There has been rise in use of nano crystalline soft magnetic materials in 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.
According to a report titled “Global EV (Electric Vehicles) Outlook 2020”, published by IEA, after entering commercial markets in the first half of the previous decade, electric car sales have surged. As per the report, only around 17,000 electric cars were on the world’s roads in 2010, while by 2019, the number bloated to 7.2 million. This, in turn, is raising demand for nano crystalline soft magnetic materials substantially across regions.
According to Fact.MR, the global nano crystalline soft magnetic materials market is expected to ascend at around 9.5% CAGR during the forecast period of 2021 to 2031.
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Key Takeaways from Study
- High demand for one dimensional nano crystalline soft magnetic materials to propel growth of the industry
- Rise in application in portable transformers to be witnessed
- Surge in demand from consumer electronics & applications industry to boost growth of manufacturers
- East Asia remains the highest consumer of nano crystalline soft magnetic materials, with the epicenter in China
- The United States remains the leading country in North America
- Germany to remain the dominating country in Europe
- The United Kingdom, India, Japan, Italy, France, and a few other countries remain lucrative markets for nano crystalline soft magnetic materials
“As surge in demand for compact-sized power supply circuits with reduced weight is being witnessed, owing to high requirement from consumer electronics & applications and semiconductor industry, manufacturers of nano crystalline soft magnetic materials are projected get be benefited over the coming years,” says a Fact.MR analyst.
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Growing Demand from Electric Vehicles Sector Catering to Market Growth
With increase in requirement for power electronics with the ability to offer high performance at high frequencies, demand for nano crystalline soft magnetic materials is rising rapidly from the electric vehicles industry.
According to a report titled “European Electric Vehicle Factbook 2019/2020”, published by The International Council on Clean Transportation (ICCT) on 17th July 2020, electric vehicle share of the European fleet reached 3.6% in 2019, up from 2.5% just one year earlier.
As stated in a report titled “Electric Vehicle Benefits”, published by the Office of Energy Efficiency & Renewable Energy, electric vehicles provide more than just individual benefits, while it can help the United States have a greater diversity of fuel choices available for transportation.
Attributed to these aforementioned factors, demand for nano crystalline soft magnetic materials is spiraling upwards from this sector.
Who is Winning in this Space?
The global nano crystalline soft magnetic materials market is expanding fast, resulting in fiercer competition for key players. In order to sail through the competition, key market players are launching a broader range of products. For instance,
- Bomatec launched its new range of Amorphous and Nanocrystalline Strips and Products, Soft Magnetic composites, and others, a couple of years back.
- Magnetec launched its new NANOPERM, and other extensive range of nano crystalline soft magnetic materials, during the last 5 years.
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More Valuable Insights
In its latest report, Fact.MR offers an unbiased analysis of the global nano crystalline soft magnetic materials market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of classification (one dimensional, two dimensional, and three dimensional), application (transformers [portable, transmission, and distribution], motors [1 hp-100 hp, 101 hp-200 hp, 201 hp-1000hp, and above 1000 hp], inductors, and generators), and end-use industry (consumer electronics & applications, healthcare, automotive, and semiconductors), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
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