Press release
Global Polymer Bonded Magnet Market Research Report 2024
The Global Polymer Bonded Magnet Market Size was estimated at USD 2346 million in 2024 and is projected to reach USD 3670 million by 2030, exhibiting a CAGR of 6.5% during the forecast period.Download FREE Sample of this Report @ https://www.24chemicalresearch.com/download-sample/255545/global-polymer-bonded-magnet-market-2024-637
Polymer bonded magnet refers to a kind of magnet made by mixing magnetic powder with certain permanent magnetic properties and a certain proportion of binder and following a certain molding process. If an orientation magnetic field is applied during the molding process so that the easy magnetization directions of the magnetic powder are in the same direction in the magnet, this is an anisotropic bonded magnet, otherwise it is an isotropic magnet. There are various methods for forming bonded magnets, the most important of which are injection molding and compression molding.
The trend towards electric cars (EVs) and the growing incorporation of digital components into both EVs and traditional motors are driving significant change in the automotive sector. This conversion opens up a significant avenue for the application of polymer-bonded magnets. These magnets are necessary for a variety of EV programs, including regenerative braking, strength steering, and electric automobiles. Polymer-bonded magnets are the most effective at reducing typical vehicle weight, which is essential for improving the range and efficiency of EVs. Moreover, their capacity to be shaped into intricate shapes enables the development of small and integrated additives that can fit into the constrained areas typical of modern car designs. The growing usage of infotainment systems, electronic sensors, and advanced motive force-assistance systems (ADAS) in conventional automobiles raises the need for trustworthy, lightweight, and corrosion-resistant magnetic materials. Because of their flexible properties, polymer-bonded magnets are well suited to meet these demands, particularly as the industry continues to develop and expand more cutting-edge electrical and digital structures.
Industry Analysis by Segments:
Anisotropic Polymer Bonded Magnets to hold the highest market share: By Product Type
In terms of product the polymer bonded magnet industry has been segmented as Isotropic Polymer Bonded Magnets, and Anisotropic Polymer Bonded Magnets.
Anisotropic polymer-bonded magnets is expected to have a larger market share than their isotropic counterparts in the global polymer-bonded magnet sector. Because of their superior magnetic properties-achieved by aligning the magnetic particles in a certain direction during the manufacturing process-anisotropic magnets are preferred in many applications. They are therefore perfect for high-precision applications in the automotive, electronics, and industrial industries due to their increased energy product and magnetic performance. These magnets are particularly favored in automotive applications, such as in electric motors and sensors, where enhanced magnetic strength and efficiency are crucial. As a result, Anisotropic Polymer Bonded Magnets dominate the market, accounting for approximately 60-65% of the total market share.
Automotive sector to hold higher demand: By Application
In terms of Application the polymer bonded magnet has been segmented as Automotive Industry, Electronics and Electric Industry, Healthcare Industry, Aerospace and Defence industry, and others.
In terms of application the Automotive Sector is expected to hold the highest market share. This dominance is driven by the widespread use of these magnets in various automotive components, including electric motors, sensors, ignition systems, and actuators. The increasing adoption of electric vehicles (EVs) has significantly boosted demand, as these vehicles rely heavily on lightweight, high-performance magnets to improve energy efficiency and reduce emissions. In Europe, new electric car registrations reached nearly 3.2 million in 2023, increasing by almost 20% relative to 2022.The electric car market is seeing robust growth as sales neared 14 million in 2023. The share of electric cars in total sales has increased from around 4% in 2020 to 18% in 2023.
Regional Analysis
In terms of Region, the market has been segmented as North America, Europe, Asia Pacific, Middle East and Africa and South America.
With its rapid industrial expansion, advancing technologies, and growing customer demand, the Asia-Pacific (APAC) region is a major centre in the global polymer bonded magnet market. The Asia Pacific region holds the highest growth rate as well as the highest market share the region is expected to have a CAGR of 7.7% during the forecasted period. This region, which includes economic giants like China, Japan, South Korea, and India, is well-known for exhibiting a vibrant and diverse market landscape for polymer-bonded magnets-materials that are well-known for being lightweight, corrosion-resistant, and having bendable layouts. These qualities make them incredibly suitable for a wide range of applications, from business automation and renewable energy systems to automobile components and consumer electronics.
The increased pace of urbanisation and industrialisation in APAC, together with significant expenditures in technical innovation, are major factors driving the market for polymer bonded magnets. With an increasing number of electric vehicles (EVs) and hybrid vehicles that rely on those magnets for various purposes, the region's automotive sector is undergoing a revolutionary transition that is moving it closer to electrification. In the same manner, the consumer electronics sector, propelled by developments in wearable's, smartphones, and other intelligent gadgets, uses polymer-bonded magnets for their accurate ability to be precisely crafted into intricate and small-sized designs.
