The North America ferrite magnet market reached a volume of 107,680 Tons in 2019. Ferrite magnet, also known as ceramic magnet, is one of the most widely used permanent magnets in the world. These magnets are cost-effective and offer optimum electrical insulation ability. Furthermore, ferrite magnets prove to be very effective in damp, wet or marine environments and exhibit high resistance to demagnetization and corrosion. Owing to this, these magnets are largely used in the production of magnetic tape and sheet for various industrial purposes.
The North America ferrite magnet market is currently being driven by several factors. The rising per capita income coupled with the growth of the consumer electronics sector has catalyzed the demand for ferrite magnets in the region. The emerging automobile industry includes wide applications of rare earth magnets, such as ferrite magnet, for improved and efficient functioning of automobiles. Other than this, the escalating demand for ferrite magnets from diverse sectors, such as the carline industry and calculating machine industry, has also fueled their demand in the region. Looking forward, the North America ferrite magnet is expected to exhibit a stable growth during 2020-2025.
IMARC Group’s latest report provides a deep insight into the North America ferrite magnet market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the North America ferrite magnet market in any manner.
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