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The global ferrite magnet powder market exhibited moderate growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 4.72% 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 magnet powder is derived from ceramic magnets which have electrical insulation properties. Iron oxide red is used as an important raw material which plays an essential part in the manufacturing process of ferrite magnet powder. There are number of factors which are currently driving the market for ferrite magnet powder. The major factor which has contributed immensely to the growth of the market is the expanding industrial applications of ferrite magnetic powder. Some of the applications include medium and higher energy speaker rings, magnetic separators, toys, novelties, magnetic therapy, holding-magnet systems, automotive motors, NMR devices and coatings of magnetic recording tapes.
The latest report by IMARC Group, titled ‘’Ferrite Magnet Powder Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026’’, provides a comprehensive evaluation of the ferrite magnet market and offers a techno-commercial roadmap for setting up a ferrite magnet manufacturing plant. Ferrite magnets are cost-effective and can be used as an alternative to metallic magnets. These are slowly becoming popular among the manufacturers as they exhibit better resistance to demagnetization and excellent corrosion resistance. Ferrite permanent magnets exist in two forms - strontium ferrite magnets and barium ferrite magnets.
The report has segmented the market on the basis of key regions. Some of the regions covered in the report include China, USA, Japan, India, etc. Amongst these, China represents the biggest producer and consumer of ferrite magnets, accounting for more than 60% of the total demand. Apart from this, the report has also provided an analysis of the competitive landscape of the market. Based on the findings of the report, the major ferrite magnets manufacturers are situated in China and Japan such as JPMF Guangdong Co. Ltd, Ningbo Yunsheng Co. Ltd, Hangzhou Permanent Magnet Group, Hitachi Metals Ltd Daido Steel Co. Ltd and Shin-Etsu Chemical Co. Ltd.
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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