Increasing regional consumption of flexible magnet in North America
Bangalore, India: With its recently published study “Flexible Magnet Market: Global Drivers, Restraints, Opportunities, Trends, and Forecasts up to 2022”, Infoholic Research forecasts that the global market for flexible magnet will continue to increase owing to the increased exposure of different end-user areas such as data storage, packaging & labeling, and consumer appliances among others. The composition of flexible magnet involves ferrite powder combined with macromolecule compounds such as PVC, CPE, and NBR among others. Flexible magnet is also known as rubber magnet or plastic magnet because of its bonded materials. Due to its flexible nature, it is very easy to make magnetic rolls, strips, sheets, blocks, and so on through various methods such as injection molding, extruding, etc. These types of magnets are widely used in common applications such as seal strips, outdoor advertising, toys & gifts, and door & window fixers. The application groups are widening and adding innovative areas of utilization. This trend is expected to continue during the forecast period 2016–2022 to further improve the flexible magnet market at a CAGR of 7.7% and reach a value of $9.56 billion by 2022.
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Regionally, North America dominates the global flexible magnet market with the biggest contribution coming from the US market. The developed economies are following the close gap between each other, while the North American market is expecting higher growth than Europe. The increasing market penetration in developing countries is likely to push the global market potential giving a boost to the market revenue growth. Asia Pacific is expected to be the fastest growing market with a CAGR of 8.1%.
Among the consumer industry, electrical & electronics was the largest contributing segment, which is expected to grow further owing to changing consumer preferences and rising innovation. Developing countries, where the industrial manufacturing and automation is on the rise, are expected to show flexible magnet demand growth for equipment. Isotropic magnets comprise major segment of the market owing to cost benefits and ease of orientation requirements post shaping products. However, the high-performance requirements prefer anisotropic or hybrid magnets.
“Flexible magnet has come a long way from being considered a premium product to added advantage and even regulatory compliance in some geographies. The increasing affordability and easy to use method shall boost the market. The market is dominated by developed countries and is expected to continue in the upcoming years. Developing countries, such as China, wherein the domestic market is still strong are expected to offer high potential. The market is still in the growth stage, and high growth is expected in the next 5–6 years.” – Khushboo Pandey, Research Analyst, Infoholic Research
Buy complete report on Flexible Magnet Market: Global Drivers, Restraints, Opportunities, Trends, and Forecasts up to 2022
The key insights of the report are as follows:
- The global flexible magnet market has been analyzed based on the following types:
- Isotropic Flexible Magnet
- Anisotropic Flexible Magnet
- Hybrid Flexible Magnet
- The study constitutes a classification based on end-user areas:
- Electrical & Electronics
- The study covers the following geographies:
- North America
- Asia Pacific
- Rest of the World
- Industry outlook: Market trends, drivers, restraints, and opportunities