Rare-earth Bonded Magnet Market to Increase over $800 Million by 2024 at a CAGR of Around 9%

Description :

Global QYResearch in its latest report on “Global Rare-earth Bonded Magnet Market (Types: NdFeB Magnet, SmCo Magnet ; Application: High Efficiency Motors, Hybrid/Electric Vehicles, Hard Disk Drives, Others)”, estimate that global market for rare-earth bonded magnet is predictable to grow at a considerable rate of around 9% CAGR and increase the market over $800 Million by 2024. Varied function of rare-earth bonded magnets, from electronics to electrical and to aerospace, automotive, and medicinal devices, the demand in this market is also projected to get new opportunities from the advent of additive manufacturing. The growing trend of miniaturization is envisaged to propel the demand in the global rare-earth bonded magnet market. For instance, the demand for bonded magnet could increase due to the miniaturization of electronic systems, sensors, and other automotive parts. However, the expensive cost of rare-earth bonded magnet is prophesied to slow down the demand in the market. Nevertheless, strong production of semiconductor chips in South Korea and Japan could push the demand for rare-earth bonded magnet. Out of the total downstream consumption, hard disk drives secure close to a 33.00% share of the global rare-earth bonded magnet market. However, the significance of rare-earth bonded magnet in other applications cannot be ignored.
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China Anticipated To Grow At The Highest CAGR

The rare-earth bonded magnet market is quickly expanding in Asia-Pacific region by collecting over 12% of total market share in terms of production 2017, it governs the rare-earth bonded magnet market. Emerging innovative business models and advancement in technology and rising electric vehicle inventions are vital factors owing to the growth of rare-earth bonded magnet consumption market in Asia-Pacific. The promising infrastructures and booming retail sector in the region would further aid the growth of the rare-earth bonded magnets in the APAC region. Likewise, the economic growth in this region is attracting more investments from suppliers of the rare-earth bonded magnets. Japan is the second largest market globally.

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Key Players 

The global rare-earth bonded magnet market marks the presence of leading manufacturers such as Shanghai San Huan Magnetics, Innuovo Magnetics, Yunsheng Company, Daido Electronics, and Galaxy Magnetic. As per analysis, Galaxy Magnetic is the global leader in the market. It grabs whopping over 17% revenue globally.
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