Fact.MR, a supplier of market research and competitive intelligence, projects that the increase in sales of electronics and cars will cause the global bonded magnet demand to grow at a CAGR of 7.8% from 2022 to 2032.
One of the most important innovations to hit the automotive and transportation sectors in recent years is driverless technology. Several bonded magnet devices have emerged as a result of ride-hailing technologies mixed with vehicle automation. The use of bonded magnets has increased dramatically as technology has developed in all industry sectors.
Key Market Study Conclusions
• By 2032, the market for bonded magnets is expected to grow by 2.1X in value.
• The use of sensors currently accounts for about one-fourth of the global market and is expected to generate an opportunity of an estimated US$1.62 billion between 2022 and 2032.
• Rare earth magnets are the product type with the quickest growth.
• In 2021, the East Asia bonded magnet market accounted for the majority of market revenue; China is expected to gain more than 73% of this market share and produce a lot of revenue over the forecast period of 2022–2032.
• India and Indonesia are predicted to have more than one-third and one-sixth of the market shares, respectively, in South Asia and Oceania.
To boost their sales and earnings, market players have opted for carefully chosen strategic alliances, funding, and product releases. Companies are concentrating on creating sustainable market demand by developing green energy technology. In the mid-to-long term, these advances are anticipated to fuel market expansion for bonded magnets.