Soft Magnetic Materials Market Analysis, Size, Growth, Share, Trend, Outlook & Forecast to 2027
The global soft magnetic material market size is anticipated to reach USD 26.12 billion by 2027, according to a new report by Grand View Research, Inc. The market is expected to expand at a revenue-based CAGR of 3.9% from 2020 to 2027. The rapid expansion in electricity grids and power distribution is anticipated to boost the demand in the market. The demand for soft magnetic materials is driven by the phenomenal character of getting magnetized and demagnetized with ease. This characteristic is quite essential in electrical and electronic circuits as the magnetic energy is converted back to electrical energy easily before being reintroduced in the circuit. This is not possible in case of hard or permanent magnetic materials, as their magnetization and demagnetization require a large amount of energy. As a result, soft magnetic materials find applications in motors, transformers, generators, and others. Motors held the largest volume share of the market in 2019. Soft magnetic materials are used in motors where they enhance the field produced by motor windings and channel the flux in permanent magnet motors. Electric motors have ample applications in machine tools, pumps, power tools, turbines, ships, mills, vehicles, home appliances, HVAC equipment, and medical equipment, among others. The use of motors in various industries is boosting its demand. Browse Details of Market Report @ https://www.grandviewresearch.com/industry-analysis/softmagnetic-materials-market