Rare-Earth Bonded Magnet Market Size, Share, Growth, and Industry Analysis by Type (NdFeB Magnet, SmCo Magnet), by Application (High Efficiency Motors, Hybrid/Electric Vehicles, Hard Disk Drives, Others), Regional Insights and Forecast to 2031

Updated On: 22 April 2024

RARE-EARTH BONDED MAGNET MARKET REPORT OVERVIEW

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The global rare-earth bonded magnetmarket size was USD 617.4 million in 2021 and the market is projected to touch USD 994.9 million by 2028, exhibiting a CAGR of 7.1% during the forecast period.

Bonded rare earth magnets are created through a process of fusing neodymium iron boron magnets with a metallic bonding agent. This creates a more durable magnet that is less likely to corrode or demagnetize. Bonded rare earth magnets are used in many industrial and commercial applications, including motors, generators, loudspeakers, and magnetic bearings. Rare-earth magnets are used for attracting and retaining ferrous particles from powdered paint during vehicle assembly which is a key factor contributing to their large share in the automotive industry. The consumer electronics segment is projected to witness significant growth over the forecast period owing to rising demand for smartphones, wearable devices, and other smart appliances including refrigerators, washing machines

Participants are fixing their efforts on encouraging R&D. Technological development are supporting the regional market growth. Manufacturers need to stay updated with changing market trends and develop products that meet growing consumer needs. Companies coming up with progressive technological solutions for firming their positions.

COVID-19 Impact: Pandemic Hampered The Market Due To Unexpected Disruption In The Sector

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

COVID- 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. COVID- 19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in the market.

LATEST TRENDS

"Use Of Innovative Products To Boost The Market Growth "

Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.

RARE-EARTH BONDED MAGNET MARKET SEGMENTATION

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• By Type Analysis

According to type, the market can be segmented into NdFeB magnet, SmCo magnet

NdFeB magnet will capture the maximum market share through forecast period.

NdFeB magnet is made up of neodymium, iron, and boron, offering high magnetic strength and widely used in various industries.

SmCo magnet is composed of samarium, cobalt, and iron, providing excellent thermal stability and corrosion resistance.

• By Application Analysis

According to application, the market can be segmented into high efficiency motors, hybrid/electric vehicles, hard disk drives, others.

Rare-earth bonded magnet market players cover segment as high efficiency motors will dominate the market share during forecast period.

High efficiency motors -Rare-earth magnets are used in high-efficiency motors due to their ability to provide strong magnetic fields, which improves motor performance and efficiency.

Hybrid/electric vehicles -these magnets are crucial for electric and hybrid vehicles, particularly in electric motors and generators.

Hard disk drives -Rare-earth magnets are used in the actuators of hard disk drives, playing a key role in data storage technology. Despite the rise of solid-state drives (SSDs), HDDs remain relevant in data centers and for high-capacity storage needs.

Others -This category includes a wide range of other applications like wind turbine generators, MRI machines, consumer electronics, and more.

DRIVING FACTORS

"Increasing Demand In Automotive and Electronics Sectors To Boost The Market Growth"

The automotive industry is incorporating more electronic components into vehicles, which require powerful and compact magnets for various applications such as motors, sensors, and power steering systems. Likewise, the electronics industry depends heavily on rare-earth bonded magnets for uses like hard disk drives, speakers, and magnetic sensors.

"Technological Advancement and Innovation To Upsurge The Market"

Technological advancements and innovation activate unique revenue augmenting opportunity which will upsurge the rare-earth bonded magnetmarket growth. Growing investment in research and development activities and growing awareness about benefits are expected to deliver profitable opportunities for the market. Constant development are one of the trends in the market in variety of practices. Technological advancements such as the development of hybrid and electric vehicles, the growth of renewable energy sources, and the miniaturization of electronic devices will also contribute to the increasing demand for rare-earth bonded magnets.

RESTRAINING FACTOR

"High cost To Hamper The Market Growth"

High cost of raw materials, mainly rare-earth essentials and the environmental concerns associated with the extraction and processing of these materials can have an impact on the market.  Technical difficulties will reduce the industry revenue.

RARE-EARTH BONDED MAGNET MARKET REGIONAL INSIGHTS

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"North America to Dominate the Region Due To The Increasing Technological Innovations "

"The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East and Africa."

North America is further expected to witness growth in the rare-earth bonded magnetmarket share. The region is dominating the market due to the technological innovations, particularly in the automotive and renewable energy sectors.  The rising inhabitants and increasing income levels are also contributing to the development of the market. Upsurge in investments by key market players for the R&D undertakings and enlargement of their production abilities and product portfolios are projected to upsurge the growth. The expansion of regional market is being aided by technological developments.

KEY INDUSTRY PLAYERS

"Key Players Focus On Partnerships To Gain Competitive Advantage"

The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger. The collective efforts of these major players expressively impact the competitive landscape and future path of the market.

List Of Market Players Profiled

• Galaxy Magnetic (China)

• Shanghai San Huan Magnetics (China)

• Daido Electronics (Japan)

• Innuovo Magnetics (China)

• Yunsheng Company (China)

INDUSTRIAL DEVELOPMENT

November 2023: Innuovo Magnetics is set to unveil an array of magnetic marvels that are poised to redefine the electric vehicle industry. Their products span various application segments, including electric vehicles, and are created using three distinct technologies: sintered, bonded, and moulded.

REPORT COVERAGE

The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.