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Bonded Magnets are the magnets that are made of mixing magnetic powder with non-magnet powder like plastic, rubber, and elastomers. The magnetic powders used in the bonded magnet are NdFeB, SmCo, ferrite, and/or combination of all. The non-magnetic material used are naturally in the structure of thermoplastic or elastomeric binder. Consumer Electronics is the dominating sector where bonded magnets find its applications.
The restrictions imposed by governments of different countries to stop the spread of COVID-19 virus during the pandemic has impacted many manufacturing sector immensely. But the countries like China, and the USA, are removing restrictions on production industries and supply chain as the spread is getting under control and due to increased rate of vaccination. Despite the fall in the demand during the pandemic period the market is expected to grow positively in future.
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Asia Pacific has the highest market share for the current period and is expected to dominate the market throughout the forecast period. The Countries like Japan, and China are known for manufacturing of Electrical and Electronic products such as Electric Appliances, Electric vehicles, electrical components, and many. The presence of above mentioned industries in these countries surge the demand for bonded magnets.
Europe has the highest CAGR for the bonded magnet market in the forecast period. The increasing production of electric vehicles in the region is one of the major factor contributing to the market.
North America is witnessing a considerable growth for the market. The rising demand for heavy equipment due to rapid industrialization in the countries like the United States, Canada are the market driving factors for bonded magnet. The technology advancement is focusing on producing the smaller sized equipment of all types. The bonded magnets due to its shape diversity and light weight are used for such applications.
The regions like Latin America and Middle East & Africa is also showing a decent growth in the bonded magnet market. The oil and petroleum sector in countries like Saudi Arabia, the UAE, and Iran and the Mining industry in countries such as Democratic Republic of Congo, South Africa, Namibia, and Zimbabwe demands heavy pumps and equipment. The afore mentioned are some growth factors of the market.
The Key players covered in the study are Alliance LLC, Advanced Technology & Materials Co.,Ltd., Xiamen Yuxiang Magnetic Materials Technology Co. Ltd, Allstar Magnetics, Ningbo Yunsheng Co. Ltd., VACUUMSCHMELZE GmbH & Co. KG, Stanford Magnets, Magnequench International, LLC, DEXTER MAGNETIC TECHNOLOGIES., MS-Schramberg GmbH & Co. KG, and RHEINMAGNET Horst Baermann GmbH.
By Process Type
By End User Industry
In April, 2020 – MS Scramberg, a leading producer of magnetic materials, added Elastomer Bonded Magnets in its portfolio. These magnets are more flexible and has high elasticity and they find a wide range of applications like engine transmissions and Camshafts in automobile industries, light weight magnets in electronic appliances, and many more
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