NEWARK, Del, July 31, 2024 (GLOBE NEWSWIRE) -- The bonded magnet market size is projected to be around USD 2,597.40 million in 2024. The demand for bonded magnets is anticipated to expand at a CAGR of 4.80% through 2034. The industry is projected to surpass USD 4,150.99 million by 2034. The bonded magnet industry is primarily driven by the increasing demand for miniaturization and lightweight components in various applications such as automotive, consumer electronics, and medical devices.
The rising focus on sustainability and environmental concerns has propelled the adoption of bonded magnets, which are manufactured using environmentally friendly processes and materials. One of the latest trends in the bonded magnet industry is the development of hybrid magnet systems combining bonded magnets with other materials like plastics or composites. These hybrid systems offer unique properties and performance characteristics, catering to specific application requirements such as weight reduction or thermal stability.
One significant limitation is the lower magnetic performance compared to conventional magnet materials like neodymium. While advancements in manufacturing processes have improved the magnetic properties of bonded magnets, they may still not meet the requirements of high-performance applications. Moreover, the complexity and cost of manufacturing bonded magnets, particularly in custom shapes and sizes, pose challenges for small and medium-sized enterprises.
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With ongoing research and development efforts, manufacturers can further enhance the magnetic performance of bonded magnets, expanding their applicability in high-performance sectors such as aerospace and defense. Furthermore, the growing trend towards electric mobility and automation creates demand for compact and efficient magnetic components, driving the market for bonded magnets.
Which Factors Could Propel Bonded Magnet Sales?
“Continuous Advancements in Formulation of Superior Magnets”
- Complexity is Free with 3D Printing Technology
3D printing (3DP) or additive manufacturing has sparked a revolution in material processing technologies lately. At present, there has been a rising interest in printing bonded magnets, given the importance of these materials in a broad array of use cases. Hard-magnetic components are commonplace in consumer goods and industrial equipment.
3D printing technology enables high-quality, composite bonded magnets that are patterned in arbitrary architectures and shapes and developed particularly for specific use cases, thus helping in reducing costs.
Owing to the high complexity offered by the 3D printing method, manufacturers are able to obtain thermoplastic–bonded magnetic composites (TBMC) complex designs and adjustable customized magnetic aspects.
Application of 3DP for magnetic purposes reflects a step towards on-site flexible fabrication of complicated magnetic devices that would otherwise have been impractical with traditional production methods.
- Recycling Bonded Magnets with Ionic Fluids for a Sustainable Future
Over the past decade, recycling of sintered NdFeB hard magnets has been receiving significant attention and these efforts have been examined in other locations. Such experiments depict that the treatment of end-of-life bonded NdFeB magnets with ionic liquids holds great potential in the recycling of these magnets.
Apart from being eco-friendly, the approach is also a flexible route that enables the manufacturing of secondary bonded magnets with new shapes and polymeric material.
“The increasing adoption of electric vehicles and renewable energy technologies offers a significant growth opportunity for bonded magnets, particularly in motor and generator applications.” opines Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
Key Takeaways from the Market Study
- The ferrite magnets segment holds a significant market share of 47% in 2024, favored for their affordability and versatility.
- Calendering bonded magnets dominate with a substantial 63.10% market share in 2024 due to cost-effectiveness and scalability.
- The United States' bonded magnet industry is projected to grow at a CAGR of 3.9% through 2034, driven by demands from various sectors.
- Australia's market is expected to rise at a CAGR of 4.6% through 2034, propelled by renewable energy projects and infrastructure development.
- China's bonded magnet sector anticipates a CAGR of 5.4% through 2034, supported by its diverse manufacturing and EV market.
- India's industry forecasts a CAGR of 5.3% through 2034, driven by government initiatives and demand for compact devices.
- Germany's market is set to rise at a CAGR of 5.9% through 2034, fueled by the automotive and automation sectors' demand for high-quality components.
Country-wise Analysis
Why is the U.S. Considered a Prominent Market for Bonded Magnets?
“Increasing Demand for Electric Vehicles (EVs) Driving Market Growth”
The United States is expected to dominate the bonded magnets market owing to rising technological expenditures and consumer spending on cell phones and electronic vehicles.
Growing usage of bonded magnets, rising sales of electric vehicles (EV), and increased customer preference towards electronic products are driving the market growth in the U.S.
Why is China an Emerging Market for Bonded Magnet Manufacturers?
“Rising Initiatives for Rare Earth Magnet Innovation Expected to Boost Market Growth”
Growing production of semiconductor chips & products and rising government initiatives for the developments of rare earth magnets are expected to boost the market expansion in China.
Because of its abundant rare-earth metal deposits, such as samarium, neodymium, and dysprosium, China dominates the bonded magnets market.
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Competitive Landscape
In the bonded magnet industry, traditional brands like Honeywell and Munters face off against agile startups like Briza and Blaux, each wielding distinct strengths. Differentiation is key, with manufacturers competing on factors like cooling efficiency, water usage, portability, noise levels, and smart home integration. Sustainability also plays a crucial role, with eco-friendly materials and water-saving features attracting eco-conscious consumers. Established players team up with technology providers to integrate smart features, while startups partner with established distributors to reach wider audiences.
Recent Developments:
- Arnold Magnetic Technologies acquired Ramco Electric Motors, Inc., a stators, rotors, and whole electric motor manufacturer, in March 2021. The purchase broadens Arnold's capabilities and products in the e-mobility industry.
- Alliance LLC announced the launch of its new website in February 2021, showcasing its goods and services in bonded magnets, rare earth magnets, and magnetic assemblies.
- Dexter Magnetic Technologies introduced a new range of bonded neodymium magnets in January 2021, specifically designed for high-temperature and high-corrosion applications.
Key Companies in the Market
- Arnold Magnetic Technologies
- Alliance LLC
- Dexter Magnetic Technologies
- TDK Corporation
- Adams Magnetic Products
- SDM Magnetics Co., Ltd.
- Ningbo Yunsheng Co. Ltd.
- Advanced Technology Materials Co. Ltd.
- MMC Magnetics Corp
- Dura Magnetics, Inc.
- National Imports, LLC
- Super Magnet Co., Ltd.
- MP Material
Key Coverage in the Bonded Magnet Industry Report
- Demand Analysis of Bonded Ferrite Magnet
- Adoption Outlook for Plastic Bonded Magnet
- Strategies for Bonded Magnet Manufacturers
- Competitive Pricing Strategy by Key Bonded Magnet Companies
- Rare-earth Bonded Magnet Market
Key Segments
By Product:
- Rare Earth Magnets
- NdFeB
- SmCo
- Ferrite Magnets
- Others (Alnico, SmFeN, Hybrids)
By Process:
- Injection Molded Bonded Magnets
- Compression Bonded Magnets
- Calendaring Bonded Magnets
- Extrusion Bonded Magnets
By Application:
- Sensors
- Motors
- HDD (Hard Disk Drives)
- Level Gauges
- Instrument Panels
- Copier Rotors
- Fuel Filters
- Magnetic Couplings
By End Use:
- Automotive
- HVAC Equipment
- Medical Devices
- Cameras
- Consumer Electronic Appliances
- Computers and Magnetic Storage Devices
- Electrical Equipment
- Measurement Instruments
- Printers and Copiers
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
Authored by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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