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Global Bonded Magnets Market: Prosperity of Automotive and Electronics Industry Augur Well for Future, notes TMR
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.
bonded magnets market
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.
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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Additive Manufacturing Opening New Opportunities for Market Players
3D printing or additive manufacturing is expected to revolutionize the bonded magnets production, which can enable the formation of complex shapes of both thermoplastics and thermoset bonded magnets with nominal material waste and at efficient cost. MAI and ORNL have the cooperative research and development authority to study the application of additive manufacturing of bonded magnets and systems. Some of the common examples of additive manufacturing or 3D printing in bonded magnets market are: lectron beam melting, laser sintering, laser blown power disposition, ultrasonic consolidation, binder jetting, fused deposition modeling, and large-scale polymer deposition. A few types of additive manufacturing are vat photo-polymerization, powder bed fusion, directed energy deposition, sheet lamination, and material extrusion.
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