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A magnetic plastic is a non-metallic magnet composed of a polymer matrix. PANiCNQ, a magnetic plastic is a conductive polymer that is highly stable and has one-hundredth the strength of traditional metal magnets. Magnetic plastics could pave the way for the development of flexible quantum computing and superconductors. Magnetic plastics has many upsides over metallic contemporaries, including being less dense and useful in application areas where weight is an issue. The magnetic powder is engrained in thermoplastics (polyamides), facilitates the creation of the most diverse shapes. Magnetic plastics do not corrode on the surface. As a result, they can be used in a wide range of applications without the need for additional coating.
Growing demand in the automotive industry for magnetic plastics is likely to drive the market growth. Vehicle consists of magnetic materials in motors including gauge motor, stepper motor, synchronous motors, timekeeper motor, and cooling fan micro motor. Rising concerns about the fuel economy of cars have led automakers to reduce the weight and improve the efficiency of ignition in automobiles. Also, increasing interest in electric vehicles is projected to boost demand for magnetic plastics during the forecast period. According to the IEA data, in 2020, the electric car registration was increased by 41% despite the pandemic situation. However, the uncertainty in raw material prices and higher R&D cost is limiting the market growth.
Key Market Driver -
Increased application in the automotive industries will aid to drive the market growth.
Key Market Restraint -
Uncertainty in raw material prices is likely to restrain the market growth.
Based on application, the market for magnetic plastics is further segmented into food, automotive, electronics, medical industry and others. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The global & regional players operating in the magnetic plastics market OM Group, ALL Magnetics Inc., ThyssenKrupp, Arnold Magnetic Technologies and Kolektor Magnet Technology GmbH among others
Asia Pacific is the largest market for magnetic plastics. China accounted for majority of the magnetic plastics market in Asia Pacific. This is attributable to rising applications in in medical devices such as cochlear implants and pacemakers in the region. The majority of relatively large manufacturing units are stationed in emerging economies due to lower labour costs and overheads. North America secures a significant share owing to high demand in the U.S. and Canada. Growing automation in the region is contributing to the growth of magnetic plastics in different applications. In different magnetic assemblies, and magnetic material handling equipment, the magnetic plastics are being increasingly used. These magnetic assemblies are an important component of different processing industries, such food industries. Many developed countries depend on accelerated industrial development for their country's economic growth. The market for advanced magnetic materials has grown by industrialization in the Europe. The adoption of magnetic material in the consumer industry in the UK and Germany would drive market growth. Magnetic plastics usage will rise as the output of personal computers, mobiles, and generators rises. Moreover, spending on the production of high-speed motor systems is projected to boost the demand for magnetic plastics. GCC countries continue to contribute to industry growth backed by growth of end-use industries. Latin America is expected to see steady growth in the global market. Economic recovery in Brazil is expected to create potential opportunities for growth of the market in the region.
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