Bonded magnets are injection molded or compression molded magnetic substances that can be formed into various shapes and utilized in a number of applications. Bonded magnets are made from powders of magnetic materials such as NdFeB and strontium ferrite and are used in various applications in booming industries such as electronics and automotive. The two types of bonded magnets – injection molded and compression molded – offer varying sets of advantages; injection molded bonded magnets can be molded into a wider variety of shapes, but compression molded magnets offer higher magnetic power. The demand from the bonded magnets market has been driven by the rising use of electronic components in other industries such as the automotive sector, which necessitates the use of magnets.
According to Transparency Market Research (TMR), the global bonded magnets market is expected to rise to a valuation of US$2.5 bn by 2025. The market is projected to exhibit a steady CAGR of 7% between 2017 and 2025.
What are the leading regional markets for the bonded magnet market?
China is the dominant national market for the bonded magnets industry. China is a dominant force in the global rare earth metal trade, containing around 30% of the global reserve of rare earth metals and holding more than 95% of the global rare earth metal trade. Strong government support for the rare earth metal industry in China, through government programs such as Program 863 and Program 973, has enabled China to remain a leading light in the global rare earth metals industry. Rapid growth of the electronics and automotive industries in China in the 21st century has further driven rare earth metal production in the region and enabled the region to emerge as a key regional player in the global bonded magnet market.
Consumer electronics and household electronics have become a flourishing industry in modern-day China and thus comprise significant demand from the region’s bonded magnets market. Bonded magnets are used in several household electronics, which require magnets that fit the overall design template of the product. The automotive industry also makes use of bonded magnets in a wide range of applications, including vipers, wheel speed sensors, crash sensors, ignition magnets, speedometers, and power windows. The rising incorporation of electronic sensors in cars has been a major driver for the global bonded magnets market, as modern automotive design works to precise templates and requires precise engineering in all components. The Chinese automotive industry, which has been the highest producer of automobiles for close to a decade now and has well over 1 million exports, is thus likely to remain a key player in the global bonded magnets market.
Download or View Report Brochure & ToC for more Professional and Technical Insights: @ http://www.transparencymarketresearch.com/report-toc/29480
South Korea and Japan are also likely to feature prominently in the global bonded magnets market in the coming years due to the flourishing semiconductor and electronics industries in these countries. Asia Pacific is thus likely to retain a dominant hold over the global bonded magnets market over the coming years, with developed markets in North America and Europe likely to make up less than a quarter of the market.
What are the dominant product segments of the bonded magnets market?
By product type, the global bonded magnets market is segmented into ferrite, rare earth, and hybrid magnets. Rare earth bonded magnets offer superior performance and are thus valued over the other two categories, but the price advantage presented by ferrite magnets has driven their demand. Hybrid bonded magnets, which combine the properties of ferrite and rare earth magnets, are thus emerging as a leading segment in the global bonded magnets market, as a wide spectrum of industry players can utilize hybrid bonded magnets.