The global bonded magnet market was worth 1,631.80 million in 2022 and is poised to register a CAGR of 6.99% over 2022-2030, thereby amassing USD 3,210.00 billion by end of the analysis timeline.
Bonded magnets are referred to as the composites made by the composition of adhesives, magnetic powders, and suitable additives. These compounds are mixed together and molded into solid magnets. They are regarded as one of the most widely utilized magnets across numerous end use industries. Bonded magnets are known for their high durability, pressure resistance, chemical resistivity, flexibility, and tensile strength.
Segmental assessment of the market
Based on products, the marketplace is fragmented into rare-earth bonded magnets, hybrid bonded magnets, and ferrite bonded magnets. The ferrite bonded magnets segment is slated to amass notable gains over 2022-2030 owing to their high tensile strength and flexibility.
In terms of application, the industry sphere is split into electrical & electronics, automotive & transportation, medical, industrial, military & aerospace, power generation, and others. The electrical & electronics segment is anticipated to grow substantially over the forecast duration due to the utilization of bonded magnets in consumer electronics owing to their cost effectiveness.
Expounding the geographical landscape of worldwide bonded magnet market
The major regions defining the geographical ambit of the business sphere are North America, Middle East & Africa, Europe, Asia Pacific, and Latin America. Among these, Asia Pacific is projected to capture a high market share over 2022-2030 attributing to prompt industrialization, rising sales of e-vehicles, and growth in the consumer electronics sector.
Also, North America is slated to showcase lucrative expansion trends over the stipulated timeline which is credited to the rapid surge in disposable incomes, robust economic developments, and the presence of strong market players.
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The major companies operating in the marketplace are Super Magnet Co. Ltd., TDK Corporation, Alliance LLC, Arnold Magnetic Technologies, National Imports, LLC, Ningbo Yunsheng Co. Ltd., MMC Magnetics Corp., Advanced Technology Materials Co. Ltd., Adams Magnetic Products, Dexter Magnetic Technologies, MP Material, Dura Magnetics, Inc., Hitachi, Ltd., Xiamen Yuxiang Magnetic Technology Co. Ltd., MS-Schramberg GmbH & Co. KG, Magnequench International, LLC, RHEINMAGNET Horst Baermann GmbH, and Evitron.
Notably, in 2021, Arnold Magnetic Technologies announced the acquisition of Ramco Electric Motors Company. This decision was aimed at strengthening the company’s vision to develop innovative materials to meet growing consumer demands.
Global bonded magnet market- Growth determinants and restraints
The widespread adoption of bonded magnets in electronics and electrical sectors is primarily aiding the expansion of this market sphere. Alongside, cost effective manufacturing process pertaining to these compounds coupled with their versatility are adding traction to the industry progression.
Moreover, these magnets are predominantly used in the production of e-vehicles. Therefore, the escalating demand for electronic vehicles to minimize carbon footprints is creating lucrative opportunities for the market to prosper.
Also, rapid industrialization, growing research & development investments, and technological developments in the field are augmenting the industry outlook. Besides, booming consumer electronics sector is fueling the progression of the market.
Furthermore, the utilization of bonded magnets in computer hardware as they are equipped with the ability to expand data storage systems is accelerating the industry growth. Alongside, these magnets are eco-friendly in nature, which in turn is accelerating their demand across numerous applications.
On the contrary, availability of counterfeit elements and lack of awareness about the benefits of bonded magnets are obstructing the remuneration scope of the industry.
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The COVID-19 pandemic outbreak had an adverse impact on the development of this industry vertical. Restrictive containment measures like lockdown imposition led to the temporary shutdown of manufacturing plants across various regions. This in turn affected the sales of bonded magnetic substances, thereby hampering the overall market progression.
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