Bonded Magnet Market Applications Sustained Demand By 2025
Hybrid Magnets Emerging as Profitable Product Segment
Based on product type, the global bonded magnets market has been segmented into rare earth, ferrite, and hybrid. The rare earth bonded magnets segment is further sub-segmented into isotropic bonded magnets and anisotropic bonded magnets, whereas the market for ferrite bonded magnets is bifurcated into plastic ferrite and rubber ferrite. In the current scenario, economically available ferrite bonded magnets are extensively used globally. Rare earth bonded magnets is an expensive segment and although acquires a smaller demand-share of the market, it occupies substantial share in terms of value. Hybrid magnets, a combination of ferrite and rare earth, is overcoming the high prices restraint of the global bonded magnets market, and is expected to favor the market throughout the forecast period.
Application-wise, the global bonded magnets market gains maximum share of demand from the electronic and electronics category, both in terms of volume and value. Refrigerator door seals, fan motors, frictionless bearings, hand tool motors, watches, cameras, clocks, gaskets, and linear position sensors are some of the common electrical and electronic application of bonded magnets. The automotive sector, which also is in great health, is another cause of prosperity of the bonded magnets market. These magnets are largely used in applications such as motors for vipers, power windows, wheel speed sensors, power mirrors, crash sensor, chassis height sensor, sound deadening panels, fuel gauges, ignition magnets, tachometers, and speedometers.
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China Makes Asia Pacific Most Lucrative Region
Geographically, in terms of volume, Asia Pacific served maximum demand in the global bonded magnets market in 2016. China solely contributed more than half of the global demand for bonded magnets, keeping Asia Pacific region in good stead. China has a rich deposit of rare earth metals such as samarium, neodymium, and dysprosium. More than 80% of rare earth agents are manufactured in the country. Japan and South Korea serve considerable demand for bonded magnets too, as these countries are the production base for semiconductor chips and products such as hard disks and other storage devices. The bonded magnet market in Asia Pacific is very fragmented as most of the production is done by small scale manufacturers. Asia Pacific produces and exports enormous amounts bonded magnets due to high availability of raw materials, especially rare earth mental, developed technologies, and cheap labor.
As far as the potential of the bonded magnets market in other regions is concerned, North America and Europe collectively account for less than a quarter of the global demand, although the flourishing industries of electronics and automotive in the two regions will keep moderate opportunities open for the stockholders of bonded magnets market. In Europe, Germany has been detected as most profitable country-wide market, whereas The U.S. dominates the demand from North America, accounting for more than 85% of the regional demand.
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Some of the key companies currently operating in the global bonded magnets market are: Allstar Magnetics, Neo Magnequench, Arnold Magnetic Technologies, Alliance LLC, and Viona Magnetics, etc. In the near future, most of the vendors will aspire to increase their product portfolio to meet newer demand from distinct end-use industries.
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