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Magnetic plastics are a type of plastic bonded magnets made from embedding the hard ferrite or rare earth magnets powder in a moulded plastic. These materials are categorised into 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 & labelling solutions, and healthcare devices such as pacemaker. Magnetic plastics are cheaper in price and easily suitable for the size thus are mostly used in electrical & electronics products. The use of magnetic plastics reduces the cost of overall material and weight.
Rising use of magnetic plastics in electronics & electrical segment and increasing demand for developed and developing countries in Asia Pacific and North America are the major factors anticipated to boost the market over the forecast period. However, high cost of the products is anticipated to hamper the growth of the market over the forecast period.
The report analyses the magnetic plastics market on the basis of type, application and geography.
Based on type, the market is segmented into Ferrite bonded and NdFeB bonded magnetic plastics market. NdFeB magnets are also known as Neo, Neodymium Iron Boron, NdBFe, NIB, Super Strength, and Rare Earth Magnets. 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. 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 of magnetic plastics.
Based on application, the magnetic plastics market is classified into electrical & electronics, packaging & labelling and healthcare devices. Plastic magnets are uses in computer hardware as disc drives and in medical devices such as pacemakers and cochlear implants where the organic material is more likely to be biocompatible than its metallic counterpart. In the food industry, magnetic plastics are used to manufacture tanks, moulds, scrapers, housings and other parts. Moreover, the excellent magnetic property and the resistance to temperature changes are suitable for a wide range of applications ranging from starter motors, power window motors, cooling fan motors, and electric power steering motors, to windshield wiper motors.
Geographically, the global magnetic plastics market is categorized into North America, Europe, Asia Pacific and Rest of the World. Rest of the world comprises of Latin America and Middle East & Africa. 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.
Key players of the global magnetic plastics market are Hitachi Metals, Ltd, ThyssenKrupp, Kolektor, Veekim, Toshiba Corporation, TDK U.S.A. Corporation, Perfect Polymers FZ-LLC, MINGJIE MAGNETS, Koninklijke Philips N.V, GENERAL ELECTRIC, Daido Steel, Arnold Magnetic Technologies, 3M, etc. It has been observed that many of the market players are focused on product innovations and want to expand their geographical footprint in upcoming years. Although technological developments have given the boost to the magnetic plastic business which is prompting new openings and welcomes new players in form of start-ups.
Magnetic plastics are a type of plastic bonded magnets made from embedding the hard ferrite or rare earth magnets powder in a moulded plastic. They come under non-metallic magnets and more likely to be bio-compatible due to which they can be used in biological systems. The report analyses the magnetic plastics market on the basis of type, application and geography. Based on type, the market is segmented into ferrite bonded and NdFeB bonded magnetic plastics market. Based on application, this magnetic plastics market is classified into electrical & electronics, packaging & labelling and healthcare devices. Geographically, the global magnetic plastics market is categorized into North America, Europe, Asia Pacific and Rest of the World. Rest of the world comprises of Latin America and Middle East & Africa. 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. Key players of the global magnetic plastics market are Hitachi Metals, Ltd, ThyssenKrupp, Kolektor, Veekim, Toshiba Corporation, TDK U.S.A. Corporation, Perfect Polymers FZ-LLC, MINGJIE MAGNETS, Koninklijke Philips N.V, GENERAL ELECTRIC, Daido Steel, Arnold Magnetic Technologies, 3M, etc.
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