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Surging Preference for Green Energy Technologies to Push the Bonded Magnet Sales by 7.8% by 2032
In the latest report, Fact.MR provides comprehensive analysis on the opportunities and challenges affecting the global bonded magnet market. The report also focuses on key factors influencing the growth and key trends through various segments including product type, process type, application, end- use, and regions
NEW YORK , April 14, 2022 /PRNewswire/ -- The overall demand for the bonded magnet is forecast to reach a valuation of US$ 5.1 Bn in 2022, at a CAGR of 7.8% during 2022-2032. Overalls sales in the market are anticipated to surpass US$ 10.9 Bn by the end of 2032.
Bonded magnets are increasingly used in computer hardware, especially in digital storage solutions. Application of bonded magnets in data storage is projected to bolster the growth in the market.
Subsequently, increasing use of these magnets in electric motors is boosting the application of neodymium iron boron (NdFeB) magnets as a stator to produce liner or circular motion. This is likely to create lucrative opportunities for the growth in the market.
Furthermore, bonded magnets such as NdFeB magnets are extensively used in the green technologies, such as wind turbines. To reduce the carbon emission and meet the energy needs, demand for these magnets is increasing.
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Inclination towards electronic appliances and electrical equipment due to improved standard of living in developing countries, such as Japan , China , and India is increasing. This is likely to propel the sales of bonded magnets over the coming years.
In addition to this, use of bonded magnets in motor, sensors, level gauges, fuel, and filters in the automotive sector is projected to boost the market. Subsequently, growing preference for bonded magnets over sintered magnets due to their cost-effectiveness and superior performance will further create remunerative prospects for the market.
Hence, key manufacturers are focusing on production of polymer-bonded rare-earth magnets owing to their compatibility with injection molding and applications in 3D printing. This is projected to spur the sales of bonded magnets.
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According to Fact.MR, the global bonded magnet market is moderately fragmented. Key players are estimated to account for 15%-20% of the market share. Meanwhile, the market is dominated by small- and medium-sized players, holding 80%-85% of demand share.
Leading players in the market are adopting various strategies, such as mergers & acquisitions, partnerships, and others to increase their revenue. They are also advancing their product portfolio to gain a competitive edge in the market.
Key Companies Profiled by Fact.MR
More Valuable Insights on Bonded Magnet Market
Fact.MR, in its report, offers comprehensive analysis on the global bonded magnet market for the forecast period of 2022 to 2032. This survey also reveals the key growth factors and trends affecting the sales in the bonded magnet market. To gain a better understanding, the market is segmented on the basis of:
Key Questions Covered in the Bonded Magnet Market Report
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