India Ferrite Magnet Market to Grow at 2.18% During 2024-2032, Catalyzed by Increasing Applications in the Automotive Industry

September 06, 2022 | Chemical & Materials

The latest report by IMARC Group, titled “India Ferrite Magnet Market Report by Application (Electro-Acoustic Products, Electronics Industry, Power Play Tools, Car Line Industry, Calculating Machines, and Others), and Region 2024-2032,” finds that the India ferrite magnet market is expected to grow at a CAGR of 2.18% during the forecast period (2024-2032). 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.

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.

Market Summary:

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.

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, Region
Region Covered	North India, West and Central India, South India, East India
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 2699 Five User License: US$ 3699 Corporate License: US$ 4699
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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India Ferrite Magnet Market to Grow at 2.18% During 2024-2032, Catalyzed by Increasing Applications in the Automotive Industry

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