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Bonded Magnets Market: Current Analysis and Forecast (2022-2030)
Emphasis on Product Type (Rare Earth Bonded Magnets, Ferrite Bonded Magnets, Hybrid Magnets); Process Type (Injection Molded Magnets, Compression Bonded Magnets, Calendaring Bonded Magnets, Extrusion Bonded Magnets); End User (Automotive and Transportation, Consumer Electronics, HVAC Equipment, Pharmaceutical, Industrial, Others); and Region/Country
The bonded magnets market was valued at USD 1.93 Billion in 2021 and is expected to grow at a strong CAGR of around 6.94% during the forecast period (2022-2030) owing to the burgeoning adoption of electric vehicles globally. Moreover, the growing demand for consumer goods such as laptops, smartphones, tablets, and audio devices in which bonded magnets are extensively used for the longevity of the products has geared the demand for bonded magnets. Moreover, the rising renewable energy source all over the world has fueled the demand for the product as it has been widely used in wind turbines and solar power systems. The persistent endeavor of various governments such as the U.S., China, and India to focus on clean and sustainable energy has catered to the demand for bonded magnets. Additionally, the adoption of electric vehicles has increased in the past couple of years and EVs contain important components which consist of motors, sensors, stators, and a rotor, in which bonded magnets are used for the generation of propulsion and better longevity of the vehicles. For instance, in 2021, according to the international energy agency(IEA), Consumers spent USD 120 billion on electric car purchases in 2020, a 50% increase from 2019, which breaks down to a 41% increase in sales and a 6% rise in average prices. Moreover, in February 2023, according to a report published by the U.S. Bureau of Labor Statistics, the consumer demand for EVs has risen significantly from 22000 EVs on the road in 2011 to a little over 2 million in a decade till 2021.
Some of the major players operating in the market include Advanced Technology & Materials Co., Ltd.; Xiamen Yuxiang Magnetic Materials Technology Co. Ltd.; Allstar Magnetics; Arnold Magnetic Technologies; VACUUMSCHMELZE GmbH & Co. KG; Neo Magnequench; Stanford Magnets; Evitron; Dexter Magnetic Technologies, Inc.; MS-Schramberg GmbH & Co. KG.
Insights Presented in the Report
“Amongst product types, the hybrid magnet segment held the highest market share in 2021”
Based on the product type, the market is segmented into rare earth-bonded magnets, ferrite-bonded magnets, and Hybrid Magnets. The hybrid magnet segment accounted for the highest market share in the historic period and is anticipated to dominate the market in the forecast period. Major factors contributing to the growth of the segments owing to its better magnetic property compare to rare earth magnets, and ferrite magnets due to its affordability compare to others. In the forecast period, there is a growing demand for hybrid bonded magnets due to the increasing use of these magnets in various industries, including automotive, industrial machinery, and medical devices. This demand is primarily fueled by the growth of the automotive sector.
“Amongst process types, the injection molded segment held the significant market share in 2021”
On the basis of process type, the market is categorized into injection molded magnets, compression bonded magnets, calendaring bonded magnets, and extrusion bonded magnets. Among these, the injection molded segment held a significant share of the market in 2021. This is mainly due to the extensive production volume that can be achieved using this method. The injection molded process is highly automated and can produce magnets more quickly and efficiently, which is too cost-effective for manufacturers to become the primary choice. This process allows for an excessive degree of precision and accuracy, which is essential for ensuring that the magnets perform constantly through the years. Moreover, injection molded magnets have a tendency to have an excessive magnetic field strength, making them suitable for an extensive variety of applications.
“Asia Pacific dominated the bonded magnets market in 2021”
The Asia Pacific region is projected to dominate the forecast period as the region has the highest number of automotive manufacturers and production units that cater to the demand for bonded magnets. The foremost factors attributed to the boom of the market are the increasing urbanization populace within the region as India and China cover nearly 36% of the overall world populace. With the paradigm shift of population increase within the cities in the location seeking out better dwelling requirements, the call for consumer electronics home equipment and electric equipment has accelerated, which is the primary give-up-consumer of bonded magnets. The Asia Pacific region is the hub for manufacturing industries such as automotive, and consumer electronics, and the government initiatives to set up the manufacturing behemoths such as HTC, Siemens, Toshiba, and GE establishing or in the process of establishing manufacturing plants. For instance, according to OICA, automobile production in China and India witnessed a growth of 53% in the first nine months of 2021 when compared to the same period in 2020. Moreover, the growing industrialization in the region has witnessed substantial growth in the last couple of years, fueling the demand for bonded magnets.
Bonded Magnets Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global bonded magnets market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Content
Research Methodology for the Bonded Magnets Market Analysis (2022-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global bonded magnets market were the three major steps undertaken to create and analyze the adoption of bonded magnets in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global bonded magnets market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the bonded magnets market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the bonded magnets market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product type, process type, and end-user. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the bonded magnets market. Further, we conducted factor analysis using dependent and independent variables such as product type, process type, and end-user of the bonded magnets market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the bonded magnets market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global bonded magnets market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the bonded magnets market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global bonded magnets market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global bonded magnets market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product, end-user, and sales channel in the global bonded magnets market.
The main Objective of the Global Bonded Magnets Market Study
The current & future market trends of the global bonded magnets market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the bonded magnets market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the product type, process type, and end-user
- Define and analysis of the regulatory framework for the bonded magnets industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the bonded magnets market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the bonded magnets market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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