Global Ferrite Magnet Market to Reach US$ 9.1 Billion by 2032, Propelled by Considerable Growth in the Automobile Industry

November 25, 2022 | Chemical & Materials

According to the latest report by IMARC Group, titled “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”, the global ferrite magnet market size reached US$ 6.8 Billion in 2023. Ferrite magnet refers to a type of permanent magnet that is widely used in industrial settings. Using the wet milling process, these magnets are made from iron oxide and strontium carbonate. They are characterized by a dark grey color, excellent corrosion resistance, higher intrinsic coercivity, and improved electrical insulation ability. In addition to being hard and brittle, ferrite magnets are characterized by low magnetic energy and high yield. Besides this, they facilitate the padding process and improve mold compactness. The high resistance to demagnetization and corrosion of ferrite magnets makes them ideal for use in damp, wet, or marine environments. Furthermore, these magnets find extensive applications in the manufacturing of magnetic separators, novelties, automotive motors, high-energy speaker rings, magnetic therapy, and magnetic recording tape coatings.

Global Ferrite Magnet Market Trends:

The global market is majorly driven by the rapid product utilization in the braking and locking systems of automobiles to facilitate efficient functioning. This can be attributed to the increasing sales of automobiles, particularly commercial and passenger vehicles. Additionally, the rising automation in numerous end-use industry verticals resulting in a higher uptake of direct current (DC) brushless motors is impacting the market positively. In line with this, the increasing product adoption in the manufacturing of various medical devices and ventilators is impacting the market positively. The augmenting usage of these magnets in electro-acoustic products is also acting as a significant growth-inducing factor for the market. Moreover, the rising trend of consumer electronic miniaturization has expanded the usage of ferrite magnets in numerous machine components, which is creating lucrative opportunities for the market. Apart from this, extensive research and development (R&D) activities due to an enhanced focus on producing high-quality permanent magnets at competitive prices are propelling the market. The market is further driven by a considerable rise in air traffic across the globe leading to a higher uptake of ferrite magnet powder across the aerospace industry. Some of the other factors contributing to the market include a significant rise in hybrid electric vehicle manufacturing, continual technological developments, and rapid industrialization. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 9.1 Billion by 2032, exhibiting a CAGR of 3.11% during 2024-2032.

Market Summary:

  • Based on the application, the market has been segmented into electro-acoustic products, power play tools, electronics industry, calculating machines, car line industry, and others.
  • On the geographical front, the market has been segregated into China, India, Japan, the United States, and others. Among these, China is both the largest consumer and producer of ferrite magnets.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Hangzhou Permanent Magnet Group, Hitachi Metals L, Ningbo Yunsheng Co. Ltd., JPMF Guangdong Co. Ltd. and NingGang Permanent Magnet Materials Co. Ltd. 

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units 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
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
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)

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us:

30 N Gould St, Ste 
Sheridan, WY (Wyoming) 82801 USA
Tel No:(D) +91 120 433 0800
Americas:- +1 631 791 1145 | Africa and Europe :- +44-753-713-2163 | Asia: +91-120-433-0800

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Global Ferrite Magnet Market to Reach US$ 9.1 Billion by 2032, Propelled by Considerable Growth in the Automobile Industry
Purchase options

Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us

Phone: +1-631-791-1145


Phone: +91-120-433-0800


Phone: +44-753-713-2163


Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More