Top 10 Companies in the Soft Magnetic Composites (SMCs) Market (2026): Market Leaders Powering Global Applications

The Global Soft Magnetic Composites (SMCs) Market was valued at USD 2,340 million in 2023 and is projected to reach USD 3,079.95 million by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 3.10% during the forecast period (2025–2034). This growth is being driven by expanding demand for high‑performance power conversion equipment, rising electrification in automotive and energy sectors, and continuous innovation in magnetic material technologies.

As the industry evolves towards higher efficiency and sustainability, the spotlight is on the key players who are shaping the future of soft magnetic composites. In this blog, we profile the Top 10 Companies in the Soft Magnetic Composites (SMCs) Market—a mix of material innovators, manufacturing leaders, and technology pioneers driving the market forward.

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Soft Magnetic Composites (SMCs) Market – View in Detailed Research Report

Market Size & Definition

Soft magnetic materials are characterized by low coercivity and high permeability, enabling them to be easily magnetized and demagnetized. They play a critical role in transferring and transmitting electromagnetic energy across power conversion equipment, transformers, motors, and electronic devices. Soft magnetic composites (SMCs) are engineered powders of magnetic particles embedded in insulating matrices, offering superior performance and reduced core losses compared to traditional metal and ferrite materials.

Top 10 Companies in the Soft Magnetic Composites (SMCs) Market

1️⃣ Steward Advanced Materials Inc

Headquarters: Minneapolis, USA
Key Offering: High‑performance SMC powders, insulating binders, and custom composite solutions

Steward Advanced Materials leads the industry with its proprietary nanocrystalline SMC technology, delivering low core losses and high power density for electric vehicle motors and renewable energy inverters.

Sustainability & Growth Initiatives:

• Investing in green manufacturing processes to reduce CO₂ emissions by 20% by 2030
• Partnering with automotive OEMs to supply SMCs for next‑generation EV motors
• Expanding global production capacity in Asia to meet rising demand

2️⃣ GKN Sinter Metals

Headquarters: Birmingham, UK
Key Offering: Sintered magnetic composites, iron‑based SMCs, and high‑temperature alloys

GKN Sinter Metals specializes in sintered magnetic composites that offer high saturation flux density, making them ideal for power electronics and aerospace applications.

Sustainability & Growth Initiatives:

• Developing recyclable SMCs to support circular economy goals
• Collaborating with renewable energy projects to supply high‑efficiency transformers
• Investing in R&D to enhance magnetic performance at elevated temperatures

3️⃣ Dexter Magnetics

Headquarters: Dallas, USA
Key Offering: Custom SMC formulations, magnetic shielding, and magnetic core products

Dexter Magnetics provides tailored SMC solutions for industrial and consumer electronics, focusing on reducing core losses and improving device reliability.

Sustainability & Growth Initiatives:

• Implementing energy‑efficient manufacturing lines to cut power consumption
• Expanding product portfolio to include eco‑friendly insulating matrices
• Forming joint ventures with semiconductor companies to integrate SMCs into chip cooling systems

4️⃣ MMG Canada Limited

Headquarters: Montreal, Canada
Key Offering: High‑density SMCs, magnetic core assemblies, and specialty alloys

MMG Canada delivers high‑density magnetic composites for power transformers and induction heating systems, emphasizing low core losses and compact form factors.

Sustainability & Growth Initiatives:

• Optimizing supply chain to reduce carbon footprint across North America
• Investing in digital twins for process optimization and predictive maintenance
• Partnering with automotive manufacturers to supply SMCs for hybrid powertrains

5️⃣ Magnetics

Headquarters: Oslo, Norway
Key Offering: Composite magnetic cores, high‑frequency SMCs, and custom magnetic components

Magnetics specializes in high‑frequency SMCs for power electronics, offering solutions that reduce size and improve efficiency in consumer and industrial devices.

Sustainability & Growth Initiatives:

• Developing low‑VOC binders to meet stringent environmental regulations
• Expanding production capacity in Europe to serve the growing EV market
• Collaborating with research institutions to explore next‑generation magnetic materials

6️⃣ AMES

Headquarters: Stockholm, Sweden
Key Offering: Advanced magnetic composites, magnetic shielding, and specialty alloys

AMES delivers high‑performance SMCs for aerospace and defense applications, focusing on lightweight and high‑strength magnetic components.

Sustainability & Growth Initiatives:

• Implementing circular economy practices for material recycling
• Investing in AI‑driven design tools for faster product development
• Expanding global sales network to penetrate emerging markets

7️⃣ Elna Magnetics

Headquarters: Helsingborg, Sweden
Key Offering: Magnetic composites, magnetic cores, and magnetic shielding solutions

Elna Magnetics offers a wide range of magnetic composites for power electronics, medical devices, and industrial automation, emphasizing reliability and performance.

Sustainability & Growth Initiatives:

• Reducing greenhouse gas emissions through energy‑efficient production
• Developing eco‑friendly binders to lower environmental impact
• Collaborating with automotive OEMs for EV motor applications

8️⃣ Hitachi Metals Ltd

Headquarters: Tokyo, Japan
Key Offering: High‑performance SMCs, magnetic alloys, and core materials for power electronics

Hitachi Metals provides cutting‑edge SMCs that enable high‑frequency operation and reduced core losses in industrial and consumer electronics.

Sustainability & Growth Initiatives:

• Investing in renewable energy projects to power manufacturing facilities
• Developing recyclable magnetic composites for sustainable production
• Expanding R&D collaborations with universities for advanced magnetic research

9️⃣ Höganäs AB

Headquarters: Höganäs, Sweden
Key Offering: Magnetic composites, magnetic alloys, and magnetic components for industrial applications

Höganäs AB specializes in high‑quality magnetic composites for power electronics, providing solutions that improve efficiency and reduce size.

Sustainability & Growth Initiatives:

• Implementing water‑recycling systems to reduce water consumption
• Investing in digital manufacturing to optimize material usage
• Partnering with renewable energy projects to supply SMCs for grid‑integrated systems

🔟 Arnold Magnetic Technologies Corp

Headquarters: West Palm Beach, USA
Key Offering: Magnetic composites, high‑frequency SMCs, and custom magnetic solutions

Arnold Magnetic Technologies provides high‑frequency SMCs for power electronics and industrial automation, focusing on reducing core losses and enhancing device performance.

Sustainability & Growth Initiatives:

• Developing low‑energy manufacturing processes to cut carbon emissions
• Expanding product lines to include eco‑friendly binders
• Collaborating with automotive and aerospace partners for advanced magnetic applications

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Outlook: The Future of Soft Magnetic Composites (SMCs) Market

The SMC market is undergoing a dynamic shift. While traditional metal and ferrite composites still dominate, the industry is investing heavily in nanocrystalline and high‑temperature SMCs to meet the demands of electric vehicles, renewable energy, and high‑frequency power electronics.

Key Trends Shaping the Market:

• Rapid expansion of EV and hybrid vehicle markets driving demand for lightweight, high‑efficiency SMCs
• Growth in renewable energy installations requiring high‑performance magnetic cores for inverters and transformers
• Continued innovation in nanostructured materials to reduce core losses at high frequencies
• Increased focus on sustainability, leading to recyclable composites and greener manufacturing processes
• Digitalization of supply chains and predictive maintenance for manufacturing optimization

These trends position the Soft Magnetic Composites (SMCs) market for sustained growth, offering significant opportunities for manufacturers, investors, and technology developers.