세계의 회사채 시장 : 시장 규모, 점유율, 성장 및 산업 분석 - 유형별, 용도별, 지역별 인사이트 및 예측(2024-2032년)

Growth Factors of corporate bond Market

The global corporate bond market continues to evolve as businesses increasingly depend on debt financing to support expansion, operational growth, and large-scale infrastructure development. According to the latest report, the corporate bond market size was valued at USD 37.58 trillion in 2024, and the market is projected to rise sharply to USD 57.99 trillion in 2025. Looking ahead, the market is expected to reach USD 81.78 trillion by 2032, reflecting a strong CAGR of 10.3% during the forecast period.

Corporate bonds remain a critical funding tool for global corporations, offering structured interest payments and predictable returns for investors. The market's momentum in 2024 was driven by low interest rates, strong investor appetite for fixed-income securities, and a rising trend of companies locking in long-term borrowing costs. As capital requirements grow, corporations across sectors-technology, financial services, energy, and manufacturing-continue to depend heavily on bond issuances, shaping a more dynamic and liquid global market.

Market Drivers Supporting Growth

One of the strongest drivers in the market is the rapid expansion of electronic trading, which has dramatically transformed pricing transparency and execution efficiency. In major markets, electronic systems are now responsible for a substantial share of daily activity. For instance, nearly USD 15 billion of corporate bonds were traded electronically each day in 2022, while 40% of investment-grade and 33% of high-yield bonds were executed through digital platforms by 2020. This increased accessibility attracts both institutional and retail investors, enhancing market liquidity.

Another key growth driver in 2024-2025 is the rising demand for fixed-income products during periods of equity market volatility. Corporations continue to issue bonds at attractive terms, while investors view them as dependable instruments for stable returns. Additionally, major corporations-including Microsoft, Apple, JPMorgan Chase & Co., and Goldman Sachs-actively manage bond refinancing cycles to leverage favorable interest environments.

Market Restraints

Despite strong growth prospects, rising credit and default risks among small and midsized issuers pose challenges. When investors anticipate potential defaults, they demand higher yields, which increases borrowing costs for companies. This can reduce new issuances, tighten credit conditions, and increase overall market volatility. High-yield issuers are particularly vulnerable, especially during periods of economic slowdown or tightening financial regulations.

Technological Opportunities

The incorporation of AI, blockchain, and digital bond platforms is creating strong future opportunities. AI-powered risk modeling and automated document processing are simplifying bond issuance procedures. Blockchain platforms provide secure, streamlined settlement systems that lower transaction costs and reduce operational risk. For example, in March 2025, the Inter-American Development Bank issued its first digital bond using HSBC Orion, highlighting the growing adoption of blockchain-based financial infrastructure.

Regional Highlights

In 2024, North America dominated the corporate bond landscape with a market value of USD 14.04 trillion, driven by aggressive issuance from U.S. corporations and high investor participation. Europe held the second-largest share, supported by liquidity-focused regulatory reforms and surging demand for green and ESG bonds. Meanwhile, Asia Pacific is expected to record the highest CAGR through 2032, supported by strong economic development in China and India, rapid industrial expansion, and growing corporate borrowing needs.

Competitive Landscape

The market is highly fragmented, with leading companies such as JPMorgan Chase & Co., Apple, Microsoft, BlackRock, Amazon, Fidelity, Reliance Industries, BNP Paribas, Volkswagen AG, and Infosys actively issuing, underwriting, and trading corporate bonds. These players expand their portfolios through technological upgrades, strategic partnerships, and diversified debt offerings.

Conclusion

From USD 37.58 trillion in 2024 to USD 81.78 trillion by 2032, the corporate bond market is on a strong upward trajectory. Supported by digital transformation, investor demand, and expanding global corporate financing needs, the market is set to remain a fundamental pillar of global economic growth.

Segmentation By Type

• Investment Grade
• High-Yield

By Issuer Type

• Large Corporates
• SMEs/Private Issuers
• Startups Issuing through private placement

By Term/Duration

• Short-term (<3 years)
• Medium-term (3-7 years)
• Long-term (>7 years)

By Sector

• Financial Institutions
• Energy & Power
• High Technology
• Healthcare
• Others (Telecom, Etc.)

