Bonded Magnets Market by Product (Ferrite, Rare Earth Magnet), Process (Calendering, Compression, Extrusion), Application, End-Use Industry - Global Forecast 2024-2030

Bonded Magnets Market by Product (Ferrite, Rare Earth Magnet), Process (Calendering, Compression, Extrusion), Application, End-Use Industry - Global Forecast 2024-2030

The Bonded Magnets Market size was estimated at USD 2.58 billion in 2023 and expected to reach USD 2.72 billion in 2024, at a CAGR 5.47% to reach USD 3.75 billion by 2030.

The bonded magnets market focuses on the manufacture, distribution, and application of magnets created through the bonding process of magnetic powder and a binder. Ongoing advancements in magnetic materials research contribute to bonded magnets' higher efficiency and performance. An increase in demand from the automotive sector, especially for electric vehicles (EVs) and hybrid electric vehicles (HEVs), contributes to market growth. Technological innovations in consumer electronics requiring compact, high-performance magnets enhance the adoption of bonded magnets. However, high raw materials and production costs may limit the market growth. Competition from sintered magnets in higher magnetic strength applications also challenges the adoption of bonded magnets. Moreover, Developing alternative materials that reduce reliance on rare earth elements and promote sustainability creates opportunities for market growth. Exploring new applications of bonded magnets in emerging technologies such as robotics, drones, and advanced medical devices is also expected to enhance the adoption of bonded magnets.

Regional Insights

The United States and Canada primarily lead the bonded magnet market in the Americas. The U.S. market is characterized by high demand for bonded magnets in aerospace, defense, and healthcare sectors, supported by significant R&D investments and policy initiatives fostering innovation. Canadian market growth is influenced by the automotive sector and renewable energy projects, driving the demand for high-performance magnets. The APAC region, led by China, Japan, and India, dominates the bonded magnet market due to the high demand from electronics and automotive sectors. China showcases substantial investments in technology and research, contributing to a significant share of patents related to advanced magnetic materials. With its technological prowess, Japan focuses on innovation in the energy-efficient motors segment, where bonded magnets play a crucial role. India is witnessing a surge in demand attributed to its growing automotive industry and government initiatives towards e-mobility. The EMEA region presents a diverse market with the European countries at the forefront, leveraging advanced manufacturing technologies, environmental regulations, and a focus on renewable energy sources. The automotive and electronics sectors in countries such as Germany, France, and Italy are significant consumers of bonded magnets. The Middle East market is gradually adopting modern industrial and energy-generation practices incorporating advanced materials, including magnets. Africa, being an emerging market, shows potential for growth in the mining and industrial sectors, affecting the demand for bonded magnets.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Bonded Magnets Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

• Growing usage of lightweight components in the automotive and electronics sector
• Rising demand for bounded magnets in the aerospace industry

Market Restraints

• High cost of development of bonded magnets

Market Opportunities

• Continuous advancements in the development of bonded magnets
• Emerging application of bonded magnets in the renewable energy sector

Market Challenges

• Certain performance issues with bonded magnets

Market Segmentation Analysis

• Product: Increasing preference for rare earth magnets in consumer electronics
• Application: Diverse applications of bonded magnets in sensor technology for miniaturization

Market Disruption Analysis

• Porter’s Five Forces Analysis
• Value Chain & Critical Path Analysis
• Pricing Analysis
• Technology Analysis
• Patent Analysis
• Trade Analysis
• Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Bonded Magnets Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Bonded Magnets Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Partnership between Bunting-DuBois, Critical Materials Institute, and AMES National Laboratory leads to Cerium Gap Magnets

Bunting-DuBois and the Critical Materials Institute (CMI) at Ames National Laboratory have achieved a notable advancement in magnet technology and have successfully compression bonded a new magnet material, facilitating the development of the ‘Cerium Gap Magnet.’ This innovative magnet, which capitalizes on the abundant rare earth element Cerium (Ce), was created using an advanced compression bonding process. This pioneering work has filled a significant material gap and has also been recognized during the 2023 R&D100 award.

Neo Launches Construction Of Permanent Rare Earth Magnet Facility

Neo Magnequench, announced the inauguration of its rare earth magnet manufacturing facility in Narva, Estonia. Slated to commence operations in 2025, this factory is set to specialize in producing rare earth permanent magnets. These magnets are crucial components for electric vehicles, wind turbines, and other renewable energy technologies. This entire initiative aims to facilitate Neo’s ambitions for a more sustainable and integrated supply chain for sintered neodymium-iron-boron magnets in Europe.

India’s First Facility To Produce Rare Earth Permanent Magnets

India has inaugurated its inaugural facility dedicated to the manufacture of rare earth permanent magnets in Visakhapatnam, marking a significant advancement in the technology and materials sector. Permanent magnets, which generate magnetic fields without the need for continuous external energy, retain their magnetic properties over prolonged periods. These magnets are commonly produced from specific metals and alloys, including iron, nickel, and cobalt, and rare earth elements such as neodymium and samarium. This development facilitated India’s plans for advancing innovations and capabilities within the global magnets market.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Bonded Magnets Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Bonded Magnets Market, highlighting leading vendors and their innovative profiles. These include AA International, Inc., Allstar Magnetics, LLC, Alpha Magnet LLC, Arnold Magnetic Technologies, Bunting-DuBois, Dailymag, Dexter Magnetic Technologies, Inc., Dura Magnetics, Inc., Eneflux Armtek Magnetics, Inc., Evitron Sp. z o.o., GMB Deutsche Magnetwerke GmbH, Hangzhou Tengye Magnetic Materials Co., Ltd., HGT Advanced Magnets Co., Ltd., Magnaworks Technology Inc., Michibay Magnetics LLC, MMC Magnetics Corp, National Magnetics Group, Inc., Pacific PAC Technologies, Inc., Sagami Chemical Metal Co., Ltd., Shin-Etsu Chemical Co., Ltd., TDK Corporation, The Electrodyne Company, Inc., Thomas and Skinner Inc., and Viona Magnetics.

Market Segmentation & Coverage

This research report categorizes the Bonded Magnets Market to forecast the revenues and analyze trends in each of the following sub-markets:

• Product
• Ferrite
• Rare Earth Magnet
• Process
• Calendering
• Compression
• Extrusion
• Injection Molded
• Application
• Brushless DC Motors
• Sensors
• End-Use Industry
• Automotive
• Electrical & Electronic
• Industrial
• Medical Device

Region

• Americas
• Argentina
• Brazil
• Canada
• Mexico
• United States
• California
• Florida
• Illinois
• New York
• Ohio
• Pennsylvania
• Texas
• Asia-Pacific
• Australia
• China
• India
• Indonesia
• Japan
• Malaysia
• Philippines
• Singapore
• South Korea
• Taiwan
• Thailand
• Vietnam
• Europe, Middle East & Africa
• Denmark
• Egypt
• Finland
• France
• Germany
• Israel
• Italy
• Netherlands
• Nigeria
• Norway
• Poland
• Qatar
• Russia
• Saudi Arabia
• South Africa
• Spain
• Sweden
• Switzerland
• Turkey
• United Arab Emirates
• United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year