Bonded Magnet Market to Record an Exponential CAGR by 2025
As
per the findings of a recent study by Transparency Market Research
(TMR), most of the major companies in the global bonded magnets are
catering to diverse sectors and increasing their focus on the Asia
Pacific region, which currently has maximum opportunities. The report
identifies Allstar Magnetics, Arnold Magnetic Technologies, Alliance
LLC, Viona Magnetics, and Neo Magnequench as some of the prominent
companies currently operating in the global bonded magnets market. In
terms of revenue, the report projects the demand in the global bonded
magnets market to increment at a healthy CAGR of 7.0% during the
forecast period of 2017 to 2025.
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Report Overview @
Owing
to various applications of bonded magnets, ranging from automotive to
medical and military, the vendors of this market are constantly
innovating their products to meet the demands and gain market share.
In the near future, additive manufacturing or 3D printing are primed
to open new revenue avenues in the global bonded magnets market.
Electrical
and electronics is currently the most profitable application segment,
serving considerably greater demand than other applications studied
under this report, viz. automotive, industrial, medical, and power
generation. The automotive sector is also anticipated to increment
the demand at an impressive rate during the forecast period.
Geographically, the report detects Asia Pacific as highly profitable
region, chalk and cheese ahead of North America and Europe, who
together will constitute less than a quarter of the global demand for
bonded magnets. China produces huge amount of bonded magnets, as the
country has a rich deposit of rare earth metals such as neodymium,
samarium, and, dysprosium. More than 80% of rare earth agents are
manufactured in the world’s most populous country.
The
ubiquity of permanent magnets is due to its varied applications.
Consequently, the prosperity of those respective sectors is providing
traction to the global bonded magnets market. Bonded magnets are
primarily used in automotive, consumer electronics, electrical
appliances, and medical laboratory diagnostic test equipment, whereas
they also find application in aerospace and power generation. Several
magnetic powders are used for the production of bonded magnets namely
SmCo, NdFeB, ferrite, and/or combination of all. NdFeB and SmCo
belong to the rare earth category, which are substantially powerful
magnets that are used in applications that demand better magnetic
performance. In the automotive industry, which is currently
flourishing in Asia Pacific, bonded magnets are used for
power-windows, crash sensor, motors for vipers, power mirrors,
chassis height sensor, fuel gauges, tachometers, and speedometers,
among others.
A
relatively economical manufacturing process for extensively intricate
shapes of bonded magnets and their usefulness for common household
applications such as electrical shavers, refrigerator door seals,
circulation pumps for home heating systems, reprographic rolls,
gaskets, and magnetic advertising sheets are other two favorable
factors that will sustain a consistently prospering bonded magnets
market, globally.
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3D
printing or additive manufacturing is expected to revolutionize the
bonded magnets production, which can enable the formation of complex
shapes of both thermoplastics and thermoset bonded magnets with
nominal material waste and at efficient cost. MAI and ORNL have the
cooperative research and development authority to study the
application of additive manufacturing of bonded magnets and systems.
Some of the common examples of additive manufacturing or 3D printing
in bonded magnets market are: lectron beam melting, laser sintering,
laser blown power disposition, ultrasonic consolidation, binder
jetting, fused deposition modeling, and large-scale polymer
deposition. A few types of additive manufacturing are vat
photo-polymerization, powder bed fusion, directed energy deposition,
sheet lamination, and material extrusion.
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Us
Transparency
Market Research (TMR) is a global market intelligence company
providing business information reports and services. The company’s
exclusive blend of quantitative forecasting and trend analysis
provides forward-looking insight for thousands of decision makers.
TMR’s experienced team of analysts, researchers, and consultants
use proprietary data sources and various tools and techniques to
gather and analyze information.
TMR’s
data repository is continuously updated and revised by a team of
research experts so that it always reflects the latest trends and
information. With extensive research and analysis capabilities,
Transparency Market Research employs rigorous primary and secondary
research techniques to develop distinctive data sets and research
material for business reports.
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USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: http://www.transparencymarketresearch.com
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