Bonded Magnet Market Size, Share, Revenue Demand & Growth by 2034
The bonded magnet market size is projected to be around US$ 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 US$ 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.
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.
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.
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