Bonded Magnet Market to Receive Overwhelming Hike in Revenues by 2025
As per a report by Transparency Market Research pertaining to global bonded magnets market the growing demand for bonded magnets in several industrial verticals such as manufacturing, healthcare and automotive industry, the market is expected to witness a substantial growth. It is because of these reasons the market is projected to witness a substantial 7% CAGR in the duration of 2017 to 2025, says the report. Additionally, the experts at Transparency Market Research states that the market is anticipated to reach to the value of US$ 2.5 bn by the end of the projected duration.
Fragmented Market to Witness Fierce Competition
At present the global bonded market is highly fragmented and is witnessing a tough competition between the players. This completion among the players is to acquire a noticeable position in the market. To maintain their dominance in the global bonded magnets market, the players are merging, collaborating, and partnering with the several other businesses.
However, this competition also results in in escalated growth of the global bonded magnets market. This is because, to overcome the competition, the players are launching new and innovative products that can help them acquire new customers and retain existing ones. Furthermore, the competition amongst the players is also resulting in hiked up research and development that is aiding the player to gain momentum in the global bonded magnets market.
Aggressive Manufacturing of 3D Printing Tools
One of the major factor that is boosting the growth of global bonded magnets market is the pacing development of 3D printing machines. These machines use bonded magnets extensively to hold the sample and printing material in position. Moreover, majority of the products are built using 3D printers. These printers are highly beneficial in automotive industry where production of car parts with precise specifications is a must. These printers allow the manufacturers to print the parts in a cost-effective manner and much more quickly. Due to this advantage the 3D printers are is such demands. Since 3D printers uses bonded magnets at a large scale, the demand for these printers is influencing the growth of global bonded magnet market from 2017 – 2025.
Hybrid Magnets Emerging as a Leading Segment
On the basis of type, the global bonded magnets market is segmented into hybrid, rare earth, and ferrite magnets. Out of these three, the hybrid segment is expected to emerge as one of the most profitable segment in the projected time frame. Due to its advantages such as cost effectiveness, easy availability, and easy maintenance, this type of bonded magnets find major applications in industries. Due to this the segment accounts for a major share in the global bonded magnets market and is anticipated to maintain its position throughout the forecast period.
Electronic Appliance in Application Category to be the Largest Revenue Driver
Based on applications the global bonded magnets market shall generate major profit from electronic segments. This is because of the growing demand for appliances such as refrigerators, fan motors, frictionless bearings, and hand tool motors. Due to the growing demand for these appliances in domestic and industrial application, the electronic segment is anticipated to dominate the application category of global bonded magnets market between 2017 and 2025.
Asia Pacific to Dominate the Regional Front
On geographical terms, Asia Pacific is expected to dominate over other regions of the global bonded magnets market. This dominance is attributed to factors such as growth of domestic electronic appliances in India and China. Additionally, as a result of growing industrialization the magnets are extensively used in automotive and manufacturing industry in these countries. As a result of these developments, Asia Pacific is expected to hold the largest share in the growth of global bonded magnets market from 2017 to 2025.