What is Global Bonded Ferrite Magnets Market?
The Global Bonded Ferrite Magnets Market is a vast and dynamic sector that encompasses a wide range of products and applications. These magnets, made from a combination of iron oxide and other elements, are known for their excellent magnetic properties and cost-effectiveness. They are created through a process that involves the bonding of ferrite powder with a synthetic resin or rubber. This process results in magnets that are flexible, corrosion-resistant, and capable of operating in high-temperature environments. The market for these magnets is global, meaning they are produced, sold, and used all over the world. The demand for these magnets is driven by various industries, including automotive, electronics, and healthcare, among others.
Injected Magnets, Pressed Magnets in the Global Bonded Ferrite Magnets Market:
The Global Bonded Ferrite Magnets Market is segmented into two main types: Injected Magnets and Pressed Magnets. Injected Magnets are produced by injecting a mixture of ferrite powder and a binder into a mold, resulting in a magnet with high dimensional accuracy and complex shapes. On the other hand, Pressed Magnets are made by pressing ferrite powder into a mold under high pressure, resulting in a magnet with high magnetic performance and mechanical strength. Both types of magnets have their unique advantages and are used in different applications, depending on the specific requirements of the product or device they are used in.
Automotive, Electrical & Electronics, Home Appliance, Medical & Healthcare Devices, Others in the Global Bonded Ferrite Magnets Market:
The usage of Global Bonded Ferrite Magnets is widespread and varied. In the automotive industry, they are used in various components such as motors, sensors, and actuators. In the electrical and electronics sector, they are used in devices like transformers, inductors, and magnetic cores. In the home appliance industry, they are used in products like refrigerators, air conditioners, and washing machines. In the medical and healthcare devices sector, they are used in equipment like MRI machines, pacemakers, and hearing aids. Other industries that use these magnets include the aerospace, defense, and renewable energy sectors.
Global Bonded Ferrite Magnets Market Outlook:
Looking at the market outlook for the Global Bonded Ferrite Magnets, it's clear that this sector is on a growth trajectory. In 2023, the market was valued at a substantial US$ 1147.6 million. Fast forward to 2030, and it's projected to reach an impressive US$ 1628.3 million. This represents a compound annual growth rate (CAGR) of 5.2% during the forecast period from 2024 to 2030. This growth is driven by the increasing demand for these magnets in various industries, technological advancements in magnet production, and the growing trend towards miniaturization in electronics and automotive applications.
| Report Metric | Details |
| Report Name | Bonded Ferrite Magnets Market |
| Accounted market size in 2023 | US$ 1147.6 million |
| Forecasted market size in 2030 | US$ 1628.3 million |
| CAGR | 5.2% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
|
| Segment by Application |
|
| Production by Region |
|
| Consumption by Region |
|
| By Company | Galaxy Magnets, Hangseng(Ningbo) Magnetech, Ningbo Yunsheng, TDK, MS-Schramberg, DMEGC |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
