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- Superior property of magnetic polymers to cast into various shapes attract R&D for cost-effective application in drug delivery
- Substantial application in the manufacture of automotive actuators and drives to serve fuel efficiency and low carbon emission requirements of complex vehicular electrical control systems underscores growth
WILMINGTON, Del., Aug. 5, 2022 /PRNewswire/ -- The magnetic polymer market is estimated to expand at a CAGR of 8.1% during the forecast period from 2022 to 2031. Wide industrial applications of magnetic polymers due to a range of favorable physical properties is fuelling the growth of magnetic polymer market.
A granular magnetic polymer market demand analysis reiterates rise in use of magnetic polymer is ascribed to its property to be cast into various shapes. Efforts of players to collaborate with universities underpins scope for expanded uses of magnetic polymers. Furthermore, focus of manufacturers on the R&D of magnetic polymer nanospheres for their utilization in drug delivery underscores emerging trends of magnetic polymer market.
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Magnetic Polymer Market – Key Findings of the Report
- Lightweight property of magnetic polymers demonstrates its use in motors, sensors, etc. in the automobile sector. Magnetic polymers find applications in brushless DC motors and sensors for noise reduction, improve man-machine interaction, and energy savings.
- Evolution of the automotive industry with need to manufacture vehicles that use less fuel and emit less carbon has led to the increasing complexity of electrical control systems of vehicles. This, in turn is driving the adoption of magnetic polymers in the manufacture of automotive actuators and drives.
- R&D for use of magnetic polymer beads and nanoparticles in drug delivery and cancer treatment to expand growth frontiers for magnetic polymer market. This is supported by various studies to improve the magnetic properties of polymers and drug carriers; and to develop technologies to scale up magnetic systems in a cost-effective manner.
- Low cost of polymeric magnets compared to permanent or ferrite magnets demonstrates preference for the former. Relatively low cost of manufacture of polymeric magnets than permanent or ferrite magnet strengthens demand.
- Superior physical properties of polymeric magnets of relatively high temperature resistance, and multiple times moldability expands applications. The application of ultrafine magnetic polymer composites catalyzed by a coupling agent and chelated paint dispersion can improve abrasion resistance, impact resistance, covering ability, adhesion, and flexibility.
- Polyepoxides material segment held nearly 47% of magnetic polymer market in 2021.
- Based on application, the electronics segment held the leading nearly 31.6% share of magnetic polymer market in 2021. Wide applications of magnetic polymers in the manufacture of power windows, vipers, wheel speed sensors, crash sensors, power mirrors, and speedometers among others substantiate growth of automotive application segment
- Asia Pacific stood at the forefront of magnetic polymer market in 2021. Abundance of rare earth metal deposits in China that are used in the production of magnetic polymers underscores growth of magnetic polymer market in the region.
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Magnetic Polymer Market – Growth Drivers
- Wide industrial applications of magnetic polymer due to its ability to reform into various shapes, multi-pole magnetization fuels growth of magnetic polymer market
- Focus on R&D of magnetic polymer nanospheres for cost- effective application in drug delivery to catalyze growth
Magnetic Polymer Market- Key Players
Some of the key players in the magnetic polymer market are;
- Thyssenkrupp AG
- Bomatec AG
- MA-Schramberg GmbH & Co. KG
- BINIC MAGNET Co. Ltd.
- Sura Magnets AB
- Hengdian Group DMEGC Magnetics Co. Ltd.
- Sinomag s.r.o
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The magnetic polymer market is segmented as follows;
Magnetic Polymer Market, by Type
- Organic Magnetic Polymers
- Metal-ion Polymers
- Metal Oxide-based Polymer
Magnetic Polymer Market, by Material
- Polyepoxides
- Polyurethanes
- Polyimides
- Polydimethylsiloxan
- Others
Magnetic Polymer Market, by Application
- Drug Delivery Applications
- Visual Display
- Sensor
- Vivo Imaging
- Photocatalysis
- Heavy Metal Absorption
- Others
Magnetic Polymer Market, by End-use
- Medical
- Chemical
- Research and Development
- Automotive
- Electronics
- Waste Treatment
Magnetic Polymer Market, by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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