The global ferrite magnets market reached a value of US$ 5.58 Billion in 2020. Ferrite magnets currently represent the most widely used permanent magnets across the globe. The major raw materials used to manufacture ferrite magnets are relatively inexpensive compared to most other types of permanent magnets. This enables them to be perfectly suited for high volume production runs. These magnets are also termed as ceramic magnets due to their excellent electrical insulation ability. Ferrite magnets are superb in damp, wet or marine environments and exhibit high resistance to demagnetisation and corrosion.
Ferrite permanent magnets exist in two forms - Strontium Ferrite magnets and Barium Ferrite Magnets. The Strontium Ferrite magnets are the most commonly manufactured due to having stronger magnetic properties. Ferrite magnets can be found in almost all industries - Automotive, Sensor, Machines, Aerospace, Military, Advertising, Electrical/Electronic, Academic, Design House, etc. They are, however, extremely popular in motors, generators, loudspeakers and marine designs.
China currently represents both the largest producer and consumer of ferrite magnets. China’s cheap labour and abundance of raw materials has made it a favourable destination for manufacturers of magnets as well as their end users such as manufacturers of electric transformers, inductors and industrial/electronic goods. Other major markets for ferrite magnets include the United States, Japan, India, etc. Looking forward, IMARC Group expects the global ferrite magnets market to exhibit moderate growth during the next five years.
IMARC’s latest study “Ferrite Magnet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026” provides a techno-commercial roadmap for setting up a ferrite magnet manufacturing plant. The study, which has been done by one of the world’s leading research and advisory firms, covers all the requisite aspects of the ferrite magnet industry. This ranges from macro overview of the market to micro details of the industry performance, processing and manufacturing requirements, project cost, project funding, project economics, expected returns on investment, profit margins, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have or plan to have any kind of stake in the ferrite magnet industry.
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