a market research and competitive intelligence provider, the global bonded magnet market is anticipated to expand at a CAGR of 7.8% from 2022 to 2032 due to the rise in sales of vehicles and electronics products.
Driverless technology is one of the major inventions to arise in the transportation and automotive industry in recent years. Automation in vehicles combined with ride-hailing technology has led to the emergence of several bonded magnet products. With the advancement of technology, there has been vivid utilization of bonded magnets across industry verticals. World’s leading players are expanding into new markets, while the emerging trend shows supplier consolidation – global and regional bonded magnet manufacturers are consolidating with world suppliers. For instance, Volvo has designed magnetic roads to simplify self-driving cars.
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Further, based on segmental analysis of rare earth magnets, the market is expected to see tremendous growth opportunities across end-use industries such as automotive, HVAC equipment, medical devices, etc.
East Asia is the largest market shareholder owing to improved technology, government initiatives, and a large manufacturing base in the region. Nearly 2/3 market share has been acquired by the China bonded magnet market. Europe is the second-largest manufacturer and consumer of bonded magnets, with Germany and the United Kingdom holding leading market shares.
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.
“Ongoing R&D on bonded magnet technologies is set to offer abundant opportunities as well as provide a competitive edge to industry players over the coming years,” says a Fact.MR analyst.
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.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global bonded magnet market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2032.
The study divulges essential insights on the market on the basis of product type (rare earth magnets (NdFeB, SmCo), ferrite, others), process type (injection molded bonded magnets, compression bonded magnets, calendaring bonded magnets, extrusion bonded magnets), application (sensors, motors, hard disk drives, level gauges, instrument panels, copier rotors, fuel filters, magnetic couplings), and end use (automotive, HVAC equipment, medical devices, cameras, consumer electronic appliances, computers & magnetic storage devices, electrical equipment, measurement instruments, printers and copiers), across key regions, namely, (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
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