Rising competition in the electronics industry Global is fostering innovations in material development – lightweight material housing – for e-drive systems. Bonded magnets market is increasing in line with the trend as lightweight, yet cost-effective components remain the top priority of industry executives.
Future Market Insights, an ESOMAR-certified market research firm, in an updated edition of its report, revised the forecast to 5% CAGR. This revised forecast reflects the sluggishness induced by the COVID-19 pandemic shockwaves.
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 the overall market value
- Market players to tap the 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 this 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.
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COVID-19 Impact on Bonded Magnets Market
COVID-19 has severely impacted the bonded magnets market, bringing extended global supply chain strategies under scrutiny. Sudden shutdowns of manufacturing units in China – the 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 in 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.
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Bonded Magnets Market: Competitive Intelligence
The global bonded magnets market is fairly consolidated with leading players capturing a 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 tier-I players in the market.
Leading market players are focusing on acquisitions as well as innovating their product offerings 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 ageing attributes. The magnets are suitable for injection moulded and compression-moulded automotive applications that require optimal ageing properties
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified 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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