Future Market Insights, an ESOMAR-certified market research and consulting firm, has released its updated report on the global Bonded Magnets Market. According to the report, the market is currently valued at approximately US$ 2.38 Billion and is expected to exhibit a healthy CAGR of 5% during the forecast period, reaching US$ 3.52 Billion by 2030.
Growing Demand for Lightweight, Cost-Effective Components Boosts Bonded Magnets Market
The increasing emphasis placed by industry executives on lightweight and cost-effective components has been a major driving force behind the expansion of the bonded magnets market. Bonded magnets offer several advantages, including high resistance to corrosion, enhanced dimensional accuracy, and superior mechanical properties. These characteristics make them a preferred choice for various applications in the electronics industry, particularly in e-drive systems.
Electronics Industry Innovations Drive Market Growth
The rising competition in the global electronics industry has spurred the demand for innovations in material development, particularly lightweight materials for housing e-drive systems. As electric vehicles gain traction and electronic appliances become more advanced, the need for efficient and reliable bonded magnets is expected to grow substantially.
East Asian Market Plays a Pivotal Role
The East Asian market for bonded magnets is a pivotal contributor to the global growth of the industry. This region is significantly influenced by the electrical equipment and consumer electronics appliance industries. Many industrial giants have established factories in East Asia, leading to a substantial demand for industrial magnets in the area. As the electronics and electric vehicle industries continue to thrive in this region, the demand for bonded magnets is anticipated to rise steadily.
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A molded magnet is a type of magnet made from a mixture of magnetic material and a polymer binder. The mixture is molded into the desired shape and then cured to create a solid magnet. Molded magnets are typically less brittle than other types of magnets and can be manufactured in complex shapes. They are commonly used in a range of industries, including automotive, aerospace, and electronics.
Bonded Magnets Market Size Study
- The global bonded magnets market is expected to register revenues worth around US$ 3.5 Bn in 2030
- Neodymium (NdFeB) magnets would remain highly preferred under rare earth bonded magnets
- Calendaring bonded magnets to account for over 60% of overall market value
- Market players to tap growth potential in consumer electronic appliances and medical devices
- Adoption of bonded magnets to remain prominent in sensors and motors
“Bonded magnets are highly beneficial in medical devices such as MRI machines, and other health monitoring devices as they provide better sterility to these equipment as well as are used to affix components for ingress protection. The adoption of bonded magnets in medical devices is expected to rise at nearly 6% CAGR through 2030,” says analysts at FMI.
COVID-19 Impact on Bonded Magnets Market
The COVID-19 has severely impacted the bonded magnets market, bringing extended global supply chain strategies under scrutiny. Sudden shutdowns of manufacturing units in China – largest producer of rare-earth minerals – and the subsequent ripple effect is triggering widespread chaos across the global market.
Studies reveal that the worldwide sales of light vehicles (LV) are expected to slump by 17.2% in 2020. Moreover, the global sales of electric vehicles (EV) are anticipated to drop by 18% in 2020. Moving forward, the global consumer electronics industry has witnessed a steep decline in sales tantamount to around 60% towards the end of Q2 of 2020.
Bonded magnet manufacturers are heavily dependent on automotive and consumer electronics industries for revenue generation – over 40% collectively. As such, sales dip in both the end-use industries is putting a dent on the demand growth of bonded magnets market. On the flip side, the overall situation of the market is likely to stabilize in H2 of 2020 and Q1 of 2021, as the COVID-19 pandemic subsides.
Bonded plastic magnets are a type of magnet made from a mixture of magnetic material and a plastic binder. The mixture is then molded or extruded into the desired shape and cured to create a solid magnet. Bonded plastic magnets are typically less brittle than other types of magnets and can be manufactured in complex shapes. They are commonly used in a variety of industries, including automotive, consumer electronics, and medical devices.
Bonded Magnets Market: Competitive Intelligence
The global bonded magnets market is fairly consolidated with leading players capturing significant chunk of total market value. Hitachi Metals, Ltd., Shin-Etsu Chemical Co., Ltd., Ningbo Yunsheng Co. Ltd., TDK Corporation, and Advanced Technology Materials Co. Ltd. comprise of tier-I players in the market.
Leading market players are focusing on acquisitions as well as innovating their product offerings in order to expand their regional footprint and boost sales growth. Case in point,
- In Jun 2019, TDK Corporation took over Showa Denko K. K.’s neodymium magnet alloy R&D center
- Magnequench International LLC is developing bonded magnets with high-temperature aging attributes. The magnets are suitable for injection molded and compression molded automotive applications that require optimal aging properties
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Categorization of Bonded Magnets Industry Survey
Bonded Magnets Market by Product:
- Rare Earth Magnets
- NdFeB
- SmCo
- Ferrite Magnets
- Others (Alnico, SmFeN, Hybrids)
Bonded Magnets Market by Process:
- Injection Molded Bonded Magnets
- Compression Bonded Magnets
- Calendaring Bonded Magnets
- Extrusion Bonded Magnets
Bonded Magnets Market by Application:
- Sensors
- Motors
- HDD (Hard Disk Drives)
- Level Gauges
- Instrument Panels
- Copier Rotors
- Fuel Filters
- Magnetic Couplings
Bonded Magnets Market by End Use:
- Automotive
- HVAC Equipment
- Medical Devices
- Cameras
- Consumer Electronic Appliances
- Computers and Magnetic Storage Devices
- Electrical Equipment
- Measurement Instruments
- Printers and Copiers
Bonded Magnets Market by Region:
- North America Bonded Magnets Market
- Latin America Bonded Magnets Market
- Europe Bonded Magnets Market
- East Asia Bonded Magnets Market
- South Asia & Pacific Bonded Magnets Market
- Middle East & Africa (MEA) Bonded Magnets Market
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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