Bonded Magnet Market Estimated to Reach US$2.50 bn by 2025

As per the findings of a recent study by Transparency Market Research (TMR), most of the major companies in the global bonded magnets are catering to diverse sectors and increasing their focus on the Asia Pacific region, which currently has maximum opportunities. The report identifies Allstar Magnetics, Arnold Magnetic Technologies, Alliance LLC, Viona Magnetics, and Neo Magnequench as some of the prominent companies currently operating in the global bonded magnets market. In terms of revenue, the report projects the demand in the global bonded magnets market to increment at a healthy CAGR of 7.0% during the forecast period of 2017 to 2025.

Owing to various applications of bonded magnets, ranging from automotive to medical and military, the vendors of this market are constantly innovating their products to meet the demands and gain market share. In the near future, additive manufacturing or 3D printing are primed to open new revenue avenues in the global bonded magnets market.

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Electrical and electronics is currently the most profitable application segment, serving considerably greater demand than other applications studied under this report, viz. automotive, industrial, medical, and power generation. The automotive sector is also anticipated to increment the demand at an impressive rate during the forecast period. Geographically, the report detects Asia Pacific as highly profitable region, chalk and cheese ahead of North America and Europe, who together will constitute less than a quarter of the global demand for bonded magnets. China produces huge amount of bonded magnets, as the country has a rich deposit of rare earth metals such as neodymium, samarium, and, dysprosium. More than 80% of rare earth agents are manufactured in the world’s most populous country.

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Variety of Application Sectors Driving Demand

The ubiquity of permanent magnets is due to its varied applications. Consequently, the prosperity of those respective sectors is providing traction to the global bonded magnets market. Bonded magnets are primarily used in automotive, consumer electronics, electrical appliances, and medical laboratory diagnostic test equipment, whereas they also find application in aerospace and power generation. Several magnetic powders are used for the production of bonded magnets namely SmCo, NdFeB, ferrite, and/or combination of all. NdFeB and SmCo belong to the rare earth category, which are substantially powerful magnets that are used in applications that demand better magnetic performance. In the automotive industry, which is currently flourishing in Asia Pacific, bonded magnets are used for power-windows, crash sensor, motors for vipers, power mirrors, chassis height sensor, fuel gauges, tachometers, and speedometers, among others.

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A relatively economical manufacturing process for extensively intricate shapes of bonded magnets and their usefulness for common household applications such as electrical shavers, refrigerator door seals, circulation pumps for home heating systems, reprographic rolls, gaskets, and magnetic advertising sheets are other two favorable factors that will sustain a consistently prospering bonded magnets market, globally.

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About us:
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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This release was published on openPR.