According to the latest report by IMARC Group, titled "North America Ferrite Magnet Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the North America ferrite magnet market is expected to grow at a CAGR of 1.07% during 2023-2028. Ferrite magnets refer to one of the most widely used permanent magnets worldwide. They are available in two forms – strontium and barium. These magnets offer high electrical insulation while being extremely resistant to salts, solvents, greases, lubricants and weak acids. They are hard, brittle and tolerant to high-temperature exposures. They also offer strong resistance to demagnetization and corrosion while being able to efficiently work in wet, damp and marine environments due to their insensitivity to humidity. These magnets are continually replacing samarium-cobalt (SmCO), neodymium-iron-boron (NdFeB) and aluminum-nickel-cobalt (AlNiCo) magnets in numerous indoor and outdoor application segments across the automotive, electrical, military, and aerospace industries.
North America Ferrite Magnet Market Trends:
The market is primarily driven by significant growth in the consumer electronics sector in North America. In line with this, there has been a growing demand for strontium- and barium-ferrite magnets in numerous electrical appliances, such as electric fans, vacuum cleaners, refrigerators, and microwave ovens. These magnets are also used for the production of electro-acoustic products and several communication equipment, which is providing a thrust to the market. The market is further driven by the growing application of ferrite magnets in the braking and locking systems in the automotive sector. The use of these magnets aids in improving the overall functioning of the vehicles. This, along with the escalating sales of advanced passenger and commercial automobiles in the region, is creating a positive outlook for the market. Furthermore, ferrite magnets are extensively utilized as a crucial component in medical devices on account of their cost-effectiveness. Facilitated by increasing healthcare expenditure in North America, this is providing an impetus to the market growth.
- 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.
- On the geographical front, the market has been classified into the United States and Canada.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players.
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