By Region

• North America (By Type, By Issuer Type, By Term/Duration, By Sector, and by Country)
  • U.S.
  • Canada
  • Mexico
• Europe (By Type, By Issuer Type, By Term/Duration, By Sector, and by Country)
  • U.K.
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Benelux
  • Nordics
  • Rest of Europe
• Asia Pacific (By Type, By Issuer Type, By Term/Duration, By Sector, and by Country)
  • China
  • India
  • Japan
  • South Korea
  • ASEAN
  • Oceania
  • Rest of Asia Pacific
• Middle East & Africa (By Type, By Issuer Type, By Term/Duration, By Sector, and by Country)
  • Turkey
  • Israel
  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa
• South America (By Type, By Issuer Type, By Term/Duration, By Sector, and by Country)
  • Brazil
  • Argentina
  • Rest of South America

Companies Profiled in the Report * JPMorgan Chase & Co (U.S.)

• Apple, Inc. (U.S.)
• Microsoft Corporation (U.S.)
• Amazon.com, Inc. (U.S.)
• Fidelity Investments (U.S.)
• AT&T, Inc. (U.S.)
• Unilever PLC (U.K.)
• BlackRock, Inc. (U.S.)
• Volkswagen AG (Germany)
• ExxonMobil Corporation (U.S.)

Table of Content

1. Introduction

• 1.1. Definition, By Segment
• 1.2. Research Methodology/Approach
• 1.3. Data Sources

2. Executive Summary

3. Market Dynamics

• 3.1. Macro and Micro Economic Indicators
• 3.2. Drivers, Restraints, Opportunities and Trends
• 3.3. Impact of Generative AI

4. Competition Landscape

• 4.1. Business Strategies Adopted by Key Players
• 4.2. Consolidated SWOT Analysis of Key Players
• 4.3. Global Corporate Bond Key Players (Top 3 - 5) Market Share/Ranking, 2024

5. Global Corporate Bond Market Size Estimates and Forecasts, By Segments, 2019-2032

• 5.1. Key Findings
• 5.2. By Type (USD)
  • 5.2.1. Investment Grade
  • 5.2.2. High-Yield
• 5.3. By Term/Duration (USD)
  • 5.3.1. Short-term (<3 years)
  • 5.3.2. Medium-term (3-7 years)
  • 5.3.3. Long-term (>7 years)
• 5.4. By Issuer Type (USD)
  • 5.4.1. Large Corporates
  • 5.4.2. SMEs/Private Issuers
  • 5.4.3. Startups Issuing through private placement
• 5.5. By Sector (USD)
  • 5.5.1. Financial Institutions
  • 5.5.2. Energy & Power
  • 5.5.3. High Technology
  • 5.5.4. Healthcare
  • 5.5.5. Others (Telecom, Etc.)
• 5.6. By Region (USD)
  • 5.6.1. North America
  • 5.6.2. South America
  • 5.6.3. Europe
  • 5.6.4. Middle East & Africa
  • 5.6.5. Asia Pacific

6. North America Corporate Bond Market Size Estimates and Forecasts, By Segments, 2019-2032

• 6.1. Key Findings
• 6.2. By Type (USD)
  • 6.2.1. Investment Grade
  • 6.2.2. High-Yield
• 6.3. By Term/Duration (USD)
  • 6.3.1. Short-term (<3 years)
  • 6.3.2. Medium-term (3-7 years)
  • 6.3.3. Long-term (>7 years)
• 6.4. By Issuer Type (USD)
  • 6.4.1. Large Corporates
  • 6.4.2. SMEs/Private Issuers
  • 6.4.3. Startups Issuing through private placement
• 6.5. By Sector (USD)
  • 6.5.1. Financial Institutions
  • 6.5.2. Energy & Power
  • 6.5.3. High Technology
  • 6.5.4. Healthcare
  • 6.5.5. Others (Telecom, Etc.)
• 6.6. By Country (USD)
  • 6.6.1. U.S.
  • 6.6.2. Canada
  • 6.6.3. Mexico

7. South America Corporate Bond Market Size Estimates and Forecasts, By Segments, 2019-2032

• 7.1. Key Findings
• 7.2. By Type (USD)
  • 7.2.1. Investment Grade
  • 7.2.2. High-Yield
• 7.3. By Term/Duration (USD)
  • 7.3.1. Short-term (<3 years)
  • 7.3.2. Medium-term (3-7 years)
  • 7.3.3. Long-term (>7 years)
• 7.4. By Issuer Type (USD)
  • 7.4.1. Large Corporates
  • 7.4.2. SMEs/Private Issuers
  • 7.4.3. Startups Issuing through private placement
• 7.5. By Sector (USD)
  • 7.5.1. Financial Institutions
  • 7.5.2. Energy & Power
  • 7.5.3. High Technology
  • 7.5.4. Healthcare
  • 7.5.5. Others (Telecom, Etc.)
• 7.6. By Country (USD)
  • 7.6.1. Brazil
  • 7.6.2. Argentina
  • 7.6.3. Rest of South America

