Soft magnetic alloys are ferromagnetic materials that are easy to magnetize and demagnetize. In order to provide the best magnetic properties, these soft iron-based alloys have very low carbon, nitrogen and oxygen content. They rely on various added phosphorus, nickel and silicon to optimize the magnetic flux density, permeability and coercivity.
Due to the COVID-19 pandemic, the global Soft Magnetic Alloys market size is estimated to be worth US$ 3683.64 million in 2022 and is forecast to a readjusted size of US$ 6552.49 million by 2028 with a CAGR of 10.