Connecting Fields: Understanding the Size, Share, and Trends in Bonded Magnet Markets
The global bonded magnet market is estimated at US$ 5.1 Billion in 2022, and is forecast to reach a valuation of US$ 10.9 Billion by 2032, expanding at an impressive CAGR of 7.8% from 2022 to 2032. 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.
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 Billion over this time period. It is expected to offer an absolute dollar opportunity of US$ 2.6 Billion and US$ 4.1 Billion in the mid-term (2022-27) and long-term (2022-2032), respectively.
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Key Trends and Drivers
Several key trends and drivers are shaping the bonded magnet market:
- Automotive Electrification: The shift towards electric vehicles (EVs) and hybrid vehicles has significantly increased the demand for bonded magnets in the automotive sector. These magnets are used in electric motors, sensors, and various components critical to vehicle electrification.
- Miniaturization in Electronics: The electronics industry continues to demand smaller and more powerful components. Bonded magnets offer the advantage of precise shaping and size customization, making them ideal for miniaturized devices like smartphones, wearables, and medical devices.
- Renewable Energy: Bonded magnets play a crucial role in the renewable energy sector, particularly in wind turbines and electric generators. As countries invest more in clean energy sources, the demand for bonded magnets used in these applications is expected to rise.
- Advancements in Material Science: Ongoing research and development efforts have led to the creation of new magnetic materials and composites, enhancing the performance and efficiency of bonded magnets. These advancements are driving innovation in the market.
- Sustainability Concerns: As sustainability becomes a prominent global concern, there is a growing interest in developing environmentally friendly magnet manufacturing processes and materials. This trend is likely to shape the market’s future landscape.
Key Takeaways from Market Study
- The global bonded magnet market is anticipated to add 2.1X value by 2032.
- Sensors application holds nearly one-fourth of the global market share, and is set to create an absolute $ opportunity of around US$ 1.62 Bn over 2022-2032.
- Among the product types, rare earth magnets is the fastest-growing segment.
- The East Asia bonded magnet market dominated market revenue in 2021, where China is set to acquire more than 73% market share and generate abundant revenue over the forecast period of 2022-2032).
- India and Indonesia are expected to dominate the South Asia and Oceania region with more than one-third and one-sixth market shares, respectively.
Recent Industry News
Let’s delve into some recent industry news that reflects the current developments and trends in the bonded magnet market:
1. Investments in R&D and Manufacturing Capacity
Several companies in the bonded magnet market have announced investments in research and development as well as manufacturing capacity expansion. These investments aim to improve the quality and performance of bonded magnets while also addressing the growing demand.
2. Partnerships for Sustainable Magnet Production
In response to the sustainability trend, partnerships have formed between magnet manufacturers and organizations specializing in sustainable materials and processes. These collaborations aim to develop bonded magnets that are more environmentally friendly and have a reduced carbon footprint.
3. Application Diversification
News reports highlight the diversification of bonded magnet applications. For instance, the use of bonded magnets in consumer electronics is expanding beyond smartphones to include earbuds, smartwatches, and other wearable devices. This trend showcases the adaptability and versatility of bonded magnets.
4. Rare Earth Element Alternatives
The bonded magnet market has been exploring alternatives to traditional rare earth elements, such as neodymium, which are facing supply chain challenges. Manufacturers are working on developing bonded magnets that rely on alternative magnetic materials to mitigate supply chain risks.
5. 3D Printing of Bonded Magnets
The adoption of 3D printing technology in the production of bonded magnets has gained attention in recent news. This innovative approach allows for complex geometries and customized shapes, opening up new possibilities for magnet design and application.
Winning Strategy
Market players have opted for targeted strategic collaborations, funding, and innovative product launches to increase their revenue and profits. Companies are also focusing on developing green energy technologies to create sustainable demand in the market. These developments are set to drive growth of the bonded magnet market in the mid- to long-term period.
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.
For instance:
- On 2nd March 2021, Arnold Magnetic Technologies acquired Ramco Electric Motors Company. This acquisition will further advance the company’s strategic priorities to deliver engineered solutions and new materials that empower customers to develop next-generation technologies.
- In 2020, Ningbo Newland Magnet Industry Co. Ltd. launched a type of bonded magnet that can be used with 5G technology, which ensures that ferrite and samarium-cobalt magnets should be able to provide the performance required in 5G applications.
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