This paper highlights two important aspects of the electromagnetic field modeling and simulation when used for industrial applications, namely the application based benchmarking activities and the magnetic material modeling. It emphasizes the relationship between the two, and briefly reviews the recent progress in extending the TEAM (Testing Electromagnetic Analysis Methods) Problem 21 Family (P21) and the related modeling results, and proposes a new benchmarking project which includes the upgraded benchmark models that can handle extreme excitations, i.e. current sources with a DC bias, as well as multiple harmonics.