & applications and semiconductor industry, manufacturers of nanocrystalline soft magnetic materials are projected to get be benefited over the coming years,” says a Fact.MR analyst.
How is Automotive Electrification Fueling Global Market Demand?
Electric vehicles have created significant demand for compact-sized power supply circuits with reduced weight. Continuous downsizing and space-saving designs generate noise at high-frequency ranges, which cannot be suppressed by conventional soft magnetic materials.
Thus, electro-mobility is considered to be one of the most recent and dynamically emerging areas where nano-crystalline soft magnetic materials will witness high adoption.
According to research conducted by International Energy Agency, in European countries, Battery Powered Electric Vehicles registrations accounted for 54% of electric car registrations in 2020, continuing to exceed those of plug-in hybrid electric vehicles (PHEVs).
Increasing consumption of nano crystalline soft magnetic materials in electric vehicles and other range of applications like inverters, onboard chargers, batteries, DCDC converters, and motors will create lucrative avenues for market players.
Furthermore, robust growth of the electric and hybrid vehicles market with increased adoption of nano crystalline soft magnetic materials in automotive is poised to drive the market at a CAGR of ~10% during the forecast period (2021-2031).
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