BondedMagnet Market: Introduction
In terms ofvalue, the global bonded magnet market isanticipated to expand at a CAGR of ~6% from 2020 to 2030 and cross US$ 3 Bn by2030. Asia Pacific dominated the global bonded magnet market in terms of volumein 2019. It is estimated to be the leading region of the global bonded magnetmarket during the forecast period. The electrical & electronics industry isprojected to offer lucrative opportunities for the global bonded magnet marketin the near future.
Bonded Magnet Market: Major Driversand Restraints
In thetransportation industry, an optimally designed motor with isotropic bondedmagnets helps lower the motor weight and volume by 50%to 60%.Therefore, increase in adoption of bonded magnets in the automotive industry,owing to their lightweight property, is expected to drive the global bondedmagnets market during the forecast period. Bonded magnet plays an importantrole in various electrical devices essential for everyday life. These areutilized in various electronic items such as hard disks, scanners, DVD and CDdrivers, and mobiles. Bonded magnets are also used in audio equipment such asspeakers, headphones, and microphones. Magnets are used in speakers alongside acurrent carrying coil, which converts electricity into mechanical energy thatmoves the speaker cone. This, in turn, changes the pressure of the surroundingair creating sound. Therefore, rise in usage of bonded magnets in electronicdevices is anticipated to boost the global bonded magnet market during theforecast period.
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Theavailability of strong substitutes is estimated to restrain the global bondedmagnet market during the forecast period. The magnetic property in bondedmagnets is comparatively lower compared to their sintered counterparts, owingto the presence of binders. This affects the performance of bonded magnets. Thebonded Nd-Fe-B magnet is formed by injection molding; therefore, it containsadhesives. The density of adhesives is generally 80% of thetheoretical density. Sintered Nd-Fe-B magnets are heated at high temperaturesthrough complex processes. Therefore, the magnetism of bonded Nd-Fe-B magnetsdecreases by about 30% compared tothat of sintered Nd-Fe-B magnets.
Bonded Magnet Market: ProminentSegments
Based onproduct type, the ferrite bonded magnets segment held major share of the globalbonded magnet market in 2019. This trend is anticipated to continue during theforecast period. Ferrite magnets are manufactured with the help of ironpowders. These forms of magnets are also known as ceramic magnets. Ferric powderis usually coated on to substrates such as plastic or rubber sheets. This makesthe bonded magnet flexible. Ferrite magnets are classified as rubber ferritesand plastic ferrites based on the substrate being used. Based on application,the electrical & electronics segment constituted large share of more than30% of the global bonded magnet market in 2019. This trend is projected tocontinue throughout the forecast period. On the other hand, the industrialsegment is anticipated to expand at a rapid pace during the forecast period.
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Competition Landscape of BondedMagnet Market
Keymanufacturers operating in the global bonded magnet market include Advanced Technology Materials Co.Ltd., Arnold Magnetic Technologies, Magnequench International, LLC, Alliance LLC,and DEXTER MAGNETIC TECHNOLOGIES.
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