Global Bonded Magnet Market was valued US$ 1.82 Bn. in 2019 and is expected to grow US$ XX Bn. by 2027, at a CAGR of 7.1% during the forecast period.
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Bonded magnets are an important but often overlooked group of products that magnetic circuit and device designers should consider when taking the optimum permanent magnet type for their specific application need. In their most basic form bonded magnets contain two components, a hard magnetic powder and a non-magnetic polymer or rubber binder. They offer many unique advantages in both product form and value added assembly capabilities. They find application in a wide range of devices and markets. Future innovation of both processing and materials will provided more benefits to designers and stimulate even higher growth and market penetration.
Bonded Magnet Market Dynamics:
The primary advantage of bonded magnets over its sintered counterpart is the promising mechanical performance. Two facts lead to increases in the rare earth magnets amount in the market in recent years are an increase in total energy product, as a basic standard of magnetic materials quality and cost-efficiency. The main reason could be the high cost of ceramic ferrite magnets. Ferrites are still dominant magnetic material in the market, but bonded magnets are becoming increasingly important and required, because of their advanced magnetic properties. Flexible bonded magnets are often used for advertising purposes, for instance as magnets for the fridge. While this looks like a secondary application of bonded magnets, it shows their characteristics to be ultra-thin and printable on a variety of images and text.
Broadly used bonded magnets have become an important part of several electrical devices necessary for everyday life. Very good magnetic and mechanical performances are utilized in many apparatus, such as hard discs, scanners, DVD & CD drivers, different types of sensors, automatic office tools, automotive parts, spindle motors, magnetic bearings, and other applications. Bonded magnets produced by the extrusion method can be used as reprographic magnetic rollers or brushes with a set of required performances. Injected bonded magnets are used primarily in the automotive industry.
Bearing in mind that the price of automotive fuel in the offing will rise, so the consumers will choose a clean diesel fuel or hybrid electric vehicles. Bonded magnets are an important factor as an integral part of the production of hybrid cars. China became the most important country for the trade of magnetic materials in general and unavoidable competitors in the production of bonded magnets. It is expected that the global market value of world production of magnetic materials will be US$ XX billion by 2027, and China will produce about 80% of the total world production of magnets.
Also, the bonded magnet manufacturers in Japan, as the leaders in this field, a very important fact is to undertake the price reduction of the products and maintain the existing quality. Otherwise, they will force to surrender the leadership position in the global market. The price of final bonded magnets had to be between 30 and 40 $/kg to still be competitive manufacturers of parts for the automotive industry.
On the other hand, hybrid magnets, a combination of ferrite and rare earth, is overcoming the high prices restraint of the global bonded magnets market.
Bonded Magnet Market Segmentation:
According to the product type, in the current scenario, economically available ferrite bonded magnets are widely used globally. Rare earth bonded magnets is a luxurious segment and although it acquires a smaller demand-share of the market, it occupies substantial share in terms of value.
Global Bonded Magnet Market1
Region-wise, Asia Pacific held the largest market share in terms of volume, of the global bonded magnets market in 2019. China exclusively contributed above half of the global demand for bonded magnets, keeping Asia Pacific region in good stead. China has a rich deposit of rare-earth metals, such as samarium, neodymium, and dysprosium. Japan and South Korea serve significant demand for bonded magnets too, as these countries are the production base for semiconductor chips and products, like hard disks and other storage devices. The Asia Pacific produces and exports huge amounts of bonded magnets, thanks to the high availability of raw materials, mainly rare earth mental, developed technologies, and cheap labor.
The objective of the report is to present a comprehensive analysis of the Global Bonded Magnet Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Bonded Magnet Market dynamics, structure by analyzing the market segments and project the Global Bonded Magnet Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Bonded Magnet Market make the report investor’s guide.
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Scope of the Global Bonded Magnet Market
Global Bonded Magnet Market, By Product Analysis
• Rare Earth Magnets
o Plastic Ferrite
o Rubber Ferrite
Global Bonded Magnet Market, By Process Analysis
• Injection Molding
Global Bonded Magnet Market, By Application Analysis
• Electrical & Electronics
• Others (Medical, Power Generation etc.)
Global Bonded Magnet Market, By Region
• North America
• Asia Pacific
• Middle East & Africa
• South America
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