North America Ferrite Magnet Market to Grow at 1.09% During 2024-2032, Impelled by Rapid Growth in the Consumer Electronics Sector

February 21, 2023 | Chemical & Materials

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.

Market Summary:

  • 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. 

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units Tons
Segment Coverage End-Use, Country
Countries Covered United States, Canada
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2699
Five User License: US$ 3699
Corporate License: US$ 4699
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us:

30 N A
Tel No:(D) +91 120 433 0800
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
North America Ferrite Magnet Market to Grow at 1.09% During 2024-2032, Impelled by Rapid Growth in the Consumer Electronics Sector
Purchase options Year End sale

Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us

Phone: +1-631-791-1145


Phone: +91-120-433-0800


Phone: +44-753-713-2163


Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More