Growth Trajectory: Soft Magnetic Composite Market Set for 9.3% CAGR till 2033
According to a Future Market Insights (FMI) report, the global soft magnetic composite market value is forecast to increase from US$ 44,459.0 Million in 2023 to US$ 108,392.0 Million by 2033. Over the assessment period, global demand for soft magnetic composites is predicted to surge at a CAGR of 9.3%.
The electrical steel segment is expected to dominate the soft magnetic composite industry through 2033. It will likely hold a volume share of 63.9% in 2023. On the other hand, the iron powder segment is poised to exhibit a higher CAGR of 9.8% through 2033.
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