Soft Ferrite Market Share

North American Market Forecast

The market in North America is estimated to witness noteworthy growth over the forecast period on the back of the rising production of electrical components in the region. Apart from this, the growing use of electric motors for a variety of industrial applications such as refrigeration, pumping, compressed air, and material processing, is also expected to expand the market in the region in the coming years. As a result of an increase in electrical machinery production in the region. Key market companies in the region's electrical industry, including General Electric, demonstrate an increase in soft ferrite usage. One of the main influences fueling the expansion of the market in North America is the increasing demand for electric automobiles. In the motors and generators of electric cars, ferrite magnets are used. The region's primary markets are the United States and Canada.

APAC Market Statistics

Moreover, the market in the Asia Pacific is projected to occupy the largest share during the forecast period, which can be credited to the increasing demand for electricity, rapid population growth, and growing industrialization in the region. For instance, the electricity consumption in China was more than 7500 terawatt hours in 2020, up from about 7225 terawatt hours in 2019. The total electricity consumption in this nation has only observed a hike since 2010. Over the historical era, Japan has shown potential for expansion in the soft ferrite industry. This is a consequence of increased soft ferrite usage in electrical components such as transformers, smart transformers and motors. Furthermore, an increase in power industry projects may increase the requirement for soft ferrite in the country. According to the National Investment Promotion and Facilitation Agency, India's contribution to global electronics production has increased from 1.3% in 2012 to 3.0% in 2018, with a target of $400 billion by 2025. Therefore, the rise in the electronics sector is also estimated to contribute to the regional market.

Europe Market Forecast

Moreover, the market in Europe is anticipated to acquire a significant share during the forecast period. Higher permeation and saturation degrees of Mn-Zn ferrite are expected to boost consumption from motor manufacturers, increasing sales in Europe. As a result of its energy-saving properties, soft ferrite is increasingly being used in high-frequency transformers, which is expected to fuel the expansion of this market in Europe. Furthermore, Germany is known around the world for its pioneering microelectronics manufacturing and research facilities. Germany's electronics industry is also Europe's biggest manufacturing and distribution market. As a result, growth in the electronics sector is expected to add to the regional market over the upcoming decades.