Magnetic Polymers Market - Forecast(2023 - 2028)

Magnetic Polymers Market Overview

The Magnetic Polymers market size is estimated to grow at a CAGR of 9.8% during the forecast period 2022-2027. Magnetic Polymers such as paramagnetic, ferromagnetic and ferrimagnetic are broadly characterized as functional polymers with magnetic properties. Polyaniline or tetracyanoquinodimethane combinations are used in Magnetic Polymers because they are ferromagnetic compounds with the ability to attract metals. Magnetic Polymers often contain magnetic particles such as iron oxide, cobalt ferrite, strontium ferrite and nickel, while matrix materials such as epoxies, polyurethanes and polyimides are frequently used. The Magnetic Polymers market is anticipated to be driven by the rising end-user requirements and demand for consumer electronics products in developing economies. Increased consumer demand for electronic automobiles, mobile phones and other devices has led to an increase in expenditures across several end-use industries, which is anticipated to offer considerable prospects for Magnetic Polymers manufacturers. The covid-19 pandemic majorly impacted the market due to restricted production, supply chain disruption, logistics restrictions and a fall in demand. However, with robust growth and flourishing applications across major industries such as transportation, building & construction and others, the Magnetic Polymers industry is anticipated to grow rapidly during the forecast period.

Magnetic Polymers Market Report Coverage

The report: “Magnetic Polymers Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Magnetic Polymers Industry.

By Type- Injection Magnet and Pressed Magnet.
By Application – Plastic, Rubber, Printing, Communication Equipment, Electronics Tools, Medical Devices, Transportation Components and Others.
By End-Use Industry - Transportation (Automotive, Aerospace, Marine and Locomotive), Food & Beverage (Fruits & Vegetables, Dairy, Bakery, Confectionery, Poultry, Drinking Water, Soft Drinks and Others), Electrical & Electronics, Medical & Healthcare, Water Treatment and Others.
By Geography: North America (the USA, Canada and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, New Zealand, Indonesia, Taiwan, Malaysia and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and Rest of South America), Rest of the World (the Middle East and Africa).

Key Takeaways.

• Asia-Pacific dominates the Magnetic Polymers market size, owing to growing demand from end-use industries such as automobile, electrical & electronics and water treatment thereby boosting the demand for Magnetic Polymers in APAC during the forecast period.
• The market of Food & beverages uses Magnetic Polymers extensively. Over the projected period, it is expected that this will fuel the demand for Magnetic Polymers.
• Furthermore, the Magnetic Polymers market size is expected to rise beyond the forecast period as the adoption of hybrid and electric vehicles increases in the global market.

 Figure: Asia-Pacific Magnetic Polymers Market Revenue, 2021-2027 (US$ Billion)

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Magnetic Polymers Market Segment Analysis – By Application

Plastic held a significant share in the Magnetic Polymers market share in 2021 and is forecasted to grow at a CAGR of 4.5% during the forecast period 2022-2027, owing to increased demand for plastic in numerous end-use industries. Magnetic Polymers have numerous qualities such as strontium ferrite, nickel, polyurethanes and polyimides and are one of the most moldable that exist, allowing them to be used in applications ranging from plastic sheet papers to much thicker and more durable materials such as polymers. Plastics, which use Magnetic Polymers in their production, play a vital part in the global production system and the economy, which drives the market growth of the Magnetic Polymers market. According to UN Environment Programme, Global primary plastic production is expected to reach 1,100 million tonnes by 2050. With the rise in plastic production across the globe, the demand for Magnetic Polymers is anticipated to rise for various end-use industries, which is projected to boost the Magnetic Polymers market growth in the plastic industry during the forecast period.

Magnetic Polymers Market Segment Analysis – By End-Use Industry

Automotive held a significant share in the Magnetic Polymers market share in 2021 and is forecasted to grow at a CAGR of 4.5% during the forecast period 2022-2027. The high demand for Magnetic Polymers in the automotive sector is influenced by their growing application in plastic, rubber, transportation components and others. Magnetic materials are used in motors such as gauge motors, stepper motors, synchronous motors, timekeeper motors and cooling fan micro motors. Moreover, rising interest in electric vehicles is expected to enhance demand for Magnetic Polymers during the forecast period. According to the Energy Information Administration (EIA), by 2035, there will be 1.7 million automobiles worldwide. According to the International Organization of Motor Vehicle Manufacturers (OICA), automobile output increased by 10% in the first nine months of 2021, to 57.26 million vehicles, up from 52.15 million units in the same period last year. With the increasing automotive production, the demand for Magnetic Polymers will also likely increase, as a result of which the Magnetic Polymers market share will be flourished over the forecast period.

