Bonded Magnet Market Size, Share, Growth Opportunities, and Forecast to 2032

The global Bonded Magnet Market is experiencing robust growth, valued at USD 5.1 billion in 2022 and projected to reach USD 10.9 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.8%. This expansion is driven by the increasing demand for compact, high-performance magnets in industries such as automotive, consumer electronics, and renewable energy, fueled by advancements in electric vehicles (EVs), automation, and green energy technologies. The market is further propelled by the versatility of bonded magnets, which offer shape diversity and cost-effectiveness compared to sintered magnets.

Bonded magnets, composed of magnetic powders (like neodymium iron boron [NdFeB] or ferrite) mixed with a polymer binder, are critical for applications requiring complex shapes and lightweight components, such as electric motors, sensors, and hard disk drives (HDDs). Their significance lies in enabling efficient, miniaturized solutions for modern technologies, supporting the global shift toward sustainability and electrification.


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Market Analysis

The bonded magnet market is driven by the surge in electric vehicle production, with global EV sales rising 65% from 2017 to 2021, requiring high-performance NdFeB magnets for motors and sensors. The consumer electronics sector, particularly HDDs and smartphones, accounts for significant demand, with 800 exabytes of magnetic storage shipped in 2018. The renewable energy sector, including wind turbines with 743 GW global capacity, boosts demand for bonded magnets in generators, reducing CO2 emissions by 1.1 billion tons annually. Technological advancements, such as injection molding and calendaring, enable precise, cost-effective production. However, challenges include fluctuating raw material prices, particularly for rare-earth elements like neodymium, and import duties in Europe, which increase costs.

Segment Analysis

The bonded magnet market is segmented by product type, process type, application, and end-use industry. By product type, rare-earth magnets (primarily NdFeB) dominate, holding nearly one-third of the market share with a projected CAGR of 8.9%, driven by their high magnetic strength in EVs and electronics. Bonded ferrite magnets are significant in cost-sensitive applications. By process type, calendaring bonded magnets lead, growing at a CAGR of 8.3%, due to their suitability for thin, flexible applications like sensors. Injection-molded magnets are gaining traction for complex shapes in automotive and medical devices. By application, sensors hold a significant share, with a projected CAGR of 9%, driven by automotive automation and ride-hailing technologies. Motors and HDDs also contribute substantially. By end-use industry, automotive accounts for 26% of global sales, followed by consumer electronics and industrial applications, with HVAC and medical devices growing steadily.

Country-wise Insights

In the United States, the bonded magnet market is valued at approximately USD 686 million in 2022, with a projected CAGR of 7.5% through 2032, driven by demand for electronics and EVs, with over 2 million EVs on U.S. roads by 2021. North America holds a significant market share, supported by advanced manufacturing and automation trends. In the United Kingdom, the market is expected to grow at a CAGR of 7.0%, reaching USD 250 million by 2032, fueled by consumer electronics and automotive applications, though import duties and GDPR compliance for smart technologies pose challenges. East Asia, led by China, dominates with over 75% of the regional market share, valued at USD 2.3 billion, due to its vast manufacturing base and rare-earth deposits. South Asia & Oceania offer an absolute dollar opportunity of USD 914 million, driven by industrial growth in India.

Key Players

  • Arnold Magnetic Technologies
  • Alliance LLC
  • Advanced Technology & Materials Co., Ltd.
  • Xiamen Yuxiang Magnetic Materials Technology Co. Ltd.
  • Neo Magnequench
  • VACUUMSCHMELZE GmbH & Co. KG
  • Galaxy Magnetic
  • Shanghai San Huan Magnetics
  • Daido Electronics Co., Ltd.

Strategic Outlook and Industry Trends

The bonded magnet market is evolving through technological innovation and sustainability initiatives. The adoption of additive manufacturing, like 3D printing, enables complex magnet designs, while polymer-bonded rare-earth magnets offer corrosion resistance and flexibility for EVs and electronics. Strategic acquisitions, such as Arnold Magnetic Technologies’ purchase of Ramco Electric Motors in March 2021, expand product portfolios. The focus on green energy, with NdFeB magnets in wind turbines and EVs, aligns with global sustainability goals. However, manufacturers face challenges from high raw material costs and environmental concerns over rare-earth mining. Investments in recycling technologies, as seen with USA Rare Earth’s Texas facility in 2022, aim to reduce dependency on imports.

Segmentation of Bonded Magnet Market

By Product Type:

    • Rare Earth Magnets
    • Bonded Ferrite Magnets
    • Hybrid

By Process Type:

    • Injection Molded Bonded Magnets
    • Compression Bonded Magnets
    • Calendaring Bonded Magnets
    • Extrusion Bonded Magnets

By Application:

    • Sensors
    • Motors
    • Hard Disk Drives
    • Level Gauges
    • Others

By End-Use Industry:

    • Automotive
    • Consumer Electronics
    • Industrial
    • Medical
    • Power Generation
    • Others

By Region:

    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • Middle East & Africa

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Substrate Wetting Additives Market 
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