Magnetic Polymers Market Size (2023 - 2030)

The Magnetic Polymers Market was evaluated at $39.21 million in 2022, and it is projected to reach $73.66 million by the end of 2030, with a CAGR of 8.2% during the forecast period (2023 - 2030). The primary drivers projected to propel the magnetic polymers market forward are the low cost of the polymers relative to permanent magnets and their various properties like lightness, high magnetism power, and more.

Industry Overview:

Magnetic polymers are essentially variations of plastic that are able to successfully display properties of magnetism. They are used across various fields to achieve targets of reducing overall production cost, increasing the efficiency in its target devices, and ensure reduction in noise levels in the automotive sector. These polymers can predict certain ranges of temperatures and they can be molded into desired shapes. This makes it very easy to incorporate them into any compact machinery or a small device. These polymers contain variations of elements like cobalt, iron, and nickel and then pair them with variations of physical compounds like epoxies and more.

COVID-19 Impact on the Magnetic Polymers Market:

The COVID-19 pandemic was one of its kind tragedy that struck the globe very unexpectedly. It became very severe very sudden and left everyone in a state of confusion about what it was that needed to be done further. Arguably one of the most significant steps taken was establishing complete lockdown throughout the countries. This ensured that the virus spread was to a minimum. But due to this several factories and businesses in production shut down and suffered major losses. The factories that manufactured the magnetic polymers also needed to be shut down as they were not a part of the essential businesses. The production of raw material was also put to a stagnant halt. This resulted in supply chain issues across several hundreds of industries. This severely affected the magnetic polymers market. But in light of the recent growth and development, there seems to be an emerging positive for the same.

Market Drivers:

The factor that the Magnetic Polymers are relatively cheaper to permanent magnets is helpful in driving the market forward:

The magnetic polymers used in everyday life are obtained by a mixture of oxides and earth elements. After the production line is established manufacturing magnetic polymers is overall much cheaper than making the ferrite magnets. The magnetic polymers’ raw materials are available in abundance and can be used as and when required. Several of these polymers also have recyclable properties which make them last longer and used more. The permanent magnets are expensive to produce and require expensive pre-production steps. The use of traditional magnets is decreasing as the onslaught of this market grows even further. These polymers are multi-faceted and can be used in several places without a hitch. Therefore the low cost is a significant driver for the market.

Various properties of the magnetic polymers that make them multifunctional are responsible for the growth of the market:

The electronics market is developing and progressing past what previous generations thought was possible. The devices are getting more and more compact and they are taking up new forms and are diverging from the traditional constructions. These compact devices require extremely lightweight components. Because the magnetic polymers are so lightweight and a form of plastic they are widely used in these compact devices. The automotive sector is progressing towards building cars with integrated advanced technologies and features like self-driving. These also require lightweight materials alongside high magnetism properties. They require the polymers to do multiple tasks simultaneously which can be achieved by its properties. Thus, the innovative properties of magnetic polymers are driving forces for the market.

Market Restraints:

The limitations that arise in dealing with temperatures make it a hindrance for the Magnetic Polymers market to grow:

Metal polymers find their uses in several applications across the board and in several different end-user industries. Despite this, some magnetic polymers are sensitive to deal with. They only function at certain temperature ranges and can cause damage if precision is not maintained with the same. Among the magnetic polymer materials, polyepoxides are very temperature sensitive. They are a type of resin and are used for curing purposes involving heat. These materials and polymers are made in bulk for a large number of products. Because of this, it is extremely difficult and time-consuming to maintain specific temperatures. Therefore temperature sensitivity is a market restraint for magnetic polymers.

Market Segments:

MAGNETIC POLYMERS MARKET REPORT COVERAGE:

Magnetic Polymers Market- By Type

• Organic Magnetic Polymers

• Metal-ion Polymers

• Metal Oxide-based Polymer

Organic magnetic polymers are very rare in nature and only a few select classes of compounds like the nitronylnitroxides are truly organic magnetic polymers. The metal-ion polymers are good conductors of electricity because of the metal presence in them. While being put to use they are usually covered with gold or platinum and subjected to an electric voltage. Metal oxide-based polymers are significant to various industries and are largely used in the technology sector.

Magnetic Polymers Market- By Application

• Drug Delivery Applications

• Visual Display

• Sensor

•  Computer Hardware

• Photocatalysis

•  Heavy Metal Absorption

•  Others

Computer hardware is a significant portion of the electronics industry. In terms of end users, the electronics industry is anticipated to dominate which correlates to the strong market presence of the computer hardware application. The hardware objects are integrated with various forms of magnetic polymers made with different materials and of different types. Because computer devices are seeing a giant increase in market share, consequently the magnetic polymers market will also rise.

Magnetic Polymers Market- By Material

• Polyepoxides

• Polyurethanes

• Polyimides

• Polydimethylsiloxan

• Others

Polyepoxides held over half of the market share and are significant materials that can be used for multiple applications. They are a form of epoxy or resin and are used for curing purposes. They are thermosetting polymers, which implies that they have particular reactions to heat and high temperatures and only function at a range of temperatures or above a specific temperature.

Magnetic Polymers Market- By End Use

• Medical

•  Chemical

•  Research and Development

•  Automotive

• Electronics

•  Waste Treatment

The electronics sector dominated the market previously, contributing to about greater than 30% of the total market share. Electronic products like computers, mobile phones, tablets, laptops and more all use magnetic polymers in some form or another. Because of the growth in the sale of electronics, the magnetic polymer market is also on the rise. Developments of new and advanced electric, IEC, and hybrid cars that use magnetic polymers are the reason for the automotive sector’s growth. It is anticipated to grow the fastest.

Magnetic Polymers Market- By Region

• North America

• Europe

• Asia-Pacific

• Rest of the World

Asia-Pacific region dominated the market in the previous years and it is estimated to be going strong during the forecast period as well. Countries like India and China are the major hubs for the construction of electronic device parts which as aforementioned use magnetic polymers. China also has an abundance of natural resources required to make magnetic polymers. North America and Europe are predicted to be key players in the market as well in the forecast period of 2023-2030.

Major Key Players in the Market

1. Evitron

2. Goudsmit Magnetics

3. IBS Magnet

4. IMA - Magnets Factory

5. Magnet e Motion

6. MATE CO. LTD.

7. Arnold Magnetic Technologies,

8. Tongxiang Jiasheng Plastic Products

9. K&J Magnetics

10. FU RONG (Magnets) Industrial

Market Insights and Developments

• In April 2021, the LyondellBasell Company introduced a new line of polymers that aged more sustainable than their previous counterparts. The firm focuses on using recycled or previously used plastic to manufacture their components and ensure to decrease their contribution to the overall pollution.

• In October 2022, researchers at the Chalker Research lab developed a new material recyclable material that has shown multi-faceted applications including the purification of water, in construction materials and making lightweight parts for different objects.