Global Ferrite Magnet Market Report and Forecast 2023-2028

Global Ferrite Magnet Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global ferrite magnet market is projected to grow at a CAGR of 3.0% between 2023 and 2028. Aided by its extensive range of applications in the electronics, automotive, and energy generation sectors, the market is expected to grow significantly by 2028.

Ferrite magnets, often termed as ceramