What is Global Plastic Bonded Magnets Market?
The Global Plastic Bonded Magnets Market is a vast and dynamic sector that encompasses a wide range of products and applications. These magnets are essentially a type of composite material made by embedding a hard magnetic powder in a plastic binder. The plastic binder, which is typically a thermoplastic or thermosetting plastic, gives the magnet its shape and protects the magnetic material from environmental influences. The magnetic powder, on the other hand, provides the magnet with its magnetic properties. The combination of these two components results in a magnet that is not only strong and durable, but also flexible and versatile. The global market for these magnets is growing rapidly, driven by increasing demand from various industries and advancements in magnet technology.
Plastic Injected Magnets, Plastic Pressed Magnets in the Global Plastic Bonded Magnets Market:
Plastic Injected Magnets and Plastic Pressed Magnets are two of the most common types of plastic bonded magnets. Plastic Injected Magnets are produced by injecting a mixture of magnetic powder and plastic binder into a mold. This process allows for the production of magnets with complex shapes and sizes, and is often used for the production of small, precision magnets. Plastic Pressed Magnets, on the other hand, are produced by pressing a mixture of magnetic powder and plastic binder into a mold under high pressure. This process results in magnets with high magnetic performance and excellent dimensional accuracy. Both types of magnets have their own unique advantages and are used in a wide range of applications, from automotive components to electronic devices.
Automotive, Electrical & Electronics, Home Appliance, Medical & Healthcare Devices, Others in the Global Plastic Bonded Magnets Market:
The Global Plastic Bonded Magnets Market finds extensive usage in various sectors such as Automotive, Electrical & Electronics, Home Appliance, Medical & Healthcare Devices, among others. In the automotive industry, these magnets are used in various components such as sensors, actuators, and electric motors. In the electrical and electronics industry, they are used in devices such as transformers, inductors, and magnetic switches. In the home appliance industry, they are used in products such as washing machines, refrigerators, and air conditioners. In the medical and healthcare devices industry, they are used in equipment such as MRI machines, pacemakers, and hearing aids. The versatility and high performance of these magnets make them an ideal choice for these and many other applications.
Global Plastic Bonded Magnets Market Outlook:
The Global Plastic Bonded Magnets Market is showing a promising growth trend. As per the market outlook, the market was valued at US$ 625.7 million in 2022 and is expected to reach US$ 939 million by 2029. This indicates a Compound Annual Growth Rate (CAGR) of 5.9% during the forecast period of 2023-2029. The market is dominated by a few key manufacturers, with the top three manufacturers accounting for more than half of the total market revenue in 2018. In terms of production value, China and the European Union are the leading regions, contributing 42.03% and 21.73% to the market respectively. This data reflects the significant role of these regions in the global plastic bonded magnet market.
| Report Metric | Details |
| Report Name | Plastic Bonded Magnets Market |
| Accounted market size in 2022 | US$ 625.7 million |
| Forecasted market size in 2029 | US$ 939 million |
| CAGR | 5.9% |
| Base Year | 2022 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | Sura Magnets, IMA, Thyssenkrupp, MS-Schramberg, Bomatec Group, Evitron, Bunting Magnetics, Goudsmit Magnetics, TDK, Sinomag, Zhong Ke San Huan Hi-Tech, DMEGC, Eclipse Magnetics, SDM Magnetics, Galaxy Magnets, BINIC Magnet, J&P Magnetic Products, Sen Long Corporation, Ningbo Yunsheng, Yuxiang Magnetic, Arnold Magnetic Technologies, Daido Electronics |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
