Bonded Magnet Market Surges with a 7.8% CAGR, Projected to Reach $2.1 Billion by 2030
According to a new report published by MarkWide Research, titled, “Bonded Magnet Market,” the global market for bonded magnets is surging with significant growth projected over the forecast period. With an anticipated compound annual growth rate (CAGR) of 7.8%, the market is expected to reach $2.1 billion by 2030.
The bonded magnet market’s growth can be attributed to several key factors:
1. Miniaturization Trends: The demand for compact and lightweight magnets in various industries, including electronics and automotive, is driving the adoption of bonded magnets.
2. Energy Efficiency: Bonded magnets offer high energy efficiency and play a crucial role in electric vehicle (EV) motors and energy-efficient appliances.
3. Renewable Energy: The growth of renewable energy technologies such as wind turbines relies on bonded magnets for generator systems.
4. Consumer Electronics: The proliferation of smartphones, laptops, and wearable devices increases the use of bonded magnets in these products.
5. Automotive Electrification: The shift toward electric and hybrid vehicles requires bonded magnets for traction motors and power electronics.
6. Technological Advancements: Ongoing advancements in magnet manufacturing technologies enhance the performance of bonded magnets.
MarkWide Research’s report provides comprehensive insights into the global bonded magnet market, including market size, segmentation by type (e.g., neodymium, ferrite), application (e.g., motors, sensors, speakers), and regional analysis. The report also profiles key players in the industry and highlights their strategies for market expansion.
In conclusion, the global bonded magnet market is surging, driven by miniaturization trends, energy efficiency considerations, renewable energy growth, consumer electronics demand, automotive electrification, and technological advancements. As industries continue to prioritize efficient and sustainable magnet solutions, the market for bonded magnets is expected to experience significant growth.