Furthermore, the APAC region is making significant strides in renewable energy, with growing investments in wind and solar power, which further fuels the demand for these versatile magnets. However, the market also faces notable challenges, including fluctuations in raw material costs, environmental and recycling issues, and competition from alternative magnet technologies. Regulatory frameworks and industry standards, varying across APAC countries, play a crucial role in shaping market dynamics and influencing manufacturing practices.
The Polymer Bonded Magnet industry is characterized by intense competition driven by technological advancements, material innovations, and diverse applications across automotive, electronics, and industrial sectors. The main competitors compete based on the effectiveness of their products, their affordability, and their ability to customise. While newer entrants may concentrate on niche markets or cutting-edge product offerings to achieve a footing, established organisations frequently take use of economies of scale, stable supply chains, and strong brand awareness.
The increasing need for environmentally friendly and energy-efficient solutions shapes competitive pressures as well, encouraging R&D expenditures. Additionally, as businesses look to strengthen their positions in established markets while extending their reach in rapidly developing ones, regional dynamics particularly in Asia-Pacific, Europe, and North America have an impact on market strategy.
Recent Developments
Neo Magnequench, a division of Neo Performance Materials Inc. , has recently begun construction on Europe's first rare earth magnet manufacturing facility, which will produce specialised rare earth permanent magnets for use in electric vehicles, wind turbines, and other clean energy technologies. The project, located in Narva, Estonia, plans to begin producing permanent rare earth magnets in 2025, enough to allow the production of about 1.5 million electric automobiles at full capacity. Neo's planned Phase 2 production of 5,000 tonnes per year can support the production of 4.5 million electric vehicles.
Beijing Zhongke Sanhuan Hi-Tech Co., Ltd. intends to raise no more than 720 million yuan by placing shares to the original shareholders, after deducting the issuing expenses, for the construction of the investment project, of which the new construction and technical renovation project of Ningbo Koningda base plans to use 390 million yuan, and the new project of Ganzhou base of the third ring road of China Science and Technology plans to use 330 million yuan.
Neo Magnequench's rare earth magnetic materials production plant in Jiangyin, China earned a Silver Medal from EcoVadis in 2023 for its sustainability programs. This places the plant in the top 25 percent of all facilities around the world reporting to EcoVadis for its sustainability efforts.
End Use Industry Analysis:
In the Polymer Bonded Magnet industry, end-use sectors play a crucial role in shaping market dynamics. The automotive sector, a major end-user, is pushed by the need for advanced driver-assistance systems and electric vehicles, which means that high-performance magnets are needed for applications like electric motors and sensors. Polymer bonded magnets are in high demand in the electronics industry because they are used in wearables, computers, smartphones, and other consumer electronics where high efficiency and miniaturisation are essential. A sizable share of the market is accounted for by the industrial sector, where applications in robotics, automation, and machinery need for robust and dependable magnetic solutions. Changes in these industries-such as automation, energy efficiency, and smart technology-will probably cause changes in the polymer bonded magnet market.
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The passenger vehicle (PV) industry volumes are likely to reach an all-time high of ~4.1 million units in FY2024 (a growth of 6-9% over FY2023). Electric car sales neared 14 million in 2023, 95% of which were in China, Europe and the United States
In China, the number of new electric car registrations reached 8.1 million in 2023, increasing by 35% relative to 2022. In the United States, new electric car registrations totalled 1.4 million in 2023, increasing by more than 40% compared to 2022.
Demand for military equipment is on the rise as governments across the globe focus on military modernization, given increasing global security concerns. The uncertainty and sustained complexity of the international security environment worldwide is likely to boost global defense spending over the next five years.
Global defense spending is expected to grow at a CAGR of about 3 percent Over the 2019-2023 period to reach US$2.1 trillion by 2023.
Industry Trend
Increased Focus on Sustainability
Polymer-bonded magnet enterprises, like many other businesses worldwide, now view sustainability as a compromise. Due to limited worldwide sources, traditional magnets frequently rely on rare earth elements, such as neodymium and dysprosium, which can be expensive to mine and process and raise geopolitical and environmental issues. As a result, the market for polymer-bonded magnets is looking more and more into sustainable alternatives through recycling and the development of rare-earth-loose magnets.
Improving recycling methods is one way to extract more valuable materials from end-of-life products and lessen the need for newly extracted rare earth elements. In an effort to reduce the environmental impact of magnet production, some manufacturers are also experimenting with additional green manufacturing techniques that restrict waste and strength intake.
Research on potential materials that provide magnetic properties similar to those of rare earth elements is also getting traction, in addition to recycling. Without a doubt, these non-uncommon earth magnets can lower expenses and encourage a more environmentally friendly supply chain.
The industry's innovation roadmap is becoming increasingly dependent on sustainability considerations as groups prioritise green practices and regulatory pressures intensify. The move to environmentally friendly magnet manufacturing is in line with global efforts to cut carbon emissions and negative effects on the environment at every stage of the supply chain.
