LONDON--(BUSINESS WIRE)--The global magnetic plastics market is expected to post a CAGR of close to 8% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Plastic magnets are finding applications in the healthcare, food packaging, and electronics and electrical industries among others. The growth of these industries will directly boost the demand for magnetic plastics. The fusion of plastic and magnets often creates a flexible and durable product. This makes plastic magnets a popular choice among OEMs operating in several end-user industries. Furthermore, the growth in generation of renewable energy, hydropower, and wind power are expected to directly increase the consumption of magnetic plastics in the forthcoming years.
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As per Technavio, the advancements in plastic-bonded magnets, will have a positive impact on the market and contribute to its growth significantly over the forecast period. The magnetic plastics market research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Magnetic Plastics Market: Advancements in plastic-bonded magnets
Vendors are working on developing advanced techniques to improve the performance of magnetic plastics. Vendors are trying innovative approaches to manufacture high-density plastic-bonded magnets to cater to the evolving end-user requirements In addition, the chemical properties of magnetic plastics are also being improved, which will further drive the growth of magnetic plastics market during the forecast period. Compression-molded magnets are being refined by mixing more amount of magnetic powder through consolidation and polymerization. Thus, continuous developments and advancements in plastic-bonded magnets will drive the magnetic plastics market growth during the forecast period.
“Increasing developments in magnetic materials and high demand from the emerging markets in APAC will contribute to the growth of the magnetic plastics market size during the forecast period,” says a senior analyst at Technavio.
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Global Magnetic Plastics Market: Segmentation Analysis
This market research report segments the global magnetic plastics market by application (electrical and electronics, food packaging, healthcare and medical, and others) and geographical regions (APAC, Europe, North America, South America, and MEA).
APAC led the market in 2018, followed by Europe, North America, South America, and MEA respectively. APAC is expected to maintain its dominance in the market due to growth of several end-user industries in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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