Global Plastic Bonded Magnet Market: Introduction
- Bonded magnetsare 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
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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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