According to the recent report by IMARC Group, titled “Ferrite Magnetic Powder Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global ferrite magnetic powder market exhibited moderate growth during 2015-2020. Ferrite magnet powder is derived from ceramic magnets, which have excellent insulation properties. There are mainly two types of ferrite magnet powder, namely, isotropic and anisotropic. Isotropic ferrite magnet powder is employed in the production of sintered ferrite magnets with lower energy. On the other hand, anisotropic ferrite magnet powder is utilized for manufacturing sintered ferrite magnets with medium energy. The fluidity of ferrite magnet powder also plays a vital role in the padding speed and compactness in molds. Ferrite magnet powder has a range of applications in different verticals like the automotive and electronics industries.
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Global Ferrite Magnetic Powder Market Trends:
One of the major growth-inducing factors for the market is the expanding industrial applications of ferrite magnet powder. It is extensively being utilized in medium- and high-energy speaker rings, magnetic therapy equipment, toys, NMR devices, and holding-magnet systems. Apart from this, ferrite magnet powder is gaining preference over metallic magnets among manufacturers as they are cost-effective and work well in a damp environment. They also exhibit high resistance to corrosion and demagnetization and are employed in the marine industry. Furthermore, ferrite magnet powder is increasingly being used in micro-motors which are employed for various applications in diverse industries. The rising demand for these motors is anticipated to create a positive outlook for the market in the near future. On account of these factors, the market is expected to grow at a CAGR of 4.72% during the forecast period (2021-2026).
- On the basis of the end use, the market has been segregated into the electronics industry, calculating machines, electro-acoustic production products, car line industry, power play tools, and others. Among these, electro-acoustic production products account for the largest market share.
- Region-wise, the market has been categorized into Japan, China, India, the United States, and Others. Currently, China represents the leading market for ferrite magnetic powder.
- The competitive landscape of the market has been analyzed in the report, with some of the key players being Hitachi Metals Ltd., Ningbo Yunsheng Co. Ltd., JPMF Guangdong Co. Ltd., Ninggang Permanent Magnet Materials Co. Ltd., and Hangzhou Permanent Magnet Group.
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