In 2024, the amorphous alloy industry maintained a high-growth momentum. Soft magnetic materials achieved distinct development across multiple fields and scenarios, while bulk amorphous alloys and amorphous coatings made significant progress. Market demand for catalytic and welding materials also expanded further. New Developments in the Soft Magnetic Materials Industry 1.Dual growth in output and output value: Annual outputs of iron-based amorphous ribbons, nanocrystalline alloy ribbons, and amorphous (nanocrystalline) alloy powders all saw substantial increases. The output value of amorphous soft magnetic materials exceeded 20 billion yuan, a year-on-year growth of 35%. 2.Dual markets at home and abroad for amorphous transformers: Domestic power grid tenders for amorphous transformers increased significantly compared with last year. Amorphous dry-type transformers also saw robust growth in off-grid applications such as rail transit and communication base stations. Demand for amorphous transformers surged in Southeast Asia, South Asia, East Asia, the Americas and other regions. 3.Dual synchronization of amorphous applications and new technology development: The world's first mass-produced amorphous-carbon fiber super motor was successfully launched; China's first set of 4.5MW large-capacity 35kV amorphous alloy aluminum winding box-type transformer was put into operation in Huaneng Shaanxi Mengjiawan Phase II PV project; domestic iron-based amorphous ribbons with a width of 280mm were successfully developed and produced; GAC Aion's new energy vehicles equipped with amorphous motors officially rolled off the production line. 4. Emergence of amorphous soft magnetic powders: Since May, the demand for amorphous soft magnetic powders has grown unexpectedly rapidly. This growth is not accidental—artificial intelligence and new energy industries require high-power, low-loss, and high-efficiency equipment, and amorphous soft magnetic powders meet the requirements for high frequency and miniaturization. Enterprises have intensified R&D efforts, and market applications have taken shape, especially in chip inductors. More than 10 new production lines were launched domestically within a year, bringing more opportunities for amorphous and nanocrystalline soft magnetic powders. More Active Overseas Market for Iron-based Amorphous Alloys Overseas demand for China's iron-based amorphous ribbons continued to rise, with favorable export conditions. India, South Korea, Russia and other countries have become major overseas markets. The development concentration of the nanocrystalline alloy industry has increased, and the withdrawal of small and medium-sized enterprises from the market has intensified. In 2024, the export volume of various nanocrystalline alloy inductive components increased significantly. A wave of Chinese nanocrystalline alloy ribbon enterprises expanding overseas emerged during 2022-2023. Chinese enterprises have invested in nanocrystalline alloy production lines in Southeast Asia, East Asia, Europe, and the Americas. Data from the Amorphous China Big Data Center shows that Chinese enterprises have invested in approximately 15 overseas nanocrystalline production lines of various types, with a designed annual capacity of about 9,000 tons, but the actual output in 2024 was less than 3,000 tons. Other Segments: Small but Competitive Markets *Bulk amorphous alloy structural parts: The market is expanding rapidly, with the consumer electronics sector remaining the main market. Demand for foldable phone hinges is high, and applications in high-end watch cases have also been developed. Exploration in medical devices and other fields is underway, but mass production has not yet been achieved. Amorphous energetic composite materials developed steadily, with only one enterprise supplying them under fixed-point agreements. The investment boom in bulk amorphous alloys has subsided, with no new projects launched by enterprises for three consecutive years. By the end of 2024, 8 domestic enterprises were capable of producing high-quality zirconium-based bulk amorphous structural parts, with an annual output value of approximately 1.1 billion yuan. *Amorphous coatings: The market began to recover. In 2024, the Amorphous Alloy Materials Application Branch of China Electrical Equipment Industrial Association and Huazhong University of Science and Technology jointly held the "First Promotion Conference on Industrial Development and Technological Progress of Amorphous Alloy Coatings" in Wuhan. Demand data from thermal power plants indicates that China's amorphous coating demand increased significantly compared with previous years. With the acceleration of industrial modernization and technological progress, downstream demand for high-performance coatings continues to grow, driving sustained growth in the amorphous coating market. Meanwhile, amorphous coatings demonstrate advantages in corrosion protection and strengthening repair of metal structural parts, boasting enormous potential. The development of cold spray technology is worthy of attention. Currently, the effectiveness of China's amorphous coating cold spray technology has been verified, and large-scale applications have more directions, with great potential in boiler surface corrosion and wear resistance. The output value of the entire industrial chain exceeded 1 billion yuan in 2024. *Amorphous alloy catalysts: They exhibit superior catalytic performance compared with crystalline materials. Currently, they show promising applications in water treatment, and may reduce the cost of hydrogen production by electrolysis of water, accelerating the maturity of this technology. More than 20 enterprises and over 30 scientific research institutes nationwide are engaged in R&D and production of amorphous catalysts, mainly applied in petrochemicals, pharmaceuticals, chemical fibers, new energy hydrogen production, etc. With the growing attention to new energy hydrogen production, the amorphous catalyst industry is accelerating, attracting investors' attention. Some domestic traditional alloy enterprises have also begun to investigate the amorphous catalyst industrial chain. *Amorphous brazing materials: New achievements have been made in application development in high-end markets.