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 Korea Rare-Earth Bonded Magnet Market is experiencing significant growth due to its increasing demand across various industries. These magnets, made by combining rare-earth materials like neodymium and iron, are highly valued for their strong magnetic properties and efficiency. They are vital components in electric motors, sensors, and other advanced technological devices. South Korea, as a global hub for innovation, has become a key player in the production and application of these magnets. This article delves into the applications of rare-earth bonded magnets in South Korea and the industry's growing requirements.
Rare-earth bonded magnets are essential for a variety of applications. The automotive sector is one of the largest consumers, particularly in electric vehicles (EVs) where high-performance motors require magnets to provide power and efficiency. With South Korea's push towards green technology and sustainable transportation, the demand for rare-earth bonded magnets is expected to soar. The construction and electronics industries also heavily rely on these magnets for devices like computers, medical equipment, and power tools.
The South Korean manufacturing sector has focused on increasing the production capacity of rare-earth bonded magnets to meet rising demand. Industries require magnets that are not only powerful but also lightweight and compact. This has led to advances in the formulation and processing techniques of these magnets, resulting in stronger, more durable products. As South Korea continues to push forward in innovation, the necessity for specialized rare-earth bonded magnets is expected to increase, further cementing its position as a global leader in the industry.
South Korea's market demand for rare-earth bonded magnets is also driven by the renewable energy sector, particularly wind turbines. These turbines rely on the magnets for efficient power generation, supporting South Korea’s green energy goals. The electronics industry, which demands precision and high-quality components, is another major factor contributing to the demand. Moreover, the defense sector uses rare-earth magnets for missile guidance systems and radar technologies.
As the rare-earth bonded magnet market continues to expand, South Korean industries are focusing on securing a stable supply of raw materials, given the increasing geopolitical tensions and the rare availability of these essential elements. The South Korean government and industries are working towards improving supply chains and investing in research and development to maintain the country's competitive edge in this high-demand market.
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Galaxy Magnetic
Shanghai San Huan Magnetics
Daido Electronics
Innuovo Magnetics
Yunsheng Company
AT&M
Magsuper
Earth-Panda
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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)
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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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