Industry Drivers
Rising Demand in the Automotive Sector
The automobile industry is undergoing rapid change due to the global transition towards electric cars (EVs) and the implementation of higher fuel efficiency regulations. An essential factor in raising the general effectiveness and performance of automotive systems is polymer-bonded magnets. These magnets are utilised in a variety of additions, such as sensors, actuators, and electric vehicles.
These components may be crucial to the propulsion, regenerative braking, and other functions of EVs. Because polymer bonded magnets are lightweight, automakers are able to reduce the overall weight of their vehicles, which increases their range and electricity efficiency-two crucial aspects of electric vehicle adoption. Polymer-bonded magnets are also used in many subsystems of conventional internal combustion engine vehicles, such as power steering, airbag sensors, and brake systems. The increasing focus on advanced driver assistance systems (ADAS) and autonomous vehicles further increases the need for high-performance magnets.
The polymer bonded magnet industry is anticipated to grow steadily as more automakers switch to automation and electrification. Additionally, these magnets are unexpectedly appropriate for automobile packages due to their ability to survive extreme environmental conditions, such as high temperatures and vibrations. The trend towards more compact and efficient magnets is in line with the automotive industry's drive towards performance optimisation and miniaturisation, which is driving continuous innovation in this sector.
Industry Restraint
Lack of Standardization
One of the major challenges to which impact the adoption of polymer bonded magnets is the lack of standardization in material grades and performance specifications. Unlike sintered magnets, which have well-established performance benchmarks and material classifications, polymer bonded magnets vary significantly between manufacturers in terms of magnetic properties, mechanical strength, and thermal stability.
This variability makes it difficult for end-users to confidently select the right magnet for their specific application, as there is no universally accepted grading system or performance standard. The absence of standardization slows down the decision-making process for industries like automotive, electronics, and renewable energy, where precise performance metrics are critical. Additionally, this lack of consistency can lead to higher costs for customers who must spend additional time and resources testing different materials from various suppliers.
Establishing a set of industry-wide standards would not only facilitate easier product comparison but also improve quality control across the market. Industry associations, in collaboration with research institutions, should work toward creating standardized specifications that can be universally adopted, ensuring that polymer bonded magnets meet the needs of a broad range of applications.
Report Scope
The report includes Global & Regional market status and outlook for 2017-2028. Further, the report provides break down details about each region & countries covered in the report. Identifying its sales, sales volume & revenue forecast. With detailed analysis by types, product type, applications, end user. The report also covers the key players of the industry including Company Profile, Product Specifications, Production Capacity/Sales, Revenue, Price, and Gross Margin 2017-2028 & Sales with a thorough analysis of the market's competitive landscape and detailed information on vendors and comprehensive details of factors that will challenge the growth of major market vendors.
Get the Complete Report & TOC @ https://www.24chemicalresearch.com/reports/255545/global-polymer-bonded-magnet-market-2024-637
Table of content
Table of Contents
1 Research Methodology and Statistical Scope
1.1 Market Definition and Statistical Scope of Polymer Bonded Magnet
1.2 Key Market Segments
1.2.1 Polymer Bonded Magnet Segment by Type
1.2.2 Polymer Bonded Magnet Segment by Application
1.3 Methodology & Sources of Information
1.3.1 Research Methodology
1.3.2 Research Process
1.3.3 Market Breakdown and Data Triangulation
1.3.4 Base Year
1.3.5 Report Assumptions & Caveats
2 Polymer Bonded Magnet Market Overview
2.1 Global Market Overview
2.1.1 Global Polymer Bonded Magnet Market Size (M USD) Estimates and Forecasts (2019-2030)
2.1.2 Global Polymer Bonded Magnet Sales Estimates and Forecasts (2019-2030)
2.2 Market Segment Executive Summary
2.3 Global Market Size by Region
3 Polymer Bonded Magnet Market Competitive Landscape
3.1 Global Polymer Bonded Magnet Sales by Manufacturers (2019-2024)
3.2 Global Polymer Bonded Magnet Revenue Market Share by Manufacturers (2019-2024)
3.3 Polymer Bonded Magnet Market Share by Company Type (Tier 1, Tier 2, and Tier 3)
3.4 Global Polymer Bonded Magnet Average Price by Manufacturers (2019-2024)
3.5 Manufacturers Polymer Bonded Magnet Sales Sites, Area Served, Product Type
3.6 Polymer Bonded Magnet Market Competitive Situation and Trends
3.6.1 Polymer Bonded Magnet Market Concentration Rate
3.6.2 Global 5 and 10 Largest Polymer Bonded Magnet Players Market Share by Revenue
3.6.3 Mergers & Acquisitions, Expansion
4 Polymer Bonded Magnet Industry Chain Analysis
4.1 Polymer Bonded Ma
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