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Soft magnetic materials market to grow to $30.62B by 2031 driven by EVs, renewable energy, and smart grids.

Market News
16 Oct 2026
Researchandmarkets.Com
View Source
Bullish
Soft magnetic materials market to grow to $30.62B by 2031 driven by EVs, renewable energy, and smart grids.

The global soft magnetic materials market, valued at $20.89 billion in 2025, is projected to reach $30.62 billion by 2031 with a CAGR of 6.7%. Growth is fueled by rising demand in electric vehicles, renewable energy, and smart grid applications, which require energy-efficient, low-loss magnetic materials. Asia-Pacific leads adoption due to industrial expansion and EV manufacturing. Challenges include high production costs and performance under harsh conditions, but advances in nanocrystalline and amorphous alloys are improving efficiency and durability. Key players are focusing on innovations to meet growing market needs across automotive, energy, and industrial sectors.

The global soft magnetic materials market is projected to grow from $20.89 billion in 2025 to $30.62 billion by 2031, driven by demand in electric vehicles, renewable energy, and smart grids. For readers following the Basic Materials sector, here is Pluang's market snapshot as of Oct 16, 2026 13:11 WIB: Among 83 priced US stocks, 62 rose and 19 fell. Notably, Sibanye Stillwater Ltd (SBSW) rose 4.35% to USD 9.83 with 100% buy orders and a typical hold time of 51 days, outperforming Sherwin-Williams Company (SHW) which gained 4.09% to USD 337.82, and Aura Minerals Inc. (AUGO) up 3.80% to USD 85.45 with a much shorter hold time of 1 day.

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