According to the latest report by IMARC Group, titled "Ferrite Magnet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the global ferrite magnet market size reached 1.18 Million Tons in 2019. Ferrite magnets are a type of permanent magnets that are electrically insulating. Also known as ceramic magnets, they are hard, brittle and offer strong resistance to demagnetization. They have high resistance potential against solvents, weak acids, lubricants, salts, and greases, and can tolerate high-temperature exposures up to 250 degrees. Additionally, these magnets are insensitive to humidity, exhibit low magnetic energy and possess excellent electrical insulation ability. Since they are corrosion resistant in nature and can be utilized for diverse outdoor applications without rusting, they are widely replacing samarium-cobalt (SmCO), neodymium-iron-boron (NdFeB) and aluminum-nickel-cobalt (AlNiCo) magnets in numerous applications.
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Global Ferrite Magnet Market Trends:
The global market is primarily driven by the growing utilization of ferrite magnets in the production of electro-acoustic products. In line with this, strontium- and barium-ferrite magnets are widely employed for manufacturing products such as transducers, intercom sets, communication equipment, sound powered telephones and protection and communicating helmets, as they are suited for higher volume production. The market is further driven by the increasing adoption of these magnets in the automotive industry in braking and locking systems. The increasing sales of the passenger as well as commercial vehicles, along with the introduction of advanced automobiles in the market, are providing a boost to the market growth. Furthermore, these magnets form an essential component of various medical devices due to their long-term performance and affordable nature. This, along with growing investments to upgrade and modernize the healthcare infrastructure, is creating a positive outlook for the market. On account of these factors, the market is projected to grow at a CAGR of 3.20% during the forecast period (2020-2025).
- 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.
- On the geographical front, China holds the leading position in the market. Some of the other key regions include the United States, Japan, India and others.
- The competitive landscape of the market has been examined with the detailed profiles of the key players. Some of these players include 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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