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The global bonded magnet market is estimated at US$ 5.1 Bn in 2022, and is forecast to reach a valuation of US$ 10.9 Bn by 2032, expanding at an impressive CAGR of 7.8% from 2022 to 2032.
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Worldwide sales of bonded magnets account for around 14% share of the total market valuation of the global magnet market, which is projected to increase at a CAGR of 6.9% over the forecast period of 2022-2032.
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Historically, the bonded magnet industry witnessed growth at 4.2% CAGR from 2017 to 2021. The market for bonded magnets generated an absolute dollar opportunity of nearly US$ 1.3 Bn over this time period. It is expected to offer an absolute dollar opportunity of US$ 2.6 Bn and US$ 4.1 Bn in the mid-term (2022-27) and long-term (2022-2032), respectively.
The European bonded magnet market holds the second position in the global bonded magnet business, and is anticipated to gain 109 BPS at a CAGR of 7.3%.
The South Asia & Oceania bonded magnet market has observed notable growth in the last half-decade. It has increased its market share significantly and is likely to expand at a CAGR of 7.9% over the assessment period.
Increase in investments across different end-use industries due to rising customer demand for e-vehicles, mobiles, etc., has been noted in the recent past, which is poised to provide lucrative opportunities to manufacturers for bonded magnet production.
As a large chunk of end-use industries are located in Asian countries, the South Asia & Oceania market for bonded magnets is likely to gain around 15 BPS and offer an absolute dollar opportunity of nearly US$ 914 Mn during 2022 – 2032.
Based on product type, the rare earth magnets segment is one of the significant market shareholders. It holds nearly 1/3 market share and is likely to surge at a CAGR of 8.9% during the forecast period.
Fact.MR – a market research and competitive intelligence provider, projects the global bonded magnet market to experience growth at 7.8% CAGR during 2022-2032.
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“Green Energy Technologies to Create Sustainable Demand”
Bonded magnets are widely used to generate energy. As a result of global warming, many regions are determined to outfit their energy supplies using green energy sources. According to the Global Wind Energy Council, there is 743 GW of wind power capacity around the world, which is likely to result in the prevention of close to 1.1 Bn tons of CO2 emissions globally.
Thus, wind energy and solar energy have gained momentum. To produce energy, wind farms of large scale need to have effective turbines. These windmills consist of in-built motors that are made of NdFeB (neodymium iron boron magnets). Thus, an increase in the usage of bonded magnets in green energy technologies to generate energy is expected to drive market growth over the coming years.
“Increasing Electrification of Vehicles to Pave the Way for Manufacturers”
Over the coming years, the electric vehicle industry will have a chance to adapt to the rising and evolving demands of stakeholders, driven by its strong operational foundations in numerous countries.
For instance, electric vehicle sales have grown 65% during 2017-2021. In 2019, vehicle units sold increased to US$ 2.3 Mn, from US$ 2.1 Bn, accounting for Y-O-Y growth of 9%. Equally sobering, sales of EVs declined by over 25% in 2021.
Furthermore, Chinese bonded magnet manufacturers are also gradually joining JVs worldwide in various locations. Smaller companies with promising deposits have succeeded in steadily drawing greater attention to those who wish to broaden their product portfolios. These factors and targeted segmental investments made by various developed and developing economies, and will bolster demand for bonded magnets.
“Wind Turbines Driving Unit Sales of Bonded Magnets”
Wind is considered a substantial source of affordable renewable energy that presently contributes to 5% of the worldwide electricity demand. Technological advancement for more efficient and reliable bonded magnets makes wind turbines more cost-effective.
As the focus on climate change rises, numerous regions are realizing green strategies and quickly turning to clean energy technologies. This is leading to a surge in the demand for materials such as rare earth magnets used to complete the setup of wind turbines.
The European Commission has already recognized some of these components as critical raw materials. Heavy investments towards the production and installation of wind turbines is likely to increase the sales of bonded magnets across regions.
The global bonded magnet market is moderately consolidated in nature. There exist big players in the market with huge financial muscle and distribution networks spread across the globe. Key global players account for 15% to 20% of the market share, whereas, other small- and medium-sized players account for 80% to 85%.
Key companies have adopted various strategies such as mergers & acquisitions, partnerships, etc., to upscale their growth. New product development is a key strategy that bonded magnet suppliers are resorting to expand their market presence among consumers.
Fact.MR has provided detailed information about price points of top manufacturers of bonded magnet positioned across regions, sales growth, production capacity, and speculative technological expansion in the recently published report.
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