Discover Top 50 Companies in Soft Magnetic Materials: Global Share, Market Size, Revenue Report (2024–2035)
RELEASE DATE: Sep 2025 Author: Spherical InsightsRequest Free Sample Speak to Analyst
Description
According to a research report published by Spherical Insights & Consulting, The Global Soft Magnetic Materials Market Size is projected to Grow from USD 19.2 Billion in 2024 to USD 31.8 Billion by 2035, at a CAGR of 5.18% during the forecast period 2025–2035. Growing power distribution and rising demand for motors in medical equipment, electric vehicles, and renewable energy projects are driving market growth. Increased investments, such as the European funding, boost the production of motors, transformers, and soft magnetic materials globally.
Introduction
Soft magnetic materials market includes materials with high magnetic permeability and low coercivity that are used in transformers, motors, and electronics, and it is being driven by the need for efficient energy systems and sophisticated technologies. Rising power distribution requirements and growing motor demand across applications, particularly in medical equipment, electric vehicles, and renewable energy systems, are driving the market for soft magnetic materials. Production of motors, transformers, and generators is being driven by advancements in energy harvesting and increased investments in the power sector, especially in countries like the U.S. and Canada. Soft magnetic materials are crucial in relays, inductors, and electromagnets because of their high permeability, low coercivity, resistance to corrosion, and effectiveness in magnetic flux amplification. Market growth is further supported by the expansion of the electricity industry, which is fuelled by infrastructure development, rural electrification, and population growth. Demand is being increased by government programs like India's DDUGJY and IPDS. Despite upsetting supply chains, COVID-19 increased demand for medical devices that use soft magnetic materials, such as ventilators. Together, these elements set up the market for soft magnetic materials for robust, long-term growth during the projected period.
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Soft Magnetic Materials Market Size & Statistics
- The Market Size for Soft Magnetic Materials Was Estimated to be worth USD 19.2 Billion in 2024.
- The Market Size is Going to Expand at a CAGR of 5.18% between 2025 and 2035.
- The Global Soft Magnetic Materials Market Size is anticipated to reach USD 31.8 Billion by 2035.
- North America is expected to generate the highest demand during the forecast period in the Soft Magnetic Materials Market
- Asia Pacific is expected to grow the fastest during the forecast period in the Soft Magnetic Materials Market.
Regional growth and demand
Asia Pacific is expected to grow the fastest during the forecast period in the soft magnetic materials market. China is in a strong position because of its vast industrial network and growing use of consumer goods and electric cars. India, South Korea, and Japan all make substantial contributions, helped along by developments in energy infrastructure and automobile technology. Soft magnetic composites and cutting-edge materials that improve efficiency and allow for miniaturisation in contemporary applications are gaining popularity in the area. Despite obstacles including volatile raw material prices and stringent environmental laws, the Asia-Pacific continues to be a centre for high-volume manufacturing and innovation. It is anticipated that ongoing investments in cutting-edge applications and sustainable technologies would support the region's long-term market growth.
North America is expected to generate the highest demand during the forecast period in the soft magnetic materials market. Strong demand in important industries, including automotive, electronics, industrial automation, and clean energy, is fuelling the expansion. The area gains from strong R&D facilities, sophisticated manufacturing capabilities, and rising investments in smart grid and electric vehicle technologies. The market for soft magnetic components in motors, transformers, and renewable energy systems is dominated by the US. By growing their sustainable energy and industrial projects, Canada and Mexico also contribute. Soft magnetic composites are becoming more and more popular due to their energy-efficient and lightweight characteristics.
Top 10 trends in the Soft Magnetic Materials Market
- Rising Demand from the Electric Vehicle (EV) Industry
- Increased Use in Renewable Energy Systems
- Technological Advancements in Material Development
- Growing Adoption in Medical Equipment Manufacturing
- Expansion of Smart Grids and Power Infrastructure
- Focus on Miniaturization and High-Efficiency Electronics
- Shift Toward Sustainable and Recyclable Materials
- Increased Investment in Power Transmission and Distribution
- Integration with Industry 4.0 and Automation Technologies
- Post-COVID Growth in Healthcare and Clean Energy Sectors
1. Rising Demand from the Electric Vehicle (EV) Industry
EV components like motors and charging stations require soft magnetic materials. Global EV adoption is pushing innovation and production scaling throughout automotive supply chains due to the growing demand for effective, lightweight, and high-performance magnetic materials.
2. Increased Use in Renewable Energy Systems
Soft magnetic materials are used in energy storage systems, solar inverters, and wind turbines to convert energy efficiently and with little loss. The demand for sophisticated magnetic solutions in grid integration and renewable power generation has greatly increased due to the global transition to clean energy.
3. Technological Advancements in Material Development
Magnetic performance, core losses, and thermal stability are all being improved by advancements in alloys, coatings, and nanocrystalline materials. These developments increase the range of high-frequency, high-efficiency devices that can be used in the industrial, automotive, and aerospace sectors.
4. Growing Adoption in Medical Equipment Manufacturing
Medical devices that demand precise motor control and electromagnetic performance include surgical robots, ventilators, and MRI machines. The need for soft magnetic materials in sophisticated, low-noise, and highly effective medical equipment is being driven by the pandemic and increased investments in healthcare infrastructure.
5. Expansion of Smart Grids and Power Infrastructure
Sensors, power electronics, and smart transformers all depend on soft magnetic materials. The requirement for effective magnetic components in grid automation and power distribution is growing rapidly as nations update their systems to accommodate distributed generation and renewable inputs.
