Soft Ferrite Core Market Forecast 2023 - 2030

By Type :

The type segment is categorized into manganese-zinc ferrite and nickel-zinc ferrite. In 2022, the manganese-zinc ferrite segment accounted for the highest market share and is anticipated to grow at the fastest CAGR during the forecast period.

Manganese zinc ferrites are technically and scientifically a very important class of ferrite materials owing to their high magnetic permeability and low core losses. These materials have been broadly used in electronic applications such as transformers, choke coils, noise filters, and memory devices. Furthermore, transformers are majorly used in the electrical power system for different purposes, such as power generation, distribution, and transmission. The surging need for transformers in power generation is proliferating the demand for manganese zinc ferrite cores. For instance, according to the statistics reported by the Ministry of Power (Govt. of India), the total electricity generation (including renewable sources) during 2022-23 was 1,624.2 billion units as compared to 1491.9 billion units generated during 2021-22, representing a growth of about 8.87%.

In addition to this, the ongoing research for the potential use of manganese-zinc ferrite nanoparticles in cancer treatment is another factor expected to enhance segment growth in the forecast years.

By End-Use Industry :

The end-use industry segment is categorized into automotive, electronics, consumer goods, solar, telecommunication, and others. In 2022, the electronics segment accounted for the highest market share of 27.50% in the overall soft ferrite core market. Soft ferrite cores possess unique magnetic properties, making them ideal for use in a variety of electrical components such as transformers, inductors, and chokes. As electronic devices become more compact and powerful, soft ferrite cores are used for EMI suppression, reducing unwanted noise, and others. Hence, the above mentioned factors are contributing to the growing product demand in the electronics industry.

However, the telecommunication segment is anticipated to grow at the fastest CAGR during the forecast period. The growth of the segment is driven by the rise in the proliferation of wireless communication technologies such as 5G and IoT devices, leading to an increasing need for soft ferrite cores for operating efficiently at high frequencies. The increasing prevalence of cell phones and the simultaneous decline in landline phones across the globe is one of the key factors that is expected to foster segment growth. For instance, according to the data reported by WorldData, in 2021, 91.75% of all residents in the U.S. have access to the internet, out of which 37.9% have a fast internet connection.

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By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

In 2022, Asia Pacific accounted for the highest market share of 39.50% and was valued at USD 748.34 million and is expected to reach USD 1,166.01 million in 2030, growing at the fastest CAGR of 6.1% over the forecast period. In the Asia Pacific region, China accounted for the highest market share at 31.05%. The market growth in the region is attributed to factors such as the increasing adoption of electronic devices, the expansion of telecommunication networks, and the rise in renewable energy sources, among others. China's telecommunications industry registered rapid growth in business revenue owing to the application of new Information Technology (IT) infrastructure including the 5G network. For instance, according to the statistics published by the China State Council, by the end of 2021, China built and put into operation about 1.43 million 5G base stations, accounting for over 60% of the world's total and accounting for the largest 5G network globally. Furthermore, according to the report published by the International Energy Agency, China was responsible for about 38% of solar photovoltaic generation growth in 2022. Also, in 2021, India installed 18 GW of solar photovoltaic in 2022, approximately 40% more than the previous year. Thus, the factors mentioned above are creating an optimistic growth prospect for the soft ferrite core market in the region.