Bonded Magnets Market Size, Share, Growth Analysis to 2030

The APAC Bonded Magnets Market is expected to grow at a strong CAGR of approximately 26% during the forecast period (2022-2030). APAC is anticipated to emerge as the fastest-growing bonded magnets market primarily surging demand for electric vehicles. Meanwhile, China constitutes to be the largest market in the APAC region, accredited

The Asia Pacific region dominated the market in the historic year and is expected to continue the same in the forecast period. The major factors attributed to the growth of the market are the increasing urbanization in the region as India and China cover almost 36% of the total world population. The paradigm shifts of population growth in the cities in the region looking for better living standards, thus the demand for consumer goods increased drastically causing the demand for bonded magnets. The growing manufacturing industry in the region especially in China, and India has contributed to the growth of the bonded magnet as it has been widely used in the automotive, aerospace, and electronics industry. For instance, in March 2023, according to the report published by the National Bureau of Statistics China manufacturing activity expanded at the fastest pace in more than a decade in February, and the manufacturing Purchasing Managers’ Index (PMI) shot up to 52.6 from 50.1 in January.

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Moreover, China is wealthy in minerals and ores and is certainly one of the biggest producers of rare earth metals, which are used in the production of bonded magnets. The availability of massive raw materials has made producers easy to produce bonded magnets at lower costs. The region is the home of some of the biggest manufacturers of bonded magnets such as Hitachi Metals, and Arnold Technologies. This has made the market competitive, contributing to the boom of the bonded magnets market. Moreover, the countries and the government of the region such as China, and India is facing severe pollution as cities in the region have highly polluted due to the increased number of vehicles on the road. For instance, in March 2022, according to the report published by IQAir, a Swiss firm reported that India is the fifth most polluted country among 117 countries, as per recommendations of WHO the average PM2.5 levels should not be more than 5 micrograms per cubic meter, reached to 58.1 micrograms per cubic meter (µg/m3) in 2021 in India. Moreover, the country has 63 Indian cities in the 100 Most polluted places on Earth. Therefore, to control the pollution level government is pushing to adopt electric vehicles instead of ICE vehicles, in which bonded magnets are extensively used in motors, sensors, and other parts. Therefore, the surging adoption of electric vehicles geared the demand for bonded magnets.

Based on the product type, the market is segmented into rare earth bonded magnets, ferrite-bonded magnets, and Hybrid Magnets. The hybrid magnet segment accounted for the highest market share in the historic period and is anticipated to dominate the market in the forecast period. major factors contributing to the growth of the segments owing to its better magnetic property compare to rare earth magnets, and ferrite magnets due to its affordability compare to others. In the forecast period, there is a growing demand for hybrid bonded magnets due to the increasing use of these magnets in various industries, including automotive, industrial machinery, and medical devices. This demand is primarily fueled by the growth of the automotive sector.

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Based on process type, the market is categorized into injection molded magnets, compression bonded magnets, calendaring bonded magnets, and extrusion bonded magnets. Among these, the injection molded segment held a significant share of the market in 2021. This is mainly due to the extensive production volume that can be achieved using this method. The injection molded process is highly automated and can produce magnets more quickly and efficiently, which is too cost-effective for manufacturers to become the primary choice. This process allows for excessive precision and accuracy, which is essential for ensuring that the magnets perform constantly through the years. Moreover, injection molded magnets tend to have an excessive magnetic field strength, making them suitable for an extensive variety of applications.

Global Bonded Market Segmentation

Market Insight, by Product Type

· Rare Earth Bonded Magnets

· Ferrite Bonded Magnets

· Hybrid Magnets

Market Insights, by Process Type

· Injection Molded Magnets

· Compression Bonded Magnets

· Calendaring Bonded Magnets

· Extrusion Bonded Magnets

Market Insights, by End User Industry

· Automotive and Transportation