According to the report by Expert Market Research (EMR), the Global Magnetic Plastics Market Share is projected to grow at a CAGR of 7.70% between 2023 and 2028. Aided by the growing application of magnetic plastics in myriad industries and the escalating demand for technologically advanced materials, the market is expected to grow significantly by 2028.
Magnetic plastics, also known as plastic magnets, are a type of composite material possessing magnetic capabilities while offering the advantage of plastic mouldability. These are often employed in various applications including sensors, data storage, electric motors, and magnetic shields due to their lightweight, corrosion resistance, and easy manufacturability.
The driving force behind the global magnetic plastics market growth is the proliferating demand for technologically advanced materials. As industries continue to innovate and improve their products, there has been a significant inclination towards materials like magnetic plastics, which offer excellent functional advantages over traditional materials. Furthermore, the rising trend of miniaturisation in electronics and the need for lightweight components in the automotive industry have contributed to the increasing popularity of magnetic plastics.
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Magnetic plastics find broad applications in several industries, a fact that plays a significant role in propelling the magnetic plastics market demand. In the electronics industry, these plastics are used in data storage devices and sensors due to their ability to retain magnetism. The automotive industry employs magnetic plastics in electric motors and sensors for better performance and weight reduction. In the medical industry, magnetic plastics find usage in magnetic resonance imaging (MRI) equipment and as a contrast agent in MRI scans.
Further, the soaring demand for sustainable alternatives in the manufacturing sector has resulted in an increased focus on magnetic plastics, boosting the magnetic plastics market expansion. As the push for environmental sustainability grows stronger, these plastics, due to their recyclability and lower environmental impact compared to traditional magnetic materials, have emerged as a preferred choice. This trend is expected to significantly contribute to the market expansion.
Lastly, the global magnetic plastics market is set for considerable growth, driven by increasing demand for advanced materials, their broad industry applications, and the rising emphasis on sustainable alternatives.
The market can be divided based on type, end use, and region.
Market Breakup by Type
Market Breakup by End Use
- Food Packaging
- Electric and Electronics
- Healthcare and Medical
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global magnetic plastics companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Thyssenkrupp AG
- Ingeniería Magnetica Aplicada SLU
- Sura Magnets AB
- Bomatec AG
- Evitron Sp. z o.o.
- Kolektor Magnet Technology GmbH
- Eclipse Magnetics
- MS-Schramberg GmbH & Co. KG
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