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The global ferrite magnet market was worth US$ 6.06 Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 4.4% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Ferrite magnets, also known as ceramic magnets, are a type of permanent magnets widely used in a variety of applications. These magnets are darker grey in color and have higher intrinsic coercivity and electrical insulation ability. The primary raw materials used to manufacture ferrite magnets are strontium carbonate and iron oxide, which are abundantly and economically available and relatively inexpensive compared to most other types of permanent magnets. They are also hard, brittle, have lower magnetic energy and the highest output in the entire magnet industry, owing to which they are widely used in industrial applications. In recent years, ferrite magnets have gained traction as they are excellent for use in damp, wet or marine environments and exhibit high resistance to demagnetization and corrosion.
Ferrite Magnet Market Trends:
The global ferrite magnet market is primarily driven by their extensive applications in various industries. In the consumer electronics sector, ferrite magnets are utilized in numerous electrical appliances, such as electric fans, vacuum cleaners, refrigerators, and microwave ovens. Furthermore, with the onset of the coronavirus disease (COVID-19) pandemic, there has been an increasing demand for ferrite magnets as they find applications in different medical devices and ventilators due to their cost-effectiveness and long-term performance. The emerging automobile industry has also increased the use of ferrite magnets in the braking and locking systems for the improved and efficient functioning of automobiles. Moreover, several leading manufacturers are involved in research and development (R&D) activities to provide high-quality permanent magnets, like ferrite magnets, at a very competitive price.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global ferrite magnet market, along with forecasts at the global and country levels from 2021-2026. Our report has categorized the market based on application.
Breakup by Application:
On a geographical front, China is both the largest consumer and producer of ferrite magnets. The availability of low-cost labor and abundance of raw materials has made China a preferred destination among magnet manufacturers.
The competitive landscape of the market has also been analyzed, with some of the leading players being Hangzhou Permanent Magnet Group, Hitachi Metals L, Ningbo Yunsheng Co. Ltd., JPMF Guangdong Co. Ltd. And NingGang Permanent Magnet Materials Co. Ltd.
|Base Year of the Analysis||2020|
|Units||Metric Tons, US$ Billion|
|Segment Coverage||Application, Country|
|Countries Covered||China, India, Japan, United States, Others|
|Companies Covered||Hangzhou Permanent Magnet Group, Hitachi Metals L, Ningbo Yunsheng Co. Ltd., JPMF Guangdong Co. Ltd. And NingGang Permanent Magnet Materials Co. Ltd.|
|Customization Scope||10% Free Customization|
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|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)|
Key Questions Answered in This Report?
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