Europe Ferrite Magnet Market to Grow at 2.97% During 2024-2032, Bolstered by Significant Growth in Consumer Electronics Industry

December 01, 2022 | Chemical & Materials

According to the latest report by IMARC Group, titled “Europe Ferrite Magnet Market Report by Application (Electro-Acoustic Products, Electronics Industry, Power Play Tools, Car Line Industry, Calculating Machines, and Others), and Country 2024-2032," the Europe ferrite magnet market is expected to grow at a CAGR of 2.97% during 2024-2032. Ferrite magnet is a dark grey-colored, non-conductive, and ferrimagnetic ceramic compound derived from various iron oxides, such as haematite and magnetite. It includes strontium and barium ferrite magnets that are available in various shapes, such as discs, arcs, blocks, rods, and rings. Ferrite magnet is manufactured by calcining iron oxide with strontium or barium carbonate followed by milling and wet or dry pressing. It is widely used in computer hard drives, security systems, speakers, motors, generators, sensors, relay switches, and meters. Ferrite magnet is a cost-effective and highly durable material that exhibits electrically insulating properties and low magnetic energy and can be utilized for outdoor applications without rusting. As compared to other permanent magnets, ferrite magnet has high resistance potential against solvents, weak acids, lubricants, and greases. 


Europe Ferrite Magnet Market Trends:

The rising product utilization in various consumer electronics, such as refrigerators, microwave ovens, electric fans, vacuum cleaners, washing machines, food mixers, hand dryers, and air conditioners, is one of the primary factors driving the market growth in Europe. In addition to this, the widespread adoption of ferrite magnets in transformer cores, antennas, and inductors due to their high susceptibility to demagnetization is acting as another growth-inducing factor. Furthermore, increasing product utilization in manufacturing various electro-acoustic products, such as microphones, headphones, loudspeakers, intercom sets, guitar pick-ups, and audio systems, is providing an impetus to the market growth. Apart from this, the surging investment by the European Union (EU) in various research and development projects to improve the production of ferrite magnets, which, in turn, reduces the high import dependency on rare-earth magnets, is propelling the market growth. Additionally, the increasing utilization of the spray roasting technique to produce ferrite magnets with reduced wastewater production and energy is positively influencing the market growth. Moreover, the rising adoption of ferrite magnets in the automotive industry to manufacture anti-lock braking systems (ABS), windshield wipers, seat belt indicators, and car audio systems is propelling the market growth. Other factors, including rising demand for ferrite magnets to manufacture computer memory systems, medical devices, and ventilators, and extensive product utilization in home décor and novelty items, are anticipated to drive the market growth.


Market Summary:

  • On the basis of the application, the market has been classified into electro-acoustic products, electronics industry, power play tools, car line industry, calculating machines, and others.
  • On a regional basis, the market has been categorized into Germany, France, the United Kingdom, Italy, Spain, and others.
  • The competitive landscape of the industry has also been examined along with the profile of the key players.
     

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units ‘000 Tons
Segment Coverage Application, Country
Countries Covered Germany, France, United Kingdom, Italy, Spain, Others
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Europe Ferrite Magnet Market to Grow at 2.97% During 2024-2032, Bolstered by Significant Growth in Consumer Electronics Industry
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