Based on Fact.MR, a market research and competitive intelligence provider, the global nanocrystalline soft magnetic materials market is estimated at US$ 6.6 billion in 2022 and is expected to expand at a CAGR of 10.2% during the forecast years of 2022-2032.
In electric vehicles, such as plug-in hybrid electric vehicles (PHEV) and battery electric vehicles (BEV), unwanted high-frequency electromagnetic interference (EMI) noise occurs and strains the operations of the computer-controlled self-driving system.
Therefore, demand for solid solutions is on the rise as a consequence of EMI, and this requirement will further surge significantly as silicon devices are being replaced with next-generation semiconductors such as SiC (silicon carbide) and GaN (gallium nitride).
Open designs of EMI chokes are being developed, such as SCHURTER’s new DKIH series, which hold considerable potential in suppressing EMI noise.
On the back of these factors and surging demand for products with high capacity and higher switching frequency, the global nanocrystalline soft magnetic materials market is anticipated to continue to witness growth over the forecast period.
To produce small and lighter power supply electrical circuits for electrical vehicles, nanocrystalline soft magnetic materials have emerged as a choice of material and robust growth in the global electric vehicles industry is set to amplify the demand for nanocrystalline soft magnetic materials during the forecast period.
Key Takeaways from Market Study
- The global NCSMM market is valued at US$ 6.6 billion in 2022
- The global valuation for NCSMM is anticipated to reach US$ 17.5 billion by 2032-end
- APAC tops the global NCSMM market accounting for a major market share
- Motors application accounts for the highest share of global sales
- North America has a market share of 7% in 2022, and it is estimated to value at US$ 1.5 billion in 2022
“Attractive magnetic properties and unique microstructure of nanocrystalline soft magnetic materials have propelled the market’s growth,” says a Fact.MR analyst.
Strategies Driving Market’s Growth
Market goliaths within the nanocrystalline soft magnetic material market have been aligning themselves with new emerging trends in photovoltaic applications, inductive charging, and electric vehicle. Further, players have well maintained their targeted strategic approach through production capacity expansions and numerous product developments.