(MENAFN - America News Hour) The global soft magnetic composites market is anticipated to grow at a significant CAGR of 8.2%. Market gains are expected to be driven by the increase in the utilization of consumer electronics and automobiles in tandem with the rising economic output of numerous countries. Rapidly expanding production of plug-in and full-hybrid electric vehicles have led to stronger growth of SMCs in the automotive sector, as these require more magnetic components as compared to conventional vehicles. 'The CAGR value Could change due to COVID-19 Pandemic on Global Industry' Download Sample of This Strategic Report- Technical advancements in the magnet manufacturing technologies have further strengthened the growth of soft magnetic composites in comparison to other magnetic materials. Introduction of nano-particle based materials in the manufacturing of soft magnetic composites is a key development in the field of material science concerning magnets.