Global Bonded Magnet Market Was Assessed to be USD 1.95 Billion in 2020 and Is Anticipated to Arrive at USD 3.4 Billion by 2028, exhibiting a CAGR of 7.2% during the Forecast Period 2021 to 2028

Global Bonded Magnet Market Was Assessed to be USD 1.95 Billion in 2020 and Is Anticipated to Arrive at USD 3.4 Billion by 2028, exhibiting a CAGR of 7.2% during the Forecast Period 2021 to 2028

January 25, 2022, New York, USA -

Bonded Magnet: Introduction

Bonded magnets consist of nonmagnetic polymers or rubber matrix as well as permanent magnet powder. Chemical processes can enhance the properties of the permanent magnetic powder, and the binder which holds the magnetic particles together can create an elastic or rigid magnet. NdFeB, SmCo, Alnico and various different magnetic powders can be widely utilized, as they are a mixture consisting of two or more magnets, referred to as hybrids. Polyester, Nylon, Teflon, PPS, and other substances are commonly utilized as binding agents. The magnets that are bonded can be made into complex shapes, possess higher dimensional tolerance, work in a wide temperature range, and generate less magnetic output per volume than completely dense rare-earth or ferrite magnets.

They are widely utilized in sensors, brushless DC motors, as well as computer data storage because of their properties. Bonded magnets are made by applying one of four processing techniques. Injection moulding, calendering, extrusion as well as compression bonding are some examples of these methods. Different thermo-elastomers and thermoplastic resins are combined with a variety of magnetic powders in order to create compressed, moulded, as well as flexible magnetic materials.

The Global Bonded Magnet Market Size and Market Forecast: 

The Bonded Magnet Market size was at USD 1.95 Billion in 2020, and it is predicted that it will reach a valuation of USD 3.4 Billion by the end of 2028 with an annual development rate (CAGR) of 7.2% between 2021 and 2028.

The Bonded Magnet market has grown substantially due to factors like the growth of electronic consumer products. Furthermore, favourable policies by the government concerning hardware create a substantial market opportunity for the major participants within the Bonded Magnet Market.

The Global Bonded Magnet Market Overview: 

The growing use of magnets that are bonded in the automotive industry because of their lightweight is expected to boost the development of Bonded Magnet Market over the timeframe. Furthermore, rare-earth magnets with high-performance properties, employed in the manufacturing of electric vehicles, wind turbines, electronic components, and other similar products, are driving the market's growth. Therefore it is expected that the world Bonded Magnet Market is projected to grow as magnets that are bonded are more frequently used in electronic devices, such as the microphone, headphones, speakers and printers, cell phones as well as hard drives. Additionally, demand for these magnets is anticipated to grow because of their low price and superior performance compared to alternatives like sintered magnets.

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However, the current methods for manufacturing bonded magnets that include calendaring, injection moulding, and extrusion face a number of issues when it comes to producing complicated shapes. On the other hand, Manufacturing costs are likely to increase due to the hot deformation and sintering techniques for the complex-shaped magnet. These elements are restricting the market's expansion. The existence of powerful alternatives and substitutes, however could hinder the overall development in this Bonded Magnet Market.

However, thanks to the numerous advances with 3D printing, superior bonded magnetics with abstract and complex designs can be created to meet specific requirements. Additionally, companies are continuously improving the research and development processes to offer high-temperature tolerance for bonded magnets. This provides possibilities for Bonded Magnet Market to grow.

Furthermore, the bonded magnetic producers in Japan are the top players in this area; one of the most important things is that they will undertake price reductions for their products while maintaining their current quality. In the event that they fail, they'll have to give up their position as the leader on the international market. The cost of final magnets bonded to each other had to be in the range of 30-40 $/kg in order to remain the top manufacturers of components for the automotive industry.

On the other hand, hybrid magnets, which are a mixture of rare Earth and ferrite, can overcome the high price restraints of the global market for bonded magnets.

The Key Market Segmentation of the Global Bonded Magnet Market: 

Global Bonded Magnet Market can be divided into Product Types, Application, Process and Geographical landscapes, etc. 

Bonded Magnet Market Segmentation By Product Type:

Rare Earth bonded Magnets, Ferrite Bonded Magnets And Hybrid Bonded Magnets

Bonded Magnet Market Segmentation By Application:

Automotive, Electrical & Electronics, Industrial, Medical And Power Generation

Bonded Magnet Market Segmentation By Process:

Calendaring, Injection Molding, Extrusion And Compression

Bonded Magnet Market Segmentation By Geographical Landscape:

North America, Europe, Asia Pacific, South America And Middle East and Africa

Major Key Players in the Global Bonded Magnet Market Are:

  • Alliance LLC
  • Advanced Technology Materials Co., Ltd.
  • Adams Magnetic Products Co.
  • Stanford Magnets
  • Viona Magnetics
  • MS-Schramberg GmbH & Co. KG
  • Arnold Magnetic Technologies
  • Xiamen Yuxiang Magnetic Materials Ind. Co., Ltd.
  • Allstar Magnetics
  • Magnequench International
  • Evitron Sp. z o.o.
  • Arnold Magnetic Technologies
  • Neo Magnequench
  • RHEINMAGNET Horst Baermann GmbH

The Covid-19 Impact Analysis:

Many industries around the world have been negatively affected in the last few months. It is because of major disruptions to their supply chain and manufacturing operations due to various precautionary lockdowns and other restrictions enforced by various governing authorities across the world. This is also true for the world Bonded Magnet market.

In addition, demand for consumer goods has also decreased since people are more intent on removing unnecessary costs from their budgets, as the social and economic conditions of the vast majority of people have been affected greatly by this outbreak. The above-mentioned elements are likely to affect the revenue path of the world Bonded Magnet market over the forecast period.

However, since various governing authorities have started to lift the enforced lockdown, the global Bonded Magnet market is expected to rise accordingly.

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