The India Compression Bonded Magnets Market is projected to grow from USD 60.86 million in 2024 to USD 90.77 million by 2030, at a Compound Annual Growth Rate (CAGR) of 6.9% during the forecast period (2024-2030). The influence of COVID-19 and the Russia-Ukraine War were considered while estimating market sizes.
Compression bonded magnets are advanced permanent magnets produced by compacting magnetic powders with binders under high pressure. This manufacturing technique combines the cost efficiency of bonded magnets with the superior magnetic performance typically associated with sintered variants, making them indispensable in applications requiring complex shapes and precise magnetic properties.
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Market Overview & Regional Analysis
India’s compression bonded magnet market is experiencing robust growth due to the expanding automotive and industrial sectors. While China leads global production, India is emerging as a key regional player, supported by government initiatives like “Make in India” and increasing foreign direct investments in high-tech manufacturing. Domestic demand is primarily driven by automotive applications, particularly in electric vehicle components and industrial automation systems.
South India, with its established automotive and electronics manufacturing hubs, dominates regional consumption. Meanwhile, North India shows promising growth potential due to developing industrial corridors and increasing adoption of renewable energy technologies that utilize these magnets. The western region, particularly Maharashtra and Gujarat, benefits from strong export-oriented manufacturing facilities.
Key Market Drivers and Opportunities
The market is primarily driven by India’s burgeoning electric vehicle industry, where these magnets are essential for motor applications. With the government targeting 30% EV penetration by 2030, component manufacturers are actively seeking reliable domestic suppliers. Additionally, the automation wave in Indian manufacturing is creating sustained demand for precision magnetic components used in sensors and actuators.
Significant opportunities exist in renewable energy applications, particularly in wind turbine generators, where compression bonded magnets offer weight and cost advantages. The growing medical device sector also presents new avenues, especially for specialized equipment requiring corrosion-resistant magnets with complex geometries. Recent government policies promoting domestic magnet production under the Production Linked Incentive (PLI) scheme are expected to further stimulate market growth.
Challenges & Restraints
The market faces challenges including volatile rare earth material prices, which directly impact production costs. Competition from alternative technologies like sintered neodymium magnets in high-performance applications continues to pressure market share. While the domestic manufacturing ecosystem is developing, reliance on imported processing equipment and technical expertise remains a bottleneck for some producers.
Environmental regulations regarding rare earth material mining and processing present compliance challenges. Moreover, the market must address the technical limitations of bonded magnets in very high-temperature applications, which restricts their use in certain automotive and industrial scenarios where sintered alternatives dominate.
Market Segmentation by Type
- Bonded NdFeB Magnets
- Bonded SmCo Magnets
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Market Segmentation by Application
- Aerospace
- Automotive
- Medical
- Oil & Gas
- Others
Market Segmentation and Key Players
- Eclipse Magnetics
- Arnold Magnetic Technologies
- Magnequench
- VACUUMSCHMELZE GmbH & Co. KG
- Daido Steel
- Hitachi Metals
- Tridus Magnetics
- Sintered Specialties Limited
- Yash Magnetics
- Bunting Magnetics
Report Scope
This report presents a comprehensive analysis of the India market for Compression Bonded Magnets, covering the period from 2024 to 2030. It includes detailed insights into the current market status and outlook with specific focus on:
- Sales, sales volume, and revenue forecasts
- Detailed segmentation by type and application
In addition, the report offers in-depth profiles of key industry players, including:
- Company profiles
- Product specifications
- Production capacity and sales
- Revenue, pricing, gross margins
- Sales performance
It examines the competitive landscape, highlighting major vendors and identifying critical factors expected to challenge market growth. The research incorporates insights from compression bonded magnet manufacturers and industry experts, analyzing:
- Revenue and demand trends
- Product developments and innovations
- Strategic market expansion plans
- Industry challenges and risk factors
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