Soft Magnetic Materials Market worth 28.15 Billion USD by 2021: Increasing Demand From the Automotive Industry

The global market size for self-healing materials is projected to reach USD 2,447.7 million by 2021, at a CAGR of 95.0% during the forecast period. The market is driven by government policy shifts focus towards legislations mandating longer service guarantees, knowledge transfer and closer collaboration at early stage development, self-healing materials yield long-term financial benefits compared to traditional materials, and increasing demand in the Europe region.

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Technology advancements in the self-healing materials industry, such as the biocompatible self-healing composite and elastomers, are expected to drive the self-healing materials market. Concrete is expected to be the fastest-growing application segment of the self-healing materials market. Drivers for the growth of this segment include greater functionality and increase in lifetime. As a result, major players in the self-healing materials market, such as Acciona S.A. (Spain), AkzoNobel N.V. (Netherlands), Applied Thin Films, Inc. (U.S.), Arkema SA (France), and Autonomic Materials Inc. (U.S.), have rolled out new cost-effective products.

Extrinsic self-healing systems is the most widely used form in various industries. Fibre-reinforced composites are almost exclusively based on extrinsic systems. Drivers for the use of this technique in various industries include greater durability and reduction in material repair costs.

Automotive is the largest end-use industry for soft magnetic materials in terms of volume
Soft magnetic materials have gained wide acceptance in various end-user industries, because of the superior performance and a number of advantageous properties such as, good permeability and the reduction of eddy current loss. Automotive is a major consumer in the soft magnetic materials market. The major automotive applications where these materials are used include, anti-lock brake systems, fuel injectors, motors, compressors, other rotating devices, and so on.

Asia-Pacific accounts for a major market share in the soft magnetic materials market
The growth of the soft magnetic materials market in the Asia-Pacific region is driven by the growing electronics & telecommunications and automotive industries due to the presence of established players and stringent environmental regulations stressing upon the use of materials which will lead to the reduction of eddy current loss, thereby leading to energy savings. Some of the leading players such as Daido Steel Co. Ltd. (Japan) and Toshiba Materials Co., Ltd. (Japan) have accelerated their R&D efforts to provide good quality soft magnetic materials. Moreover, the Asia-Pacific region is witnessing rapid economic development and industrialization, which is also giving an impetus to the soft magnetic materials market in the region.

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Some of the key global players in the soft magnetic market are Hitachi Metals Ltd. (Japan), Toshiba Materials Co. Ltd. (Japan), GKN Sinter Metals Inc. (U.S.), Sintex a/s (Denmark) and others. These players have adopted various organic and inorganic developmental strategies during the past five years.

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