Emerging Applications Boosting Soft Magnetic Composite Market
The Soft Magnetic Composite market is expanding rapidly due to its versatile application in high-efficiency motors and transformer cores. SMC materials are preferred for their 3D magnetic flux capability, low eddy current losses, and high saturation magnetization, outperforming traditional laminated steels in many applications.
Electrification of vehicles is a major driver. Electric motors in EVs use SMCs to improve efficiency and reduce weight, helping manufacturers comply with stringent emission norms. In addition, renewable energy systems, such as wind turbines and solar inverters, are increasingly relying on SMCs for efficient power conversion.
Regionally, Asia Pacific dominates due to extensive automotive and electronics manufacturing in China, Japan, and South Korea. Europe focuses on energy-efficient industrial applications, while North America leverages SMCs for aerospace and high-performance motors.
Key challenges include high raw material costs and limited awareness among end-users. However, research in low-loss and high-density SMCs promises long-term growth. Market segmentation includes by material (iron-based SMCs, cobalt-based SMCs), by application, and by geography, with a CAGR projected around 8–9% through 2035.