Bonded magnet market to be worth US$3.52 billion by The
DUBAI, United Arab Emirates, March 16, 2022 (GLOBE NEWSWIRE) — The world bonded magnets market is currently valued at approximately US$2.38 billionand is expected to grow at a strong CAGR of 5% to reach US$3.52 billion by 2030-end.
Increasing competition in the electronics industry worldwide is driving innovations in materials development – lightweight material housing – for electric drive systems. The bonded magnet market is growing in line with the trend as lightweight yet cost-effective components remain the top priority of industry executives.
|Bonded Magnets Market Size (2022)||US$2.38 billion|
|Sales forecast (2030)||US$3.52 billion|
|Global market growth rate (2022 to 2030)||5% CAGR|
|Share of top 5 industry players||55%|
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Bonded Magnets Market Size Study
- The global bonded magnet market is expected to register revenue of approximately US$3.5 billion in 2030
- Neodymium (NdFeB) magnets would remain highly preferred under rare earth bonded magnets
- Timeline of bonded magnets to account for more than 60% of overall market value
- Market players will exploit the growth potential of consumer electronics and medical devices
- Adoption of bonded magnets to keep prominent in sensors and motors
“Bonding magnets are very beneficial in medical devices such as MRI machines and other health monitoring devices, as they provide better sterility to such equipment and are used to attach components for protection against Adoption of bonded magnets in medical devices is projected to increase by nearly 6% CAGR through 2030,” IMF analysts say.
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|Historical data available for||2015-2021|
|Market analysis||Value in US$ millions, Volume in Units|
|Key regions covered||• North America
• Latin America
• East Asia
• South Asia and the Pacific
• Middle East and Africa (MEA)
|Main countries covered||• WE
• GCC countries
• South Africa
|Key Market Segments Covered||• Product
• To treat
• End use
|Profiled Key Companies||• Arnold Magnetic Technologies
• Alliance LLC
• DEXTER MAGNETIC TECHNOLOGIES
• TDK Company
• Adams Magnetic Products
• SDM Magnetics Co., Ltd.
• Ningbo Yunsheng Co.Ltd.
• Advanced Technology Materials Co. Ltd.
• MMC Magnetics Corp.
• Dura Magnetics, Inc.
• National Imports, LLC
• Super Magnet Co., Ltd.
• MP material
|Pricing||Available on demand|
Impact of COVID-19 on the Bonded Magnets Market
COVID-19 has severely affected the bonded magnets market, putting the extensive global supply chain strategies under scrutiny. The sudden shutdowns of manufacturing units in China – the largest producer of rare earth minerals – and the resulting ripple effect are triggering widespread chaos in the global market.
Studies reveal that global light vehicle (LV) sales are expected to fall by 17.2% in 2020. Additionally, global electric vehicle (EV) sales are expected to fall by 18% in 2020. Going forward, the market The global consumer electronics industry saw a sharp decline in sales equivalent to around 60% towards the end of the second quarter of 2020.
Bonded magnet manufacturers rely heavily on the automotive and consumer electronics industries for revenue generation – over 40% collectively. As such, declining sales in both end-use industries is restraining the growth of the bonded magnets market demand. On the other hand, the overall market situation is expected to stabilize in H2 2020 and Q1 2021 as the COVID-19 pandemic subsides.
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Bonded Magnets Market: Competitive Intelligence
The global bonded magnets market is quite consolidated with major players capturing a major share of the total market value. Hitachi Metals, Ltd., Shin-Etsu Chemical Co., Ltd., Ningbo Yunsheng Co. Ltd., TDK Corporation and Advanced Technology Materials Co. Ltd. include Tier I players in the market.
Major players in the market are focusing on acquisitions as well as innovating their product offerings to expand their regional footprint and drive sales growth. Concrete example,
- In June 2019, TDK Corporation took over the neodymium magnet alloy R&D center from Showa Denko KK
- Magnequench International LLC develops bonded magnets with high temperature aging attributes. Magnets are suitable for injection molded and compression molded automotive applications that require optimum aging properties
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