8. Europe Corporate Bond Market Size Estimates and Forecasts, By Segments, 2019-2032

• 8.1. Key Findings
• 8.2. By Type (USD)
  • 8.2.1. Investment Grade
  • 8.2.2. High-Yield
• 8.3. By Term/Duration (USD)
  • 8.3.1. Short-term (<3 years)
  • 8.3.2. Medium-term (3-7 years)
  • 8.3.3. Long-term (>7 years)
• 8.4. By Issuer Type (USD)
  • 8.4.1. Large Corporates
  • 8.4.2. SMEs/Private Issuers
  • 8.4.3. Startups Issuing through private placement
• 8.5. By Sector (USD)
  • 8.5.1. Financial Institutions
  • 8.5.2. Energy & Power
  • 8.5.3. High Technology
  • 8.5.4. Healthcare
  • 8.5.5. Others (Telecom, Etc.)
• 8.6. By Country (USD)
  • 8.6.1. U.K.
  • 8.6.2. Germany
  • 8.6.3. France
  • 8.6.4. Italy
  • 8.6.5. Spain
  • 8.6.6. Russia
  • 8.6.7. Benelux
  • 8.6.8. Nordics
  • 8.6.9. Rest of Europe

9. Middle East & Africa Corporate Bond Market Size Estimates and Forecasts, By Segments, 2019-2032

• 9.1. Key Findings
• 9.2. By Type (USD)
  • 9.2.1. Investment Grade
  • 9.2.2. High-Yield
• 9.3. By Term/Duration (USD)
  • 9.3.1. Short-term (<3 years)
  • 9.3.2. Medium-term (3-7 years)
  • 9.3.3. Long-term (>7 years)
• 9.4. By Issuer Type (USD)
  • 9.4.1. Large Corporates
  • 9.4.2. SMEs/Private Issuers
  • 9.4.3. Startups Issuing through private placement
• 9.5. By Sector (USD)
  • 9.5.1. Financial Institutions
  • 9.5.2. Energy & Power
  • 9.5.3. High Technology
  • 9.5.4. Healthcare
  • 9.5.5. Others (Telecom, Etc.)
• 9.6. By Country (USD)
  • 9.6.1. Turkey
  • 9.6.2. Israel
  • 9.6.3. GCC
  • 9.6.4. North Africa
  • 9.6.5. South Africa
  • 9.6.6. Rest of Middle East & Africa

10. Asia Pacific Corporate Bond Market Size Estimates and Forecasts, By Segments, 2019-2032

• 10.1. Key Findings
• 10.2. By Type (USD)
  • 10.2.1. Investment Grade
  • 10.2.2. High-Yield
• 10.3. By Term/Duration (USD)
  • 10.3.1. Short-term (<3 years)
  • 10.3.2. Medium-term (3-7 years)
  • 10.3.3. Long-term (>7 years)
• 10.4. By Issuer Type (USD)
  • 10.4.1. Large Corporates
  • 10.4.2. SMEs/Private Issuers
  • 10.4.3. Startups Issuing through private placement
• 10.5. By Sector (USD)
  • 10.5.1. Financial Institutions
  • 10.5.2. Energy & Power
  • 10.5.3. High Technology
  • 10.5.4. Healthcare
  • 10.5.5. Others (Telecom, Etc.)
• 10.6. By Country (USD)
  • 10.6.1. China
  • 10.6.2. India
  • 10.6.3. Japan
  • 10.6.4. South Korea
  • 10.6.5. ASEAN
  • 10.6.6. Oceania
  • 10.6.7. Rest of Asia Pacific

