South Korea Rare-Earth Bonded Magnet Market was valued at USD 0.15 Billion in 2022 and is projected to reach USD 0.40 Billion by 2030, growing at a CAGR of 12.00% from 2024 to 2030.
The South Korean rare-earth bonded magnet market is experiencing significant growth, driven by its increasing demand from various industries. These magnets, which are made by combining rare-earth elements with plastic or resin, offer enhanced magnetic properties, making them essential for a range of applications. From electric vehicles to wind turbines, the requirement for rare-earth bonded magnets is evolving rapidly across South Korea, with manufacturers scaling up their production capacities to meet this demand.
In recent years, South Korea has emerged as a key player in the rare-earth bonded magnet market due to its strong industrial base, particularly in the automotive, electronics, and renewable energy sectors. The global push for more sustainable energy sources, such as wind and solar power, has further amplified the need for high-performance magnets, as they are critical components in the generation of energy. Electric vehicles (EVs), for instance, require rare-earth bonded magnets for their motors, and with South Korea’s focus on becoming a leader in the EV industry, this market is expected to grow exponentially.
Industries across South Korea are increasingly relying on rare-earth bonded magnets to improve the performance and efficiency of their products. The electronics industry, known for its high demand for precision and miniaturization, requires small, powerful magnets for devices such as speakers, hard drives, and smartphones. The wind energy sector, too, benefits greatly from these magnets, as they are essential in the construction of high-efficiency turbines that generate power from wind. Moreover, the defense sector is also a significant consumer of these magnets for use in various military technologies.
The production of rare-earth bonded magnets is largely influenced by the availability of raw materials, particularly rare-earth elements, which are primarily sourced from countries like China. South Korea’s efforts to diversify its supply chains and reduce dependence on a single country are driving innovation in this market, leading to the development of new materials and manufacturing techniques. These efforts ensure that South Korea remains competitive in the global rare-earth bonded magnet market.
As demand continues to surge, South Korea's industries are expected to require even more rare-earth bonded magnets, contributing to the growth of the market and solidifying the country’s position as a leader in high-tech manufacturing. The market’s future will be shaped by advancements in technology, raw material availability, and the expanding need for sustainable solutions in a variety of industries.
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Galaxy Magnetic
Shanghai San Huan Magnetics
Daido Electronics
Innuovo Magnetics
Yunsheng Company
AT&M
Magsuper
Earth-Panda
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the South Korea Rare-Earth Bonded Magnet Market
Neodymium Iron Boron (NdFeB)
Samarium Cobalt (SmCo)
Other Rare-Earth Alloys
Compression Bonding
Injection Molding
3D Printing Techniques
Others
Consumer Electronics
Automotive
Industrial Machinery
Energy Sector (e.g., wind turbines)
Healthcare and Medical Devices
Telecommunications
Nickel-Copper-Nickel (Ni-Cu-Ni)
Epoxy Coating
Gold Plating
Others
Electronics and Electrical
Automotive Manufacturing
Aerospace
Renewable Energy
Medical Technology
Research and Development
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
For More Information or Query, Visit @ South Korea Rare-Earth Bonded Magnet Market Research Analysis
1. Introduction of the South Korea Rare-Earth Bonded Magnet Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. South Korea Rare-Earth Bonded Magnet Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Rare-Earth Bonded Magnet Market, By Type
6. South Korea Rare-Earth Bonded Magnet Market, By Application
7. South Korea Rare-Earth Bonded Magnet Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Rare-Earth Bonded Magnet Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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