The latest report by IMARC Group, titled “India Ferrite Magnet Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the India ferrite magnet market is expected to exhibit a CAGR of 2.62% during the forecast period (2022-2027). Ferrite magnets, also known as ceramic magnets, are permanent magnets that appear darker grey in color and have electrical insulation ability. They are made using strontium carbonate and iron oxide and are widely available in different forms, such as rings, discs, cylinders, and blocks. They are rigid and exhibit unique properties, including high operating temperatures, intrinsic coercivity, and resistance to demagnetization and corrosion. They can tolerate exposure to high temperatures up to 250 degrees and possess excellent resistance against greases, lubricants, weak acids, and solvents. As a result, ferrite magnets are extensively used in headphones, door latches, security systems, loudspeakers, magnetic suspension systems, and computer hard drives.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
India Ferrite Magnet Market Trends:
In India, the increasing applications of ferrite magnets in the automotive industry represent the primary factor driving the market growth. For instance, ferrite magnets are widely employed in various parts of automobiles and aircraft, such as braking and locking systems, windshield wipers, and seat belt indicators, to improve passenger safety. Besides this, the escalating product demand from the consumer electronics sector for manufacturing appliances, including electric fans, vacuum cleaners, refrigerators, and microwave ovens, has accelerated the adoption of ferrite magnets. Additionally, due to their cost-effectiveness and long-term performance, there has been widespread product adoption in medical devices and machines, such as magnetic resonance imaging (MRI) scanners, dental devices, and maxillofacial surgical tools. In line with this, the surging need for medical equipment and ventilators amid the sudden coronavirus disease (COVID-19) outbreak has augmented the demand for ferrite magnets. Furthermore, the rising adoption of innovative manufacturing techniques, such as sol-gel processing, which assists in producing magnets with better structural, mechanical, and electrical properties at relatively low temperatures, has catalyzed market growth. Other factors, including the increasing sales of electronics and vehicles, inflating consumer income levels, rising applications in electro-acoustic products, surging healthcare expenditure, and ongoing research and development (R&D) activities, are also providing a positive thrust to the market growth.
- Based on the application, the market has been classified into electro-acoustic products, electronics industry, power play tools, car line industry, calculating machines, and others.
- Region-wise, the market has been divided into North India, West and Central India, South India, and East India.
- The competitive landscape of the market has also been analyzed, along with detailed profiles of the key players operating in the industry.
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