Sep 06, 2019 (AmericaNewsHour) — 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.
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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 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.
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