Albany, NY -- (SBWIRE) -- 11/06/2017 -- In its report titled, "Soft Magnetic Materials Market: Global Industry Analysis and Forecast, 2016-2026", Persistence Market Research (PMR) estimates that the global consumption of soft magnetic materials will grow at an impressive 7.6% CAGR through 2026. Global consumption of soft magnetic materials was estimated at 16.1 Mn tons in 2016, and it is pegged to reach 33.708 Mn tons by 2026. In terms of revenue, this represents a US$ 113 Bn opportunity for manufacturers.

China is one of the top consumers and producers of steel. The geographical strength of Bayo Obo mines, which is rich in iron ore and rare earth elements offers a strong advantage. Manufacturers from countries such as Germany, Japan etc. are partnering a free trade with Mongolia as it is close to Bayo Obo. Furthermore, growing electric vehicles, bicycles, aerospace and power industries offer good opportunities for soft magnetic material manufacturers to expand in the APEJ region.

Leading manufacturers are concentrating on utilizing various types of alloys for SMC and electric steel production with an aim to improve energy efficiency. Key manufacturers of soft magnetic materials market include Hitachi Metals, Ltd., PMG Holding GmBH, VACUUMSCHMELZE GmBH & Co. KG, Rio Tinto PLC, GKN plc, Hoganas AB, voestalpine Stahl GmBH, Toshiba Materials Co., Ltd., Hengdian Group DMEGC Magnetics Co., Ltd., and Sumitomo Metal Mining Co., Ltd.

By volume, Asia Pacific Excluding Japan (APEJ), Eastern Europe and Latin America are expected to be the largest markets for soft magnetic materials. APEJ is estimated to remain dominant in the global soft magnetic materials market and is projected to grow at 8.5% CAGR, in terms of volume, through 2026. The soft magnetic materials market in APEJ is primarily driven by the presence of iron ore mines and cheap labor force. Eastern Europe is estimated to reflect 7.9% volume CAGR during the forecast period and is expected to be the second largest region for soft magnetic materials market.

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