According to the business intelligence report titled ‘Global Bonded Magnets Market Size study, by Process Type (Injection Molded Bonded Magnets, Compression Bonded Magnets, Calendaring Bonded Magnets and Extrusion Bonded Magnets), by Product Type (Rare earth magnets, ferrite magnets and Others), by End user Industry (Automotive, HVAC Equipment, Medical devices, Cameras, Consumer Electronic Appliances, Electrical Equipment and others), Application (Sensors, Motors, Level gauges, instruments panels, copier rotors, fuel filters, magnetic coupling and hard disk drivers) and Regional Forecasts 2020-2027’, available with Market Study Report, global bonded magnets market was worth USD 1.80 billion in 2019 and is projected to register 5.6% CAGR over 2020-2027, subsequently reaching a valuation of USD 2.36 billion by the end of the forecast period.
 

As per the report findings, increasing production and sales of electric cars is accelerating global bonded magnets market expansion. Rising product adoption across the medical device as well as aerospace sectors are adding substantial traction to the industry growth.
 

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For the record, bonded magnets are produced by combining composites of magnetic powders with non-magnetic polymeric materials such as elastomers, rubbers, and plastics. The main processes adopted for manufacturing these magnets include compressing bonding, extrusion, calendaring, and injection molding.
 

Notably, these magnets offer optimal magnetic performance and help in reducing carbon emissions from vehicles, which in turn is stimulating product demand in the automotive sector.
 

On the contrary, unprecedented outbreak of the Covid-19 virus, along with its rapid spread in major marketplaces such as South Korea, India, and China is hampering global bonded magnets market expansion.
 

Regionally, the industry vertical is fragmented into North America, Europe, Asia-Pacific, and Latin America. Among these, North America holds a significant portion of the market share and is anticipated to go through considerable expansion during 2020-2027, largely driven by surging demand for electric vehicles in the region.
 

Meanwhile, Asia-Pacific bonded magnets market is touted to grow tremendously in the forthcoming years, on account of abundance of raw materials, especially rare earth materials.
 

Magnequench Ltd., Advanced Technology & Materials Co., Ltd., Allstar Magnetics, LLC, Arnold Magnetic Technologies Corp., Viona Magnetics, Alliance, LLC, Stanford Magnets, Xiamen Yuxiang Magnetic Materials Technology Co., Ltd., and Vacuumshmelze GmbH & Co. KG are the leading players influencing global bonded magnets industry trends.