By 2026, Soft Magnetic Materials Market to Rise at 7.6% CAGR
The growth of global soft magnetic materials market is primarily driven by soaring demand for hybrid and electric vehicles. The demand for soft magnetic materials is fuelled by utilization of soft magnetic motors in these vehicles as they offer several benefits including compact design, energy savings and noise reduction. Additionally, soft magnetic materials are gaining prevalence in power generation industries owing to their property of withstanding high temperatures. The adoption of soft magnetic materials by automotive industry is on the...
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