Magnetic Plastics Market: Asia Pacific Increasing Global Dominance
Bangalore, India: With its recently published study “Magnetic Plastics Market By Type (Ferrite bonded, NdFeB bonded), By Applications (Electrical & Electronics, Packaging & Labelling, Healthcare Devices, and others), and Geography – Global Trends and Forecast to 2022”, Infoholic forecasts that the global market will continue to increase owing to the raised exposure of application areas in the underdeveloped and developing countries. The magnetic plastics are particle composites with permanent-magnet powder embedded in a plastic binder. It is lightweight with some magnetic properties to use in a complex shape, where conventional magnetic materials cannot be used. It has been used majorly in electrical & electronics applications due to their lightweight property.
The increased usage of magnetic plastics in electronics will expand its market in both the developed and developing countries. Further, growing market penetration in developing countries would also increase the market potential giving a boost to the market growth expectations. This trend is expected to continue during the forecast period 2016–2022 to further increase the magnetic plastics market, growing at a CAGR of 8.1% to reach $39.32 billion by 2022.
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The electrical & electronics application is contributing the most towards the magnetic plastics market in Asia Pacific and is the largest segment in global demand. This trend is expected to continue during the forecast period as well. The electrical & electronics segment is expected to grow at a CAGR of 8.7% during the forecast period 2016–2022.
The ferrite bonded magnetic plastics is the most used bonded magnetic plastics due to its lower price and ease of production process. The NdFeB bonded magnetic plastics have a limited market when compared to ferrite bonded magnetic plastics, which is limited by its higher price. However, in future, it is expected to rise due to their high magnetic strength and expected increase in affordability.
“Magnetic plastics is a composition of permanent magnet powder embedded in a plastic binder. Depending on the material composition and production process, magnets with differing magnetic and mechanical specifications are used in specific applications. The growth of miniaturization within electrical & electronics coupled with growing packaging & labeling market is expected to further increase this market in the coming years, especially in the developing regions where demand for magnetic plastics is already high.” – Pooja Kumari, Research Analyst.
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Key insights of the report
- Global magnetic plastics market has been analyzed based on application areas
- Electrical & Electronics
- Packaging & Labeling
- Healthcare Devices
- The study constitutes a classification based on type
- Ferrite Bonded Magnetic Plastics
- NdFeB Bonded Magnetic Plastics
- Industry outlook: market trends and drivers, restraints, and opportunities