Global Plastic Bonded Magnet Market: Introduction
- Bonded magnets are produced by mixing magnetic powders with a bonding agent. The magnet material is pulverized and embedded in thermoplastics/plastic binder in plastic bonded magnets.
- Polyamide (PA), duroplasts, polyphenyl sulfide (PPS), and some other epoxy resins are used for embedding magnetic particles
- NdFeB, SmCo, and ferrites are frequently used for permanent magnet powders, which are employed in the manufacture of plastic bonded magnets
- Plastic bonded magnets do not require any coating due to their corrosion resistance property. They possess low electrical conductivity, low eddy currents, and high resistance to chipping. They fall under non-metallic magnets.
- Mechanical and magnetic properties of plastic bonded magnets depend upon the manufacturing process and type of material composition
- Plastic bonded magnets have better liberty of shape and magnetizing structure. As a result, they are suitable for usage in the manufacture of more complex, flexible, and durable materials. Plastic bonded magnets are used in biological systems due to their bio-compatibility.
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Key Drivers of Plastic Bonded Magnet Market
- Demand for plastic bonded magnet is likely to gain momentum in the near future due to the commercial viability and varied range of applications of these magnets. Rise in demand for plastic bonded magnets in various application is estimated to drive the global plastic bonded magnet market during forecast period.
- Evolving end-user requirements and increase in demand for consumer electronics, automotive, and health care products in emerging economies in Asia Pacific is expected to drive the global plastic bonded magnet market
- Magnet manufacturers are developing new technologies and high density plastic bonded magnetic products with improved stability and compatibility, such as organic polymer without any metal component. These are anticipated to further drive the global plastic bonded magnet market during forecast period.
Significant Opportunity in Injection-Molding Segment
- Based on production process, the global plastic bonded magnet market can be divided into injection molding, compression bonding, extrusion, calendering, and others.
- Ferrite or rare-earth material powders are inserted into thermoplastics and granulated during the injection-molding process
- Under compression molding, the magnetic material powder is mixed with solid binders such as resins. The compression molding process is particularly used for plastic-bonded rare-earth magnets.
- Compression molding is a cost-effective process that is useful for the production of high volume magnets
Electricals & Electronics Segment to Hold Major Share of Global Plastic Bonded Magnet Market
- Based on application, the global plastic bonded magnet market can be divided into automotive, electrical & electronics, health care, and others
- The electrical & electronics segment is expected to account for major share of the market during the forecast period. It is expected to be followed by automotive and health care segments.
- Increase in demand for consumer electronics such as refrigerator door seals, hard disk drives, speakers, sensors, and motors is driving the global plastic bonded magnet market
- Plastic bonded magnets are widely employed in the automotive industry for the manufacture of vipers, power windows, wheel speed sensors, power mirrors, crash sensors, fuel gauges, speedometers, etc. Growth in the automotive industry, due to the rise in demand for vehicles in emerging economies such as India and China, is boosting the global plastic bonded magnet market.
Asia Pacific to be Key Region of Global Plastic Bonded Magnet Market
- In terms of region, the global plastic bonded magnet market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia pacific is estimated to account for large share of the global plastic bonded magnet market during the forecast period due to the increase in consumption and production of plastic bonded magnets in China. China has high amount of rare earth metal deposits, which are used in the manufacture of plastic bonded magnets.
- Rapid expansion in economies such as India, Indonesia, and Malaysia also offers lucrative opportunities to the market. Growth in investments in automotive and health care industries, led by the increase in purchasing power of the people, is also augmenting the global plastic bonded magnet market. Japan and South Korea exhibit considerable demand for plastic bonded magnets due to the presence of manufacturers of semiconductor chips, storage devices, and hard disk manufactures, which require plastic bonded magnets.
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Key Manufacturers Operating in Market
The global plastic bonded magnet market is highly fragmented, with the presence of large numbers of global and regional players in the market. Leading players strive to achieve higher market share through forward integration and development of new products for end-use applications.
Key manufacturers operating in the global plastic bonded magnet include:
- IMA - Magnets Factory
- Bunting Europe
- MATE CO., LTD
- Goudsmit Magnetics
- ThyssenKrupp Magnettechnik
- Magnet e Motion
- ABC MAGNET s.r.o.
- Eclipse Magnetics
- IBS Magnet
- GMB Deutsche Magnetwerke GmbH
Global Plastic Bonded Magnet Market: Research Scope
Global Plastic Bonded Magnet Market, by Production Process
- Injection Molding
- Compression Bonding
Global Plastic Bonded Magnet Market, by Application
- Electricals & Electronics
- Health Care
- Others (Communication Technology, Robotics, Home Appliances, Health Care, Food Packaging, Electronics & Electrical Industries, etc.)
Global Plastic Bonded Magnet Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.