As industry executives continue to prioritise lightweight, cost-effective components, the market for bonded magnets is expanding in tandem. The global bonded magnets market is currently valued at approximately US$ 2.38 billion and is expected to grow at a healthy CAGR of 5% to reach US$ 3.52 billion by 2030. Rising competition in the global electronics industry is fostering material development – lightweight material housing – for e-drive systems.
Both the electrical equipment and consumer electronics appliance industries have a significant impact on the East Asian market for bonded magnets. For many industrial behemoths, factories either exist now or have existed in the past. As a result, demand for industrial magnets in the region is expected to skyrocket.
Future Market Insights, an ESOMAR-certified market research firm, updated its report and revised the forecast to a CAGR of 4.8%. This revised forecast accounts for the slowdown caused by the COVID-19 pandemic’s shockwaves.
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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.
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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 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
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