The global rare-earth bonded magnet market is projected to grow at an 8.91% CAGR to touch a US$ 803.62 Mn by the end of 2024. In 2017, it was worth a US$ 422.23 Mn.
On the basis of volume, the global rare-earth bonded magnet market is expected to rise at an 8.82% CAGR to touch 15,880 MT by the end of 2024. In 2017, the production of rare-earth bonded magnet reached 8,786 MT.
Global Rare-earth Bonded Magnet Market: Drivers and Restraints
The advent of additive manufacturing is predicted to open the door for new opportunities in the global rare-earth bonded magnet market. Wide range of applications of rare-earth bonded magnet from medical devices to electrical and electronics could set the tone for valuable growth of the market.
The growing trend of miniaturization is envisaged to propel the demand in the global rare-earth bonded magnet market. For instance, the demand for bonded magnet could increase due to the miniaturization of electronic systems, sensors, and other automotive parts.
However, the expensive cost of rare-earth bonded magnet is prophesied to slow down the demand in the market. Nevertheless, strong production of semiconductor chips in South Korea and Japan could push the demand for rare-earth bonded magnet.
Global Rare-earth Bonded Magnet Market: Forecast by Type and Application
By type of product, the global rare-earth bonded magnet market is categorized into SmCo magnet and NdFeB magnet. It is foreseen to benefit from the rising application of the products. The market could show a steady pace of growth in the next few years. However, the prices of products are anticipated to follow a slow downward trend during the forecast period.
The report studies key applications of rare-earth bonded magnet, viz. hard disk drives, hybrid/electric vehicles, high efficiency motors, and others. Out of the total downstream consumption, hard disk drives secure close to a 33.00% share of the global rare-earth bonded magnet market. However, the significance of rare-earth bonded magnet in other applications cannot be ignored.
Global Rare-earth Bonded Magnet Market: Forecast by Region
Geographically, China is prognosticated to become a prominent market for rare-earth bonded magnet. Out of the total global consumption, it collected approximately 35.63% share of the rare-earth bonded magnet market in 2017. Collecting a 12.99% share of the market in terms of production, Japan is the second largest market for rare-earth bonded magnet amongst other geographies studied in the report.
Global Rare-earth Bonded Magnet Market: Key Players
The global rare-earth bonded magnet market marks the presence of leading manufacturers such as Yunsheng Company, Innuovo Magnetics, Daido Electronics, Shanghai San Huan Magnetics, and Galaxy Magnetic. As per the report, Galaxy Magnetic is the world leader in the market. In 2017, it held a revenue share of 17.07% of the market.
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