Magnetic Plastics Market Poised to Garner Maximum Revenues During 2028
Global Magnetic Plastics Market – Overview
Magnetic plastic is a type of non-metallic magnet produced from an organic polymer. An example of magnetic plastic is PANiCNQ. It is a combination of emeraldine-based polyaniline (PANi) and tetracynoquninodimethane (TCNQ). PANiCNQ was first produced in 2004 at University of Durham. It was the first magnetic plastic to operate at a room temperature. The demand for magnetic plastics is expected to be driven by the development in the consumer good industry.
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Global Magnetic Plastics Market – Notable Developments
Some of the recent developments in the global magnetic plastics market are given below:
- Recently, Arnold Magnetic Technologies, a leading manufacturer in the global magnetic plastics market, announced that the company has opened up a new research and development facility in the MGE Innovation Center complex, in Wisconsin. This is expansion is expected to help the company to provide more efficient and innovative solutions to their customers.
- In September 2018, Bunting® Magnetics Co., announced that the company has launched a magnetic liquid trap that was specifically designed for the food processing sector.
- In July 2018, Bunting® Magnetics Co. launched a new product – a magnetic pull test kit. The newly designed kit has a NIST digital scale.
Global Magnetic Plastics Market – Drivers and Restraints
Magnetic plastics offer a large number advantages as compared to their metallic counterparts. These plastics have lesser density and are quite useful in wider range of applications where weight is crucial factor. Moreover, magnetic plastics have an extensive cost-efficient performance ratio and can be manufactured in a wide range of shapes and sizes. Due to such obvious benefits, the demand for magnetic plastics is growing day by day and thus is one of the biggest driving factor for the growth of the market.
Another important driving factor for the development of the magnetic plastics market is its ever increasing end-used application industries. Some of the biggest application industries are medical, healthcare, electronics, and food & beverages. With the advancements and developments in these sectors, the demand for magnetic plastics is expected to reach to new heights during the given forecast period. Especially, the demand for magnetic plastics is more from the electronic industry for the production of inductive assemblies and magnetic switches. These are thus acting as a strong driving factors for the growth of the global magnetic plastics market.
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Global Magnetic Plastics Market – Geographical Outlook
There are five key regions in terms of geographical segmentation of the global magnetic plastics market that allows better understanding of it working dynamics. These regions are North America, Latin America, Middle East and Africa, Europe, and Asia Pacific. Of these, the global magnetic plastics market is currently dominated by the Asia Pacific segment. The growth of the regional segment is primarily attributed to the extensive development of the end-use sectors. This development is driven by evolving social as well as economic factors, better opportunities for employment, and infrastructural development. Such factors are thus helping to create ample business opportunities for the players in the magnetic plastics market and driving the growth of the regional segment.
In addition to this, countries such as Australia and Philippines are among the top producers of rare earth metals and elements. These rare earth elements are essential for the production of magnetic plastics. Naturally, this puts the Asia Pacific region on the top of the regional segmentation of the global magnetic plastics market.
Other regional segments such as Latin America, Middle East and Africa, and North America are expected to witness a steady growth over course of the mentioned forecast period.
- Electrical and electronics
- Food packaging
- Healthcare and medical
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