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In terms of value, the global bonded magnet market is anticipated to expand at a CAGR of ~6% from 2020 to 2030 and cross US$ 3 Bn by 2030. Asia Pacific dominated the global bonded magnet market in terms of volume in 2019. It is estimated to be the leading region of the global bonded magnet market during the forecast period. The electrical & electronics industry is projected to offer lucrative opportunities for the global bonded magnet market in the near future.
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Bonded Magnet Market: Major Drivers and Restraints
In the transportation industry, an optimally designed motor with isotropic bonded magnets helps lower the motor weight and volume by 50% to 60%. Therefore, increase in adoption of bonded magnets in the automotive industry, owing to their lightweight property, is expected to drive the global bonded magnets market during the forecast period. Bonded magnet plays an important role in various electrical devices essential for everyday life.
These are utilized in various electronic items such as hard disks, scanners, DVD and CD drivers, and mobiles. Bonded magnets are also used in audio equipment such as speakers, headphones, and microphones.
Magnets are used in speakers alongside a current carrying coil, which converts electricity into mechanical energy that moves the speaker cone. This, in turn, changes the pressure of the surrounding air creating sound. Therefore, rise in usage of bonded magnets in electronic devices is anticipated to boost the global bonded magnet market during the forecast period.
The availability of strong substitutes is estimated to restrain the global bonded magnet market during the forecast period. The magnetic property in bonded magnets is comparatively lower compared to their sintered counterparts, owing to the presence of binders. This affects the performance of bonded magnets.
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The bonded Nd-Fe-B magnet is formed by injection molding; therefore, it contains adhesives. The density of adhesives is generally 80% of the theoretical density. Sintered Nd-Fe-B magnets are heated at high temperatures through complex processes. Therefore, the magnetism of bonded Nd-Fe-B magnets decreases by about 30% compared to that of sintered Nd-Fe-B magnets.
Bonded Magnet Market: Prominent Segments
Based on product type, the ferrite bonded magnets segment held major share of the global bonded magnet market in 2019. This trend is anticipated to continue during the forecast period. Ferrite magnets are manufactured with the help of iron powders. These forms of magnets are also known as ceramic magnets. Ferric powder is usually coated on to substrates such as plastic or rubber sheets.
This makes the bonded magnet flexible. Ferrite magnets are classified as rubber ferrites and plastic ferrites based on the substrate being used. Based on application, the electrical & electronics segment constituted large share of more than 30% of the global bonded magnet market in 2019. This trend is projected to continue throughout the forecast period. On the other hand, the industrial segment is anticipated to expand at a rapid pace during the forecast period.
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Competition Landscape of Bonded Magnet Market
Key manufacturers operating in the global bonded magnet market include Advanced Technology Materials Co. Ltd., Arnold Magnetic Technologies, Magnequench International, LLC, Alliance LLC, and DEXTER MAGNETIC TECHNOLOGIES.
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