Surging Preference for Green Energy Technologies to Push the Bonded Magnet Sales by 7.8% by 2032
In the latest report, Fact.MR provides comprehensive analysis on the opportunities and challenges affecting the global bonded magnet market. The report also focuses on key factors influencing the growth and key trends through various segments including product type, process type, application, end- use, and regions
NEW YORK , April 14, 2022 /PRNewswire/ -- The overall demand for the bonded magnet is forecast to reach a valuation of US$ 5.1 Bn in 2022, at a CAGR of 7.8% during 2022-2032. Overalls sales in the market are anticipated to surpass US$ 10.9 Bn by the end of 2032.
Bonded magnets are increasingly used in computer hardware, especially in digital storage solutions. Application of bonded magnets in data storage is projected to bolster the growth in the market.
Subsequently, increasing use of these magnets in electric motors is boosting the application of neodymium iron boron (NdFeB) magnets as a stator to produce liner or circular motion. This is likely to create lucrative opportunities for the growth in the market.
Furthermore, bonded magnets such as NdFeB magnets are extensively used in the green technologies, such as wind turbines. To reduce the carbon emission and meet the energy needs, demand for these magnets is increasing.
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Inclination towards electronic appliances and electrical equipment due to improved standard of living in developing countries, such as Japan , China , and India is increasing. This is likely to propel the sales of bonded magnets over the coming years.
In addition to this, use of bonded magnets in motor, sensors, level gauges, fuel, and filters in the automotive sector is projected to boost the market. Subsequently, growing preference for bonded magnets over sintered magnets due to their cost-effectiveness and superior performance will further create remunerative prospects for the market.
Hence, key manufacturers are focusing on production of polymer-bonded rare-earth magnets owing to their compatibility with injection molding and applications in 3D printing. This is projected to spur the sales of bonded magnets.
Based on process type, the calendaring bonded magnets are expected to dominate the market, growing at a CAGR of 8.3% during 2022-2032.
In terms of application, the sensors segment is expected to exhibit growth at a CAGR of 9% owing to the rising demand from automotive industry.
China is expected account for over 3/4th of market share, surpassing US$ 2.3 Bn during the forecast period.
Sales of bonded magnets in North America are projected to reach US$ 686 Mn due to growing preference for electronic products in the U.S.
Growing demand for automation and ride-hailing technology in the vehicles is likely to create prolific growth opportunities for the market.
Increasing use of computers in the personal and professional arena is projected to increase the sales of HDD and SSD, thereby, propelling the sales.
Stringent government regulations and tariffs applied on the trading of rare earth magnets and ferrite type magnets is projected to restrain the supply of semiconductor chips, limiting the sales of bonded magnets.
Properties of polymer are likely to impact the maximum operating temperature of bonded magnet, restraining the growth in the market.
Increasing expenditure associated with injection and extrusion molding processes will also impede the growth in the market.
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According to Fact.MR, the global bonded magnet market is moderately fragmented. Key players are estimated to account for 15%-20% of the market share. Meanwhile, the market is dominated by small- and medium-sized players, holding 80%-85% of demand share.
Leading players in the market are adopting various strategies, such as mergers & acquisitions, partnerships, and others to increase their revenue. They are also advancing their product portfolio to gain a competitive edge in the market.
March 2021 : Arnold Magnetic Technologies, subsidiary of Compass Diversified, completed the acquisition of Ramco Electric Motors Company, a manufacturer of rotors, stators, and full electric motors. This deal helped the company advance its product portfolio.
April 2021 : HITACHI Metals, Ltd. is negotiating over selling its list of metal units, Nikkei to Bain-Led Group. It is presumed that deal is estimated to top 800 Billion yen . The decision is yet to be finalized.
Key Companies Profiled by Fact.MR
Ningbo Newland Magnet Industry Co., Ltd.
Advanced Technology Materials Co. Ltd.
Evitron Sp. z o.o.
Shanghai San Huan Magnetics Co., Ltd.
More Valuable Insights on Bonded Magnet Market
Fact.MR, in its report, offers comprehensive analysis on the global bonded magnet market for the forecast period of 2022 to 2032. This survey also reveals the key growth factors and trends affecting the sales in the bonded magnet market. To gain a better understanding, the market is segmented on the basis of:
Computers and Magnetic Storage Devices
Key Questions Covered in the Bonded Magnet Market Report
Which are the key trends bolstering the growth in the global bonded magnet market?
What is the estimated market revenue of global bonded magnet market during the forecast period (2022-2032)?
What will be the market size of the bonded magnet market in 2022?
What was the market valuation of bonded magnet market in 2021?
Who are the key manufacturers dominating the global bonded magnet market?
What the factors hindering the growth of bonded magnet market?
Explore Fact.MR's Coverage on the Chemical & Materials Domain
Nanocrystalline Soft Magnetic Materials Market: Overall sales of the nanocrystalline soft magnetic materials are anticipated to increase owing to the surging demand for power electronics to work efficiently even in higher frequencies. Also, rising demand for space-saving power supply circuits in electric vehicles with low weight is projected to spur the sales of nanocrystalline soft magnetic materials.
Arc Ferrite Magnet Market: According to Fact.MR, the arc ferrite magnet market is projected to witness steady growth between 2022 and 2032. Growth in the market is primarily attributed to the properties offered by these magnets such as high resistance to demagnetization and corrosion resistance.
Steel Bar Magnet Market: Increasing application of steel bar magnets to separate metal particles from mined materials is projected to drive the market. In addition to this, surging use of steel bar magnets as anti-lock braking system (ABS) to ensure ride safety is estimated to boost the market.
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