In a recent published report, Kenneth Research has updated the market report for Soft Magnetic Composite Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Soft Magnetic Composite Market products.
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Moreover, amongst all the continents that used pesticides, Asia registered as the largest user of pesticides by attaining a share of 52.4% in the year 2018. It was followed by the Americas, Europe, Africa and Oceania with 32.3%, 11.6%, 2% and 1.7% respectively. The statistics also stated that China was the largest user of pesticides amongst all the nations worldwide, utilizing 1,763,000 tonnes of pesticides for agricultural use.
The global soft magnetic composites market is anticipated to grow at a significant CAGR of 8.2%. Market gains are expected to be driven by the increase in the utilization of consumer electronics and automobiles in tandem with the rising economic output of numerous countries. Rapidly expanding production of plug-in and full-hybrid electric vehicles have led to stronger growth of SMCs in the automotive sector, as these require more magnetic components as compared to conventional vehicles.
“The CAGR value Could change due to COVID-19 Pandemic on Global Industry”
Technical advancements in the magnet manufacturing technologies have further strengthened the growth of soft magnetic composites in comparison to other magnetic materials. Introduction of nano-particle based materials in the manufacturing of soft magnetic composites is a key development in the field of material science concerning magnets.
The Asia Pacific is the largest regional market for the global soft composites market, followed by North America and Europe. The economic growth of the Asian countries coupled with the growth of electronics, automotive, and renewable power industry are among the key drivers for the growth of the SMC market in the Asian region.
The rapidly increasing number of applications of soft magnetic composites (SMCs) in various end-use sectors is one of the major factors anticipated to fuel market growth over the forecast period.
“The Final Report will cover the impact analysis of COVID-19 on this industry (Global and Regional Market).”
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In the past decade, applications pertaining to SMCs in the automotive and electronics industry have showcased a notable increase. This can be majorly attributed to the superior chemical properties associated with the use of such electromagnetic components.
The SMCs cater to a wide array of applications in the automotive industry, such as traction motors, pumps, DC/DC converters, and on-vehicle chargers. As per the analysis conducted by the Federal Reserve Bank of Chicago, the total sales and production concerning the light-vehicles witnessed considerable growth in 2017 as compared to 2016. The sales increased from 91.67 million units in 2016 to 93.45 million units in 2017. Some of the major emerging regional markets for the automotive industry are China, India, East Europe, and South America.
Furthermore, rapid advancements in the automotive industry pertaining to electric and hybrid vehicles have further strengthened the market growth for soft magnetic Composites materials
Key Answers Captured in Report?
- Which geography would have better demand for products/services?
- What are the strategies adopted by big players in the regional market?
- Which country would see the steep rise in CAGR & year-on-year (Y-O-Y) growth?
- What is the current & expected market size in the next five years?
- What is the market feasibility for long term investment?
- What opportunity the country would offer for existing and new players in the market?
- What is the risk involved for suppliers in the geography?
- What factors would drive the demand for the product/service in the near future?
- What is the impact analysis of various factors in market growth?
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