The global magnetic plastics market has the potential to grow by USD 13.10 billion during 2019-2023. The market growth momentum will accelerate throughout the forecast period, and it will grow at a CAGR of close to 8%.
The high demand for magnetic plastics among end-consumers and advances in plastic-bonded magnets are a few of the significant factors driving market growth. The US, China, Germany, and Japan are currently the significant markets for magnetic plastics.
Magnetic Plastics Market Report - Key Insights
Scope of this Report
The report provides a detailed analysis of the market by application and geography. Also, the report analyzes the market’s competitive landscape and offers information on several market vendors.
Browse TOC and LoE with selected illustrations and example pages from magnetic plastics market report
Market Segmentation
Magnetic Plastics Market by Application
- Electrical and electronics
- Food packaging
- Healthcare and medical
- Others
Magnetic Plastics Market by Region
- APAC
- Europe
- MEA
- North America
- South America
Market Competitive Analysis
The magnetic plastics market is fragmented, and the degree of fragmentation will remain the same throughout the forecast period. The market is competitive, and vendors are focusing on adopting sustainable methods to recycle magnetic plastics to obtain rare earth elements to maintain the production cycle of magnetic plastics. ALL Magnetics Inc., Arnold Magnetic Technologies, Bomatec AG, and Bunting Magnetics Co. are a few of the major market participants. Although the accelerating growth momentum will offer immense growth opportunities, growing scarcity of rare earth elements will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The report provides information on the production, sustainability, and prospects of several companies, including:
- ALL Magnetics Inc.
- Arnold Magnetic Technologies
- Bomatec AG
- Bunting Magnetics Co.
- INGENIERÍA MAGNETICA APLICADA SLU
- KOLEKTOR GROUP doo
- MS-Schramberg GmbH & Co. KG
- TDK Corp.
- thyssenkrupp AG
- VACUUMSCHMELZE GmbH & Co. KG
Magnetic Plastics Market: Key Drivers and Trends
Several industries, including electronics and electrical, food packaging, healthcare, automotive, aerospace, and defense sectors are significant users of magnetic plastics. For instance, in the electrical and electronics industry, magnetic plastics are significantly used to make magnetic switches and laptops/desktops. In the healthcare industry, magnetic plastics are used to make pacemakers, heart pumps, insulin pumps, and others. Moreover, magnetic plastics are preferred over conventional magnets, in the mentioned industries, because they are less dense and weigh less. They are also highly flexible and less brittle. The growth of the end-user industries, especially in APAC, because of the improving socio-economic conditions, is increasing the demand for magnetic plastics.
- Advances in plastic-bonded magnets is one of the critical magnetic plastics market trends.
- Vendors are focusing on improving the chemical properties of magnetic plastics to enhance their performance.
- Vendors are also trying new approaches to manufacture high-density plastic-bonded magnets.
- These factors will increase the application rate of plastic-bonded magnets across the end-user industries.
- Vendors are further stressing on recycling magnetic plastics to extract rare earth elements, which can be further used to manufacture plastic-bonded magnets.
- Such trends are expected to influence the growth of magnetic plastics market size during 2019-2023 at a CAGR of close to 8%.
Magnetic Plastics Market: Segmentation by Region
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APAC is one of the largest markets for magnetic plastics. The extensive growth of end-user industries in APAC, because of the improving socio-economic conditions, increasing employment opportunities, and developing infrastructure, is contributing to magnetic plastics market growth. Furthermore, countries such as the Philippines and Australia are among the leading producers of rare earth elements, which are used to manufacture magnetic plastics.
During the forecast period, over 39% of the overall market growth will originate from APAC. Market growth in this region will be faster than the growth of the markets in Europe, North America, and MEA.
Magnetic Plastics Market: Segmentation by Application
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Magnetic plastics are significantly used in the electrical and electronics industry. The growing sales of electronics and electrical goods across the world will contribute substantially to magnetic plastics market growth.
This magnetic plastics market forecast report identifies that the magnetic plastics market size by electronics and the electrical sector will increase steadily during the forecast period. Also, the market’s growth in the electronics and electrical market segment will be faster than that of the other market segments.
Magnetic Plastics Market: Key Highlights of the Report
- CAGR of the market during the forecast period 2019-2023
- Detailed information on factors that will accelerate the growth of the market during the next five years
- Precise estimation of the global magnetic plastics market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the magnetic plastics industry across APAC, Europe, MEA, North America, and South America
- A thorough magnetic plastics market analysis of the competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of magnetic plastics market companies
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