Global Soft Magnetic Powder Market 2019-2023 | Increasing Adoption of Electric Motors in Automotive Applications to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--Sep 19, 2019--
The global soft magnetic powder market size is poised to reach USD 1.81 thousand tons by 2023, according to a new report by Technavio, progressing at a CAGR of 10% during the forecast period.
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Technavio has announced its latest market research report titled global soft magnetic powder market 2019-2023. (Graphic: Business Wire)
“Technological advances in transformers, the growing use of silicon steel in the electrical and electronics industry, and the increasing investment opportunities in APAC are some major factors that will drive market growth during the forecast period,” says a senior analyst at Technavio. Request Free Sample Pages.
The market is driven by the increasing adoption of electric motors in automotive applications. In addition, growth in data center infrastructure is anticipated to further boost the soft magnetic powder market during the forecast period.
Emissions from fossil fuel-based vehicles account for a significant share of global air pollution. The adoption of electric vehicles offer an effective solution to resolve this issue. Many countries are offering financial incentives to encourage the purchase of EVs. Moreover, the growth of the hybrid segment and the reducing cost of hybrid passenger cars are significant developments in the automotive motors market. This will drive the automotive motors, which in turn, will boost the demand for soft magnetic powder.
Furthermore, soft magnetic powder is widely used to produce electronic components, which are used in data center infrastructure. The demand for data center infrastructure is also growing because of the reduced cost, better scalability, and high availability of storage offered by cloud storage systems. Hence, the growth of data center infrastructure is expected to increase the demand for electronic components required in data centers, which will in turn drive the growth of the global soft magnetic powder market during the forecast period.
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The report includes detailed profiles of the leading companies & prominent vendors of the market:
- Arnold Magnetic Technologies
- DEXTER MAGNETIC TECHNOLOGIES
- FJ Industries AS
- Hitachi Metals Ltd.
- Höganäs AB
- SG Technologies Ltd.
- Sintex AS
- Steward Advanced Materials LLC.
- Sumitomo Metal Mining Co. Ltd.
- VACUUMSCHMELZE GmbH & Co. KG
Market Segmentation by Category and Product Types:
The Soft Magnetic Powder Market can be broadly categorized into the following:
- Electrical steel
- Cold-rolled lamination steel
- Soft ferrites
- Amorphous steel
Key Regions for the Soft Magnetic Powder Market:
Featuring a breakdown of region wise market shares until 2019.
- North America
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.Request a free sample report.
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SOURCE: Technavio Research
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PUB: 09/19/2019 05:30 AM/DISC: 09/19/2019 05:30 AM