Global Magnetic Plastics Market Research Report 2022
Global Magnetic Plastics Market – Trends & Forecasts up to 2022
Magnetic plastics are a type of plastic bonded
magnets made from embedding the hard ferrite or rare earth magnets powder in a
molded plastic. They come under non-metallic magnets and more likely to be
bio-compatible due to which they can be used in biological systems. Magnetic
plastics have their major applications in electronic media such as hard disk
drives, speakers, packaging & labeling solutions, and healthcare devices
such as pacemaker. The usage of magnetic plastics in electrical &
electronics products is largely due to the cheap price and it is easily
suitable for the size. The use of magnetic plastics reduces the cost of overall
material and weight.
Globally, the demand for magnetic plastics is
growing consistently, especially in Asia Pacific and North America markets. The
growth is supported by increasing electronic media applications and healthcare
industries in these regions, respectively. Currently, Asia Pacific is the
global leader in the magnetic plastics market. China and India have built an
advantage of covering most the manufacturing and consumption market, and thus
providing the maximum contribution in the global magnetic plastics market.
North America is the second major consumer of the global magnetic plastics
market owing to the large healthcare industry. Europe and Middle East &
African countries are expected to show high growth rate during the forecast
period due to increasing acceptance and industrialization in respective
regions.
Magnetic plastics based on ferrite magnetic
powder have higher demand due to easy availability and low price. On the other
hand, magnetic plastics based on neodymium–iron–boron (NdFeB) magnetic powder
have a limited market share due to the high price of neodymium metal. Apart
from these two, modern technologies are developing a new kind of magnetic
plastics, which are completely made from an organic polymer with no metallic
components. This will create an opportunity for novel applications ensuring
improved stability and compatibility.
The study of the global magnetic plastics
market provides the market size information and market trends along with the
factors and parameters impacting it in both short and long term. The study
ensures a 360° view, bringing out the complete key insights of the industry.
These insights help the business decision makers to make better business plans
and informed decisions for the future business. In addition, the study helps
the venture capitalist in understanding the companies better and take informed
decisions.
According to Infoholic Research, the global
magnetic plastics market is expected to grow at a CAGR of 8.1% during the
forecast period 2016–2022 to reach around $39.32 billion by 2022. The
electrical & electronics segment is expected to maintain the global dominance
in applications segment, driven by China and India. In geographic terms, Asia
Pacific is expected to retain its top position in the global magnetic plastics
followed by North America. Some of the key players in magnetic plastics are
Hitachi Metals, Daido Steel, Arnold Magnetic Technologies Corporation, etc.
Report Scope:
• Applications
Electrical & Electronics
o Packaging & Labeling
o Healthcare Devices
o Others
• Materials
o Ferrite Bonded Magnetic Plastics
o NdFeB Bonded Magnetic Plastics
• Regions
o Asia Pacific
o North America
o Europe
o Rest of the World
• Industry outlook: market trends and drivers, restraints, and
opportunities
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