Soft Magnetic Materials Market - Global Industry Analysis, Size 2029Posted by Divakar on December 8th, 2020 The chemical industry is focused to keep the business operations running along with ensuring the labor safety amid the COVID-19 pandemic. To recover the losses created by the decline in demand for various products, the companies are capitalizing on the escalating demand for products such as disinfectants and personal protective equipment. Many leading players in the chemical industry have expanded their business to enter into the production of safety products. Companies are resorting to advanced technologies in production to reduce the dependence on work-force. They are increasingly adopting advanced digital capabilities to integrate supply chain and logistics to ensure the effective delivery of products. The industry heads are seeking the real-time situation of their supply chains to identify potential weaknesses, especially in terms of geography, and strengthen it. The financial disclosures are being extended beyond the usual financial statements to deal with the risks that have aroused amid the COVID-19 pandemic. Global sales of soft magnetic materials surpassed the market value of US$ 60 Bn in 2018. Though the demand will be concentrated in automotive industry, increasing use of soft magnetic materials in electrical components and use of sintered soft magnetic materials for electrical motors, generators, and transformers warrant high prospects of soft magnetic material consumption in the near future. A new Persistence Market Research (PMR) study reveals that the soft magnetic materials market is set for a robust CAGR during projection period (2019 – 2029), on the back of solid application potential in electric and hybrid electric vehicles that have been reflecting significant sales growth over the recent past. Request to Sample report @ https://www.persistencemarketresearch.com/samples/14842 Key Takeaways – Global Soft Magnetic Materials
Primarily pushed by the increasing trend of vehicle electrification, sales of soft magnetic materials will also be contributed by their increasing employment in a number of solar power generation initiatives. Market Players Relying on M&A The report identifies key market players and various strategies followed by these players in the global soft magnetic materials market. Some of the market giants are Toshiba Materials Co., Ltd., Rio Tinto PLC, Hitachi Metals Ltd, and GKN plc, among others. Extensive R&D in this field is boosting market growth. The recent trend of mergers and acquisition has enhanced market growth. A landmark development was the merger of Japan’s largest and world’s sixth-largest steel maker Nippon Steel Corporation with 27th-ranked Sumitomo Metal Industries in December 2017. Request to Sample report @ https://www.persistencemarketresearch.com/samples/14842 Global Soft Magnetic Materials Market Landscape The global soft magnetic materials market is anticipated to observe double-digit year-over-year growth, owing to impending needs of various end-use domains such as automotive, electronics, and metallurgy. Escalating demand for soft magnetic materials in developing countries, such as India and China, is estimated to open new avenues for manufacturers in the global soft magnetic materials market over the forecast period. Renewed focus on increasing energy efficiency and disruptive innovations for harvesting renewable energy has led to a positive shift in the market dynamics. Company Profile,
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