According to the latest report by IMARC Group, titled “Ferrite Magnet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the global ferrite magnet market size reached US$ 6.6 Billion in 2022. 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$ 8.1 Billion by 2028, exhibiting a CAGR of 3.63% during 2023-2028.
- 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.
|Base Year of the Analysis
||Metric Tons, US$ Billion
||China, India, Japan, United States, Others
||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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