Demand Shortage of Goods & Services Affects Market Growth during COVID-19 Pandemic
Negative ramifications of the coronavirus (COVID-19) outbreak are reflecting in economic activities of the bonded magnet market. Bonded magnets have opened up a plethora of applications, but the pandemic has caused a slowdown in the world economy. International trade has been affected due to heavy taxes on import and export duties. Transportation regulations are also affecting growth of the bonded magnet market. Hence, manufacturers are developing contingency plans to ascertain future risks.
A sharp fall in demand for goods & services due to the COVID-19 crisis has left manufacturers scurrying for business opportunities. Countries such as China, Japan, and Australia bode well for current business activities since the pandemic has drastically subsided in these regions. Manufacturers are maintaining regular business operations for clients involving mission-critical projects.
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Meeting Project-specific Requirements Help Scale Business Activities
The bonded magnet market is projected to surpass the revenue of US$ 3 Bn by the end of 2030. Injection molded magnets are being used to design complex shapes and can be inserted molded directly onto other components to manufacture assembly parts. As such, compression bonded magnets offer higher magnetic output compared to injection molded magnets. However, the former can only be used in simple geometries. Hence, manufacturers in the bonded magnet market are increasing their product portfolio in both types of materials to meet different specifications and requirements in end-use cases.
Magnetic Materials & Components (MMC)— a company headquartered in New York, is increasing its production capacities to develop rare-earth and ferrite-bonded magnets. The recycling of critical metals from sintered neodymium (NdFeB) permanent magnets has acquired popularity over the years.
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Limitations in Recycling Activities Lead to Import Expenditures for European Manufacturers
The bonded magnet market is expected to register a favorable CAGR of ~6% during the assessment period. This can be attributed to rare-earth high-performance magnets playing a vital role in the production of electronics, wind turbines, electric vehicles, and the likes. Manufacturers are increasing their production capabilities to produce polymer-bonded rare-earth magnets since these magnets are compatible in injection molding and 3D printing applications.
Polymer-bonded rare-earth magnets are being highly publicized for their resistance to corrosion and flexibility in shape. However, import duties add to the production cost of companies in the Europe bonded magnet market since these manufacturers import rare earths from outside Europe. Companies are increasing efforts to better industrial recycling processes to minimize import duties.
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Shape Diversity Crucial for Manufacturing of Electronics and Electric Vehicles
The ever-increasing consumer electronics sector is creating incremental opportunities for manufacturers in the bonded magnet market. These small magnets are heading toward the trend of miniaturization, high performance, and complicated shapes. Companies in the bonded magnet market are increasing efforts to fabricate neodymium iron boron-based permanent magnets using sintering and hot deformation methods to enhance their magnetic performance. However, sintering and hot deformation for complicated-shaped magnets would augment the manufacturing cost. Hence, manufacturers are preparing neodymium iron boron-based permanent magnets using bonding method to exhibit advantages in shape diversity.
Shape diversity of bonded magnets is highly preferred in the production of e-bikes and electronics. In order to achieve this, manufacturers are using binders such as solid epoxy resins, owing to its advantages of easy molding and processing. They are increasing their R&D muscle to incorporate high temperature resistance in bonded magnets.
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