Magnetic Polymers Market is projected to reach a value of $76.08 million by 2030

According to the report published by Virtue Market Research, the Magnetic Polymers Market was valued at $40.2 million in 2022 and is projected to reach a market capitalization of $76.08 million by 2030. Over the forecast period of 2023-2030, the market is estimated to grow at a CAGR of 8.3% due to the rapid expansion of the automotive sector and its application across several industry verticals creating lucrative growth opportunities for the market.

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Magnetic polymers are lightweight substances that are used in motors and sensors, especially in the automobile sector. They are majorly deployed in brushless DC motors and sensors to improve man-based machine efficiency, noise minimization, and energy savings. It is a hugely growing market due to its applications in various industries such as electromagnetic shielding, printer magnetic roller, magnetic connector, and other smart technology devices such as smart mobile phones and computers. The increasing demand for magnetic polymers in the automotive sector is predicted to fuel market expansion in the forthcoming years. This has compelled several key major automobiles to shift their focus on research and development activities to integrate new technologies into the sector to expand their business portfolio. Additionally, the increased interest in electric vehicles in recent times has further augmented the demand for magnetic polymers.

Three major ways in which the COVID-19 pandemic has had a massive impact on the global economy are by directly hitting supply and demand chains, disturbing the inventory network and market, and the financial impact it had on businesses and other industry sectors. However, the increase in the complexity of electrical control systems of vehicles escalated quite sharply during the second half of 2021, as major automotive companies started responding to the need to manufacture vehicles that require less fuel and emit lower carbon footprints. This led to the widespread application of magnetic polymers in the manufacturing process of automotive actuators and drives in the industry. Hence, this resulted in an increase in the need to produce more magnetic polymers to be fabricated with complex shapes and geometries to deploy at the manufacturing facilities. Moreover, several magnetic polymer beads and nanoparticles are under study and are undergoing research and developmental activities for their probable usage in cancer treatment and drug delivery. Various studies are aimed at improving the magnetic properties of polymers and drug carriers, developing new technologies for cost-effective and profit maximization of magnetic systems. Also, the cost of magnetic polymers is comparatively way lower than that of permanent or ferrite magnets. The cost involved at the production step is also relatively lower than a ferrite magnet, all these factors augmenting the growth rate of the market. However, there are some persisting challenges such as price volatility due to fluctuations in the cost of the raw material required and the increasing research and development expenses. These factors are likely to slow down the global market growth rate.

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Segmentation Analysis:   
The global Magnetic Polymers Market segmentation includes:   

By Type:
• Soft Magnetic Material
• Hard Magnetic Material.

Soft Magnetic Materials cannot maintain their magnetic properties in the presence of external magnetic fields due to their low coercivity. Samarium Cobalt, Neodymium, and Iron-based alloys are a few materials that can be used to create soft magnets that may further be utilized in several electrical applications. Owing to its wide-scale application in the electrical and electronics sector, it held the majority of the market revenue shares in 2022 and is anticipated to dominate the market during the forecasted years. Hard magnetic materials have the property to retain their magnetism in natural environments even without the presence of external magnetic fields. Hard magnets may be utilized in many different applications such as in electric motors and computer hard drives. They also find their applications in MRI machines and other medical equipment, holding a sizeable portion of the total market sales revenue.

By Application:
• Computer Hardware
• Medical Devices
• Home Appliances
• Others

Electronic devices across all verticals collectively hold a major share of around 31.6% of the global magnetic polymer market in 2022. It is then followed by the automotive and medical segments. Magnetic polymers are greatly employed in the automotive sector for the manufacture of vipers, windows, speed sensors, power mirrors, crash sensors, speedometers, etc. Therefore, growth in the automotive sector, owing to the increase in demand for vehicles in developing economies such as India and China, is likely to fuel the global magnetic polymer market. The computer hardware application segment is also anticipated to witness strong growth over the forecasted years. They are perfect for usage in computer components due to their various benefit offerings such as flexibility, great durability, low power consumption, and lightweight.

Regional Analysis:

Asia Pacific holds global market dominance and accounted for a major share of the global magnetic polymer market of almost over 40% in 2022. The region is anticipated to continue its dominion during the outlook period as well. This can be attributed to the rapid growth in the production and usage of magnetic polymers in China, which is a world manufacturing hub. The country has a generous number of reserves of rare earth metal deposits, which are deployed in the production process of magnetic polymers. North America and Europe are also key market regions of the global magnetic polymer market majorly due to the number of rising capital investments in these projects in the region.

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Latest Industry Developments:   

• In March 2021, Arnold Magnetic Technologies Corporation, a global leader in the manufacturing of high-class and performance-based magnets, precision thin metals, magnetic assemblies, and highly loaded composites, and a Compass Diversifies subsidiary company acquired Ramco Electric Motors, Inc. It further clarified that Ramco will continue to operate its business under its brand name as a business division of Arnold.

• In February 2021, Industrial Magnetics Inc., a Michigan-based company announced its acquisition of almost all of the assets of Walker Magnetics Group Inc. The company was established in Worcester, Massachusetts, in 1896. It is North America's oldest industrial magnet manufacturer since 1896.

• In October 2021, MagDev, U.K.-based custom magnets, and industrial magnet manufacturer was acquired by Bunting Magnetics Co. Along the line of this acquisition, Bunting is bound to provide a wider range of magnetic solutions and technological knowledge. The company's leading position in the European magnetics industry is established by the expanded product portfolio and enlarged magnet engineering expertise.

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Virtue Market Research is a strategic management firm helping companies to tackle most of their strategic issues and make informed decisions for their future growth. We offer syndicated reports and consulting services. Our reports are designed to provide insights on the constant flux in the global demand-supply gap of markets.

This release was published on openPR.