Amorphous Soft Magnetic Materials Market is set to gain traction from the increasing research activities to develop new fabrication methods. Several researchers are striving to blend amorphous and nano-crystalline alloys for improving ductility & thermal stability.
Fortune Business Insights™ presents this information in a new study, titled, “Amorphous Soft Magnetic Materials Market Size, Share & COVID-19 Impact Analysis, By Application (Electronic Article Surveillance, Flexible Antenna, Magnetic Sensors, Magnetic Shielding, Transformers, and Others), and Regional Forecast, 2020-2027.” The study further mentions that the market size was USD 522.4 million in 2019 and is projected to reach USD 728.5 million by 2027, exhibiting a CAGR of 4.7% during the forecast period.
COVID-19: High Demand for Medical Equipment to Affect Market Positively
The COVID-19 pandemic has caused severe economic losses for a wide range of industries. But, it has affected the field of amorphous soft magnetic materials positively. The main reason behind this is the high demand for medical equipment, such as ventilators, MRI machines, and CT-scanners worldwide. In March 2020, the Society of Critical Care Medicine mentioned that approximately 9, 60,000 patients would require ventilators amid this global pandemic in the U.S. alone. Hence, the need for global amorphous soft magnetic materials would grow rapidly as they help in manufacturing high-quality equipment.
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This Report Answers the Following Questions:
- What are the market drivers, obstacles, and dynamics?
- Which segment and region would dominate the market?
- What are the significant strategies adopted by key companies?
- How are researchers trying to find new materials for enhancing production?
Drivers & Restraints
High Demand for Amorphous Alloys to Accelerate Growth
Amorphous alloys mainly contain cobalt, nickel, and iron with silicon or phosphorus, carbon, and boron. Industrial consumers are nowadays trying to reduce operating cost, save energy, and operate efficiently. Hence, they are looking for amorphous alloys which are helping them to fulfil their requirements. Apart from that, they have numerous significant properties, such as good mechanical strength and low coercive field. These factors are set to boost the amorphous soft magnetic materials market growth throughout the forthcoming years. However, the availability of several substitute soft magnetic materials may hamper growth.
Transformer Segment to Lead Backed by Presence of Amorphous Alloys in Magnetic Core
Based on application, the market is segregated into transformers, magnetic shielding, magnetic sensors, flexible antenna, electronic article surveillance, and others. Out of these, the transformers segment held 55.9% in terms of amorphous soft magnetic materials market share in 2019. This segment would lead the market in the near future as amorphous alloys are extensively used to develop the magnetic core of the transformers. This, in turn, provides improved efficiency and reduces the overall weight of the transformer.