11. Company Profiles for Top 10 Players (Based on data availability in public domain and/or on paid databases)

• 11.1. JPMorgan Chase & Co
  • 11.1.1. Overview
    • 11.1.1.1. Key Management
    • 11.1.1.2. Headquarters
    • 11.1.1.3. Offerings/Business Segments
  • 11.1.2. Key Details (Key details are consolidated data and not product/service specific)
    • 11.1.2.1. Employee Size
    • 11.1.2.2. Past and Current Revenue
    • 11.1.2.3. Geographical Share
    • 11.1.2.4. Business Segment Share
    • 11.1.2.5. Recent Developments
• 11.2. Apple, Inc.
  • 11.2.1. Overview
    • 11.2.1.1. Key Management
    • 11.2.1.2. Headquarters
    • 11.2.1.3. Offerings/Business Segments
  • 11.2.2. Key Details (Key details are consolidated data and not product/service specific)
    • 11.2.2.1. Employee Size
    • 11.2.2.2. Past and Current Revenue
    • 11.2.2.3. Geographical Share
    • 11.2.2.4. Business Segment Share
    • 11.2.2.5. Recent Developments
• 11.3. Microsoft Corporation
  • 11.3.1. Overview
    • 11.3.1.1. Key Management
    • 11.3.1.2. Headquarters
    • 11.3.1.3. Offerings/Business Segments
  • 11.3.2. Key Details (Key details are consolidated data and not product/service specific)
    • 11.3.2.1. Employee Size
    • 11.3.2.2. Past and Current Revenue
    • 11.3.2.3. Geographical Share
    • 11.3.2.4. Business Segment Share
    • 11.3.2.5. Recent Developments
• 11.4. Amazon.com, Inc.
  • 11.4.1. Overview
    • 11.4.1.1. Key Management
    • 11.4.1.2. Headquarters
    • 11.4.1.3. Offerings/Business Segments
  • 11.4.2. Key Details (Key details are consolidated data and not product/service specific)
    • 11.4.2.1. Employee Size
    • 11.4.2.2. Past and Current Revenue
    • 11.4.2.3. Geographical Share
    • 11.4.2.4. Business Segment Share
    • 11.4.2.5. Recent Developments
• 11.5. Fidelity Investment
  • 11.5.1. Overview
    • 11.5.1.1. Key Management
    • 11.5.1.2. Headquarters
    • 11.5.1.3. Offerings/Business Segments
  • 11.5.2. Key Details (Key details are consolidated data and not product/service specific)
    • 11.5.2.1. Employee Size
    • 11.5.2.2. Past and Current Revenue
    • 11.5.2.3. Geographical Share
    • 11.5.2.4. Business Segment Share
    • 11.5.2.5. Recent Developments
• 11.6. AT&T, Inc.
  • 11.6.1. Overview
    • 11.6.1.1. Key Management
    • 11.6.1.2. Headquarters
    • 11.6.1.3. Offerings/Business Segments
  • 11.6.2. Key Details (Key details are consolidated data and not product/service specific)
    • 11.6.2.1. Employee Size
    • 11.6.2.2. Past and Current Revenue
    • 11.6.2.3. Geographical Share
    • 11.6.2.4. Business Segment Share
    • 11.6.2.5. Recent Developments
• 11.7. Unilever PLC
  • 11.7.1. Overview
    • 11.7.1.1. Key Management
    • 11.7.1.2. Headquarters
    • 11.7.1.3. Offerings/Business Segments
  • 11.7.2. Key Details (Key details are consolidated data and not product/service specific)
    • 11.7.2.1. Employee Size
    • 11.7.2.2. Past and Current Revenue
    • 11.7.2.3. Geographical Share
    • 11.7.2.4. Business Segment Share
    • 11.7.2.5. Recent Developments
• 11.8. BlackRock, Inc.
  • 11.8.1. Overview
    • 11.8.1.1. Key Management
    • 11.8.1.2. Headquarters
    • 11.8.1.3. Offerings/Business Segments
  • 11.8.2. Key Details (Key details are consolidated data and not product/service specific)
    • 11.8.2.1. Employee Size
    • 11.8.2.2. Past and Current Revenue
    • 11.8.2.3. Geographical Share
    • 11.8.2.4. Business Segment Share
    • 11.8.2.5. Recent Developments
• 11.9. Volkswagen AG
  • 11.9.1. Overview
    • 11.9.1.1. Key Management
    • 11.9.1.2. Headquarters
    • 11.9.1.3. Offerings/Business Segments
  • 11.9.2. Key Details (Key details are consolidated data and not product/service specific)
    • 11.9.2.1. Employee Size
    • 11.9.2.2. Past and Current Revenue
    • 11.9.2.3. Geographical Share
    • 11.9.2.4. Business Segment Share
    • 11.9.2.5. Recent Developments
• 11.10. ExxonMobil Corporation
  • 11.10.1. Overview
    • 11.10.1.1. Key Management
    • 11.10.1.2. Headquarters
    • 11.10.1.3. Offerings/Business Segments
  • 11.10.2. Key Details (Key details are consolidated data and not product/service specific)
    • 11.10.2.1. Employee Size
    • 11.10.2.2. Past and Current Revenue
    • 11.10.2.3. Geographical Share
    • 11.10.2.4. Business Segment Share
    • 11.10.2.5. Recent Developments

12. Key Takeaways