Global Soft Magnetic Materials Market Size, Share, Trends, and Forecast, 2026-2031 | EVs, Renewable Energy, and Smart Grids Drive Demand for Low-Loss Materials
The global soft magnetic materials market is projected to grow from USD 20.89 billion in 2025 to USD 30.62 billion by 2031, driven by electric vehicle adoption, renewable energy expansion, and smart grid development. Key materials include electrical steel, soft ferrites, and amorphous/nanocrystalline alloys used in transformers, motors, and power electronics. Asia-Pacific leads the market, with major players focusing on low-loss, high-performance solutions for automotive and energy applications.