According to the recent report by IMARC Group, titled “Ferrite Magnet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global ferrite magnet market size reached around US$ 5.58 Billion in 2020. Ferrite magnets, also known as ceramic magnets, refer to a type of permanent magnets that are widely used worldwide. There are two forms of these magnets, namely, Barium and Strontium ferrite magnets. The usage of ferrite magnets has several advantages as they are hard and provide strong resistance to demagnetization. They can also tolerate exposure to high temperatures up to 250 degrees and have high resistance potential against greases, lubricants, weak acids, and solvents. Besides this, the raw materials required in the production of ferrite magnets are relatively cheaper in comparison to other permanent magnets, including aluminum-nickel-cobalt (AlNiCo), samarium-cobalt (SmCO), and neodymium-iron-boron (NdFeB) magnets. Due to these advantages, ferrite magnets are gradually replacing their counterparts in a wide range of applications.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Ferrite Magnet Market Trends:
Ferrite magnets are utilized in the braking and locking systems of automobiles, as well as in consumer electronics. The improving spending capacity of the masses due to inflating disposable income has propelled the uptake of personal electronics like smartphones, as well as passenger vehicles, which, in turn, is providing a thrust to the market growth. Apart from this, ferrite magnets also find applications in different medical devices and ventilators due to their long-term performance. With the outbreak of the coronavirus disease (COVID-19) in 2020, the demand for ventilators witnessed a sudden surge, due to which the manufacturers ramped up their production to meet the gap. For instance, Beijing Aeonmed Co., Ltd., a ventilator manufacturer based in Beijing, received bulk orders from about 40 countries in April 2020 for the production of a thousand invasive ventilators. However, most other end use industries were negatively affected by the pandemic, which hindered the market growth. Despite this, the market is anticipated to grow once production activities are resumed. Looking forward, the market is expected to experience moderate growth during the forecast period (2021-2026).
- On the basis of the end use, the market has been segregated into electro-acoustic products, power play tools, electronics industry, calculating machines, car line industry, and others.
- Region-wise, China is both the largest consumer and producer of ferrite magnets. Other major regions include India, Japan, the United States, and others.
- The competitive landscape of the market has been analyzed in the report, with some of the key players being Hangzhou Permanent Magnet Group, Hitachi Metals L, Ningbo Yunsheng Co. Ltd., JPMF Guangdong Co. Ltd., and NingGang Permanent Magnet Materials Co. Ltd.
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