Integration of smart manufacturing technology will stoke growth of nano crystalline soft magnetic material market.
ROCKVILLE, MD / ACCESSWIRE / June 2, 2020 / Role of nano crystalline soft magnetic materials in developing low-weight, compact-sized power supply circuits is a major growth driver of market. According to Fact.MR’s analysts, the global nano crystalline soft magnetic material market will follow a robust growth curve at approximately 10% CAGR over the projection period (2020-2030). Further, continued R&D activities in areas such as electro-mobility will bode well for market through 2030. The emergence of hybrid and electric vehicles will drive the usage of nano crystalline soft magnetic material during the course of the forecast period.
“Leading players must revamp their manufacturing process to sustain their hegemony in the market,” concludes Fact.MR.
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Key Takeaways of Nano Crystalline Soft Magnetic Material Market Study
- High-performance magnetic materials will carve out a major chunk of revenue share in the overall market stack.
- Variegated applications such as motors, DCDC invertors, batteries, and board chargers will support the market growth through 2029.
- The nano crystalline soft magnetic material market in North America will offer lucrative growth prospects during the projection period.
- Asia Pacific Excluding Japan (APEJ) market will register noteworthy CAGR during the forecast period owing to the strong electronics industry in China.
Key Drivers of Nano Crystalline Soft Magnetic Material Market
- Integration of technologies such as 3D printing to produce high-quality nano crystalline soft magnetic materials will impel the market growth through 2030.
- Key attributes such as high flux density and magnetic permeability will inflate sales of high-performance magnetic materials over the forecast period.
- Greater adoption in high-frequency transformers will contribute substantially to the revenue pool of nano crystalline soft magnetic material manufacturers.
- Increasing number of electric vehicles will fuel the demand for nano crystalline soft magnetic materials in the foreseeable future.
Key Impediments of Nano Crystalline Soft Magnetic Material Market
- Relatively high price point of nano crystalline soft magnetic materials will impede market growth through 2030.
- Consolidated competitive landscape poses crucial challenges for emerging market players to expand their revenue share.
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Anticipated Impact of COVID-19 on Nano Crystalline Soft Magnetic Material Market
Limited uptake of nano crystalline soft magnetic materials by key end-use industries is hindering market growth. Manufacturing is amongst the hardest-hit sectors by the global outbreak of COVID-19. Prominent players such as Hitachi Construction Machinery Co., Ltd. have reported significant decline in production activity. Most companies are forced to operate with 45-50% of their total workforce capacity. In addition, many countries such as China have been compelled to re-impose lockdowns due to a second wave of infections. However, operations in other countries such as Indonesia and Japan have largely remained unaffected owing to limited restrictions. The nano crystalline soft magnetic material market will pick up pace through the first half of 2021.
Competition Landscape of Nano Crystalline Soft Magnetic Material Market
The global nano crystalline soft magnetic material market has a highly consolidated competitive structure with top players accounting for 50% revenue share. Some of the established players in the nano crystalline soft magnetic material market that are featured in this Fact.MR report include, but are not limited to, Hitachi Metals Ltd., Henan ZY Amorphous, Magnetec and VacuumSchmelze, Henan Zhongyue, and Bomatech. Prominent players continue to undertake capacity expansion strategies as countermeasures to mitigate COVID-19 impact. Moreover, they are directing cash reserves for new product launches to address the soaring demand. For instance, Hitachi Metals introduced a new production line called FINEMET Ribbon in the year 2019.
About the Report
This 170-page study offers in-depth commentary on the nano crystalline soft magnetic material market. The study provides compelling insights on the nano crystalline soft magnetic material market on the basis of classification (one dimensional, two dimensional, and three dimensional), application (transformers, motors, inductors, and generators), and end-use industry (consumer electronics & applications, healthcare, automotive, and semiconductor) across seven key regions (North America, Latin America, Western Europe, Eastern Europe, Japan, Asia Pacific Excluding Japan, and Middle East & Africa).
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