The global soft magnetic materials market is expected to witness significant growth, during the forecast period (2016-2024), on account of increasing demand from automotive industry, new product development, and increasing application in motors, transformers and alternators. Additionally, increasing demand from the developing nations is offering new growth opportunities for the global soft magnetic materials manufacturers. Contrary to it, fluctuation in raw material prices is expected to have adverse ripple effects on the growth of the global soft magnetics materials market.

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The global soft magnetic materials market has been segmented on the basis of material type, application and end-user. On the basis of material type, the market has been segment into soft ferrite, electrical steel and cobalt. The electrical steel segment is expected to witness significant growth, during the forecast period, due to electrical steel properties such as high permeability, electrical insulation, minimal magnetic losses, low coercivity and high electrical resistivity to iron.

Soft magnetic materials have the efficiency to be easily magnetized and demagnetized. These materials are used to enhance and channel the flux produced by an electric current. Soft magnetic materials are extensively used in various applications such as electric motors, receipt of radio signals, electrical power generation and transmission, microwaves, relays, solenoids, magnetic shielding and electromagnets.

Asia-Pacific is expected to witness the fastest growth in the global soft magnetic materials market during the forecast period. The major factors contributing to the regional market growth include the increasing base of automotive manufacturers and increasing investment in establishment of advanced electronics and telecommunications industries. The growing demand is encouraging major players to shift their focus from developed nations to the developing nations of China, India, and South Korea. China and Japan are the major countries driving the soft magnetic materials market in the Asia-Pacific region.

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The automobile industry in China has been witnessing exponential growth. Since 2009, the annual production of automobiles in China has exceeded the combined production of automobiles in Japan, the U.S., and the European countries. The North American market is expected to witness significant growth driven by technological advancement in the field of soft magnetic materials during the forecast period. The European region is expected to witness steady growth in the global soft magnetic materials market, during the forecast period. The European region acts as an epicenter for the global automotive manufacturing companies. The region has experienced growing R&D expenditures for developing high energy efficiency vehicles. Such efforts are expected to boost the demand for soft magnetic materials market in this region.

Some of the key companies in the global soft magnetic materials market are Hitachi Metals Co. Ltd., Toshiba Materials Co. Ltd., Daido Steel Company Ltd, Steward Advanced Materials, Sintex a/s, Vacuumschmelze GmbH & C0. Kg, GKN Sinter Metals, and Mate Co. Ltd.