Kenneth Research examined the statistical and analytical approach that is required for the growth of Magnetic Plastics Market between the years 2022 and 2031. The key industrial insights provided in the report gives a better idea about the market overview to the readers regarding the existing scenario in the market. In addition, the report includes detailed discussion on current and future market trends that are associated with the growth of the market.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Magnetic Plastics Market products.
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Factors such as the growing trade of semiconductors for use in different consumer electronic products, along with the growing trend of automation and IoT, which is raising the need for the deployment of advanced electronic chipsets, therefore the advancement in the trade of semiconductors. According to the statistics by World Semiconductor Trade Statistics (WSTS), semiconductor billings around the globe per 12 months rolling average increased from around USD 250 billion in the year 2010 to around USD 460 billion in the year 2019.
Global Magnetic Plastics Market – Trends & Forecasts up to 2022
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.
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.
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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.
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.
Report Scope:
• Applications
o Electrical & Electronics
o Packaging & Labeling
o Healthcare Devices
o Others
• Materials
o Ferrite Bonded Magnetic Plastics
o NdFeB Bonded Magnetic Plastics
• Regions
o Asia Pacific
o North America
o Europe
o Rest of the World
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