Soft Magnetic Composites (SMCs) Market: Increased Demand Expected to Soar Revenue during Forecast Pe
The soft magnetic composites market is expected to register CAGR of 6.7% between 2018 and 2027, according to the report.
[ClickPress, Thu May 16 2019] Tier 1 players collectively hold over 50% share of the soft magnetic composites market. Established market footprint of Tier 1 soft magnetic composite manufacturers can be attributed to their robust distribution network and technological expertise. These players are further focusing on production capacity expansion, and mergers & acquisitions with medium-sized players to leverage their innovative development as key expansion strategies. On the other hand, Tier 2 players are competing through new product launches and development of cost-effective alternatives to retain their position in the soft magnetic composites market.
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Electric Motor Optimization and Miniaturization to Pave Avenues
Optimization of electric motors by using next-generation soft magnetic composites (SMCs) has been a key developmental focus area of manufacturers, with an aim to save on operation cost, and comply with energy efficiency regulations & standards imposed on utility equipment. As adoption of electric motors continues to grow in line with rising emphasis on power consumption – a key aspect linked with lifetime cost of electric motors -- use of soft magnetic composites in new equipment has increased to save on additional upfront costs. Miniaturization has emerged as a cornerstone in equipment associated with power electronic applications, which has further paved lucrative avenues for soft magnetic composites manufacturers. Various industries are also replacing conventional laminated core in electric machines with soft magnetic composites (SMCs) as it leads to no eddy current loss and reduces bearing currents. A paradigm shift to adopt renewable energy sources and rising awareness towards reducing greenhouse gas emissions are also driving the demand for soft magnetic composites to produce high quality electrical machines at lower costs.
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Emphasis on Compact & Lightweight Components in Electric Vehicles to Fuel Demand
As eco-friendly vehicles, including electric and plug-in hybrid cars, become increasingly palpable worldwide, demand for compact and lightweight auto components has been on an upward spiral. This has further led electric vehicle manufacturers in using soft magnetic composites core to boost the converter of motor drive system in hybrid electric vehicles.
Switched Reluctance Motor (SRM) is gaining popularity as an alternative to the conventional motors, such as DC motor or induction motor, in electric vehicles owing to its low cost, robust, and simple construction, along with fault tolerance attribute. Soft magnetic composites (SMCs) seek application in SRMs to deprive the low frequency torque ripple resulting from asymmetric mutual coupling between adjacent phases.
- GKN plc is planning to divest GKN Powder Metallurgy including GKN Sinter Metals and Hoeganages as a part of new business strategy. The strategy has three agendas linked to it, namely, delivering distinct product development strategies via focused performance targets and rigorous capital allocation; establishing greater accountability-based delivery culture; and separate operationally post-maximizing the shareholder value.
- Sumitomo Metal Mining Co., Ltd. has acquired a 30% stake in Quebrada Blanca Phase 2 (QB2) copper project of the Teck Resources Ltd. in Chile. QB2 is the second phase of Quebrada Blanca copper mine in Chile.
- Hitachi Metals Ltd, along with the Singapore Institute of Manufacturing Technology, has established SIMTech-Hitachi Metals Additive Manufacturing Joint Lab for metal additive manufacturing. The company also announced a price increase due to the sharp rise in the cost of raw materials used in magnetic materials, specialty steel, and other components.
- Soft magnetic composites (SMCs) are emerging as a new option to improve motor performance and design in various industries. Next generation motors are being designed using soft magnetic composites (SMCs) including improved magnetic properties, 3D flux paths, and custom geometries.
The report offers detailed profiles of the leading companies in the soft magnetic components market. Some of the key players in the market include Rio Tinto PLC, GKN plc. (Hoeganaes Corporation), Voestalpine Stahl GmbH, Toshiba Corp (Toshiba Materials Co., Ltd.), Höganäs AB, Hitachi Metals Ltd, VACUUMSCHMELZE GmbH & Co. KG, Hengdian Group DMEGC Magnetics Co., Ltd., PMG Holding GmbH, Sumitomo Metal Mining Co., Ltd., and other prominent players.
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