As per the latest report by IMARC Group, titled “Ferrite Magnet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global ferrite magnet market size reached US$ 5.65 Billion in 2018. Ferrite magnets, also known as ceramic magnets, are a type of permanent magnets that are electrically insulating. They are hard, brittle and offer strong resistance to demagnetization. They are insensitive to humidity, exhibit low magnetic energy and can be utilized for outdoor applications without rusting. As a result, these magnets do not require any coating, except for specialist applications where ferrite surface dust is not wanted. Apart from this, they are inexpensive as compared to the other types of permanent magnets, such as samarium-cobalt (SmCO), neodymium-iron-boron (NdFeB) and aluminum-nickel-cobalt (AlNiCo) magnets. Moreover, ferrite magnets are affordable, have high resistance potential against solvents, weak acids, lubricants, salts, greases and can tolerate temperatures up to 250 degrees.
Global Ferrite Magnet Market Trends:
Ferrite magnets primarily exist in two forms, namely, strontium- and barium-ferrite magnets. As they are suited for higher volume production, they are widely utilized in the production of electro-acoustic products such as transducers (used in speakers and microphones), intercom sets, communication equipment, sound powered telephones and protection and communicating helmets. Consequently, the burgeoning demand for these products is impelling the growth of the ferrite magnet market around the world. In addition to this, as these magnets are used in automobile braking and locking systems, the rising sales of modern vehicles are further driving the market growth. Furthermore, owing to the functional properties of these magnets, especially the long-term performance, they aid in increasing the life cycle of the products like medical devices. On account of these factors, the market is projected to reach US$ 7.11 Billion by 2024, expanding at a CAGR of 3.85% during the forecast period (2019-2024).
- Based on the end use, the market has been divided into electro-acoustic products, electronics industry, power play tools, car line industry, calculating machines and others. Amongst these, electro-acoustic products account for the majority of the total market share.
- Region-wise, China represents the largest market for ferrite magnets. Owing to the large-scale deposits of raw materials, manufacturers in the country can produce these magnets at low costs. China is followed by the United States, Japan and India.
- The competitive landscape of the market has also been examined, with some of the key players being Ningbo Yunsheng Co. Ltd., Hangzhou Permanent Magnet Group, JPMF Guangdong Co. Ltd., Ninggang Permanent Magnet Materials Co. Ltd. and Hitachi Metals Ltd.
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