Global Bonded Magnets Market to Reach $2.8 Billion by 2030
The global market for Bonded Magnets estimated at US$1.9 Billion in the year 2023, is expected to reach US$2.8 Billion by 2030, growing at a CAGR of 5.7% over the analysis period 2023-2030. Rare Earth Bonded Magnets, one of the segments analyzed in the report, is expected to record a 5.5% CAGR and reach US$1.3 Billion by the end of the analysis period. Growth in the Ferrite Bonded Magnets segment is estimated at 5.8% CAGR for the next 7-year period.
The U.S. Market is Estimated at $497.1 Million, While China is Forecast to Grow at 8.6% CAGR
The Bonded Magnets market in the U.S. is estimated at US$497.1 Million in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$632.3 Million by the year 2030 trailing a CAGR of 8.6% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3% and 5.3% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 3.4% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$391.1 Million by the year 2030.
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