Bonded Magnets Market Size, Industry Share (2022-2030)

According to the UnivDatos, the growing space exploration missions, and increase in R&D massively transform the global scenario of the “Bonded Magnets Market” report, the global market was valued at USD 1.93 billion in 2021, growing at a CAGR of 6.94% during the forecast period from 2022 – 2030 to reach USD 3.53 billion by 2030.

The growing investment in the different end-user industries such as automotive, and consumer goods due to increased demand for electric vehicles, and mobile phones have increased in the last couple of years fueling the growth of the bonded magnets market. Major governments of countries such as the U.S., China, Japan, and India have focused on developing green energy due to energy shortages, and bonded magnets are widely used to generate energy. For instance, in September 2022, according to the report published by International Energy Agency, the total wind capacity installed is 830 GW all over the world, constituting 93% being onshore and remaining offshore wind farms.

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Additionally, persistent government support and favorable policies of countries such as the U.S., China, and India for the deployment of wind power to generate electricity has geared the renewable energy industry, to cater to the demand for bonded magnets. For instance,

· In June 2022, China published its 14th Five-Year Plan which includes an ambitious target of 33% of electricity generation to come from renewables by 2025 (up from about 29% in 2021), including an 18% target for wind and solar technologies.

· In August 2022, the federal government of the United States introduced the Inflation Reduction Act, a law significantly expanding support for renewable energy in the next 10 years through tax credits and other measures.

· In July 2021 the European Commission proposed to increase the bloc’s renewable energy target for 2030 from 32% to 40%. Many European countries have already expanded their renewables support mechanisms in order to accelerate capacity growth with a view to 2030.

Moreover, 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.

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Conclusion:

The bonded magnet industry has witnessed rapid expansion over the last few years, with major players such as Arnold Magnetic Technologies, MS-Schramberg GmbH & Co. KG, and others are launching new kinds of magnets to lead in the market. Further, government initiatives and investments in the various end-users have also increased over the past few years, and so has the demand for bonded magnets increased in the last couple of years. North America and Asia-Pacific are the home of several big players followed by countries including the UAE, Singapore, Germany, and other Middle East countries that have witnessed increased expenditure on the oil & gas industry over the past few years, but at a slow pace, however, the demand for bonded magnets is expected to increase in the forecast period, owing burgeoning adoption of electric vehicles, the growing smartphone industry caters the demand for bonded magnets. Contact UnivDatos, a rapidly growing dynamic market research firm led by a core of dedicated professionals for further information.

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