Empower your strategic planning:
Stay informed with the latest industry insights and market trends to identify new opportunities and drive growth in the soft magnetic materials market. To explore more in-depth trends, insights, and forecasts, please refer to our detailed report.
Top 14 Companies Leading the Soft Magnetic Materials Market
- Nippon Steel Corp.
- Carpenter Technology Corp.
- Hitachi Metals, Ltd.
- Baosteel Group Corp.
- Midrex Technologies, Inc.
- JFE Steel Corp.
- Aperam SA
- Kawasaki Steel Corp.
- Tata Steel Ltd.
- Voestalpine High-Performance Metals GmbH
- Vacuumschmelze GMBH
- ArcelorMittal
- Thyssenkrupp AG
- Allegheny Technologies, Inc.
- Others
1. Nippon Steel Corp.
Headquarters: Tokyo, Japan
Nippon Steel Corporation is renowned for its cutting-edge soft magnetic materials, which are utilised in energy-efficient systems, transformers, and motors. The business specialises in premium electrical steel, which is necessary for industrial, renewable energy, and electric car applications. Nippon Steel produces materials with high permeability, low energy loss, and superior formability via ongoing research and development. Its emphasis on innovation and sustainability promotes decarbonisation and environmentally friendly production. With a significant global footprint, Nippon Steel contributes significantly to the advancement of energy efficiency and electrification in a variety of industries.
2. Carpenter Technology Corp.
Headquarters: Philadelphia, Pennsylvania, United States
High-performance soft magnetic materials used in industrial, automotive, medical, and aerospace applications are among the speciality alloys that Carpenter Technology Corporation is a major creator and manufacturer of. High magnetic saturation, reduced core loss, and outstanding performance under difficult conditions are the engineering features of the company's Hiperco® and other premium magnetic alloys. With its innovative, high-quality, and precise material solutions, Carpenter supports cutting-edge technologies such as industrial automation, medical imaging, and electric vehicles. Carpenter Technology contributes to the global advancement of complicated magnetic applications and energy-efficient systems through a strong dedication to research and development and customer engagement.
3. Hitachi Metals, Ltd.
Headquarters: Tokyo, Japan
Hitachi Metals, Ltd. is well-known for its high-performance soft magnetic materials, including Metglas® and FINEMET®. These materials' remarkable magnetic permeability, minimal core loss, and great efficiency make them use in electric motors, transformers, inverters, and renewable energy systems. Hitachi Metals supports sectors like automotive, energy, electronics, and healthcare by emphasising innovation and precision engineering. The corporation is a key player in the global transition to electrification and smart technologies, with a focus on sustainability, energy efficiency, and innovative manufacturing.
4. Baosteel Group Corp.
Headquarters: Shanghai, China
High-grade electrical steel and other soft magnetic materials are supplied by Baosteel Group Corporation, a subsidiary of China Baowu Steel Group, a significant worldwide steel manufacturer. Its goods are widely utilised in electric motors, generators, transformers, and electric vehicle components because of their high efficiency, low energy loss, and superior magnetic qualities. Baosteel has significant investments in R&D and green manufacturing, and its priorities are innovation, sustainability, and quality. Baosteel, which serves the automotive, energy, and industrial sectors, is essential to the global electrification and clean energy transitions.
5. Midrex Technologies, Inc.
Headquarters: Charlotte, North Carolina, United States
Midrex technology, Inc. Despite its primary concentration on iron-making technologies, Midrex promotes environmentally friendly steel production methods that help create premium electrical steels for transformers, motors, and other magnetic components. By focusing on innovation, energy efficiency, and environmental responsibility, the company assists steel companies in lowering their carbon emissions. Advanced technology from Midrex is essential to the global supply chain for soft magnetic materials used in the automotive, energy, and industrial sectors.
Are you ready to discover more about the Soft Magnetic Materials market?
The report provides an in-depth analysis of the leading companies operating in the global soft magnetic materials market. It includes a comparative assessment based on their product portfolios, business overviews, geographical footprint, strategic initiatives, market segment share, and SWOT analysis. Each company is profiled using a standardized format that includes:
Company Profiles
- Nippon Steel Corp.
- Business Overview
- Company Snapshot
- Products Overview
- Company Market Share Analysis
- Company Coverage Portfolio
- Financial Analysis
- Recent Developments
- Merger and Acquisitions
- SWOT Analysis
- Carpenter Technology Corp.
- Hitachi Metals, Ltd.
- Baosteel Group Corp.
- Midrex Technologies, Inc.
- JFE Steel Corp.
- Aperam SA
- Kawasaki Steel Corp.
- Tata Steel Ltd.
- Voestalpine High-Performance Metals GmbH
- Vacuumschmelze GMBH
- ArcelorMittal
- Thyssenkrupp AG
- Allegheny Technologies, Inc.
- Others
Conclusion
The market for soft magnetic materials is growing quickly due to rising demand in the energy, automotive, and healthcare industries. Product performance and application scope are being improved by advancements in material technology, energy-efficient designs, and sustainable production. The rise of smart grids, electric vehicles, and medical technology advancements, together with increased healthcare awareness, all contribute to growth. Production and distribution are also changing as a result of digital technologies and environmentally friendly initiatives. The market is positioned for long-term, sustainable growth to satisfy global demand due to ongoing innovation and an emphasis on sustainability.
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