Magnetic Polymers Market Segment Analysis – By Geography

The Asia-Pacific held a significant share in the Magnetic Polymers market share in 2021 and is forecasted to grow at a CAGR of 4.5% during the forecast period 2022-2027. The flourishing growth of Magnetic Polymers is influenced by its major applications across major industries, along with growing development in automotive production and the developed base for Magnetic Polymers in APAC. The automotive sector in Asia-Pacific is rapidly growing due to a flourishing base for automotive manufacturers, demand for automotive compounds and production rise. For instance, according to the Organisation Internationale des Constructeurs d'Automobiles (OICA), automotive production and Vietnam grew by 1.2 percent and 5.5 percent from the previous year to 5,71,632 and 2,50,000 units, respectively, in 2019. In November 2020, Boeing forecasted that China's airlines would spend US$1.4 trillion on 8,600 new planes and US$1.7 trillion on commercial aircraft services over the next 20 years. According to India Brand Equity Foundation (IBEF), India’s domestic automobile production increased at a 2.36 percent CAGR from FY16 to FY20, with 26.36 million vehicles produced in FY20. Between FY16 and FY20, domestic automobile sales increased at a 1.29 percent compound annual growth rate (CAGR), with 21.55 million vehicles sold in FY20. According to the Japan Automobile Manufacturers Association (JAMA), automobile production in Japan increased in November from 6,67,462 units in October to 6,90,311 units. Thus, the growth of the Magnetic Polymers market in the region is being aided by the increasing transportation sector in APAC, thereby dominating the market in the Asia-Pacific region.

Magnetic Polymers Market Drivers

Rising Demand from the Electrical & Electronics Industry:

Magnetic Polymers are widely used in most electronic devices due to their superior performance and cost-effectiveness. Magnetic Polymers are important components of all types of motors and sensors, which are essential parts of any electronic device. The electronics industry is growing rapidly owing to the high demand for electrical devices and consumer electronics such as smartphones, TV, PC and others in the work-from-home scenario. According to the India Brand Equity Foundation (IBEF), the electronics manufacturing industry in India is projected to reach US$520 billion by the year 2025. According to the Japan Electronics and Information Technology Industries Association, computer and information terminal manufacturing in Japan was worth 1,041,122 million yen in 2017 and 1,251,283 million yen in 2019. According to ZVEI, the German electronics industry's turnover will nearly exceed EUR 200 billion in 2021. During the period January to November 2021, nominal revenues climbed by about 10%. In 2022, the industry group predicts a 4% growth in production. With the increasing growth in electronics production and semiconductor, the demand for Magnetic Polymers for applications in computer chips, semiconductor devices and others is growing. The growing electrical and electronics sector is driving the market and offering major growth opportunities in the Magnetic Polymers industry.

Bolstering Growth of the Electric Vehicles:

The growth of the Magnetic Polymers market is being fueled by increased demand for electric vehicles. Magnetic Polymers are extensively employed in electric vehicles due to their special significance in energy applications like motors, transformers and sensors. The automobile industry is producing a wide range of inexpensive electric vehicles as a result of government incentives and shifting customer expectations, which drives the market growth of the Magnetic Polymers market. According to the International Energy Agency (IEA), Worldwide electric vehicle production reached 10 million in 2020, representing a 43 percent increase over 2019. According to the Indian Brand Equity Foundation, The Indian EV market is also rapidly evolving, with close to 0.32 million vehicles sold in 2021, a 168 percent increase year on year. According to Niti Aayog, In September 2021, the Production-Linked Incentive (PLI) scheme worth INR 26,058 crore (US$3.5 billion) was approved for automotive manufacturing focusing on electric vehicles and hydrogen fuel cell vehicles. With the rise in the demand for electric vehicles and increasing government investment across the globe, the demand for Magnetic Polymers is anticipated to rise for various applications, which is projected to boost the market growth in the electric vehicles industry during the forecast period.

Magnetic Polymers Market Challenges

Uncertainty in Raw Material Prices

Price changes in raw materials are expected to be one of the key factors constraining market expansion. The high cost of raw materials like strontium ferrite, nickel, polyurethanes and polyimides have a significant impact on the supply chain, limiting their use. Price fluctuations for the product, especially for permanent magnets, result in increased costs for the manufacturers and have an impact on both the quality and quantity of the product. Additionally, Price fluctuations for the product, especially for permanent magnets, result in increased costs for the manufacturers and have an impact on both the quality and quantity of the product. However, this is aided further by by-product laws and constraints, which are some of the key factors projected to restrain worldwide market revenue growth throughout the forecast period.

Magnetic Polymers Industry Outlook

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Magnetic Polymers market. The top 10 companies in the Magnetic Polymers market are:

1. BOMATEC
2. Bunting Europe
3. Eclipse Magnetics
4. Evitron
5. Goudsmit Magnetics
6. IBS Magnet
7. IMA - Magnets Factory
8. Magnet e Motion
9. MATE CO. LTD.
10. MS-Schramberg GmbH and Co. KG.

Recent Developments

• In May 2022, during pharma pack Europe 2022, Avient would introduce new bio-based polymer solutions for medical and pharmaceutical applications.
• In March 2022, Solvay introduces novel biodegradable guar-based polymers for cosmetics. The company is expanding its biodegradable portfolio with two new guar-based functional polymers for responsible hair and skin care products.
• In April 2021, LyondellBasell introduces a new line of sustainable polymers. The LyondellBasell Circulon product family helps to reduce plastic waste by using recycled content and has a smaller carbon footprint by using renewable-based content instead of feedstock from fossil-based sources.

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