IMARC Group’s latest report, titled “North America Ferrite Magnet Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” finds that the North America ferrite magnet market is anticipated to exhibit a CAGR of 1.09% during 2024-2032. Ferrite magnets are a type of permanent magnet commonly used in industrial settings. They are manufactured from iron oxide and strontium carbonate using the wet milling process. They appear dark grey in color and exhibit excellent corrosion resistance, increased intrinsic coercivity, and enhanced electrical insulation properties. They are hard and brittle and possess low magnetic energy and high yield. They make the padding process easier and improve mold compactness. They can be used in damp, wet, or marine environments as they offer high resistance to demagnetization and corrosion. As a result, ferrite magnets find extensive applications in manufacturing high-energy speaker rings, magnetic therapy, magnetic separators, novelties, automotive motors, and magnetic recording tape coatings across North America.
North America Ferrite Magnet Market Trends:
In North America, the rapid growth in the consumer electronics sector represents the primary factor driving the market growth. Additionally, there has been a rise in demand for strontium- and barium-ferrite magnets in various electrical appliances, such as refrigerators, electric fans, vacuum cleaners, and microwave ovens. In line with this, the rising use of these magnets in manufacturing electro-acoustic products and communication equipment is another major growth-inducing factor. Moreover, the increasing use of ferrite magnets in the braking and locking systems in the automobile industry for the improved and efficient functioning of vehicles is positively influencing the market growth. Furthermore, the rising sales of advanced passenger and commercial automobiles across the region are contributing to the market growth. Apart from this, the escalating demand for ferrite magnets as a crucial component in medical devices due to their cost-effectiveness is propelling the market growth. Other factors, including the emerging trend of consumer electronic miniaturization, elevating sales of electric vehicles (EVs), inflating consumer disposable incomes, increasing healthcare expenditure in North America, and rising product demand from the car line and calculating machine industries, are also creating a favorable market outlook.
- Based on the end use, the market has been categorized into electro-acoustic products, electronics industry, power play tools, car line industry, calculating machines, and others.
- Country-wise, the market has been divided into the United States and Canada.
- The competitive landscape of the market has also been analyzed, along with detailed profiles of the key players operating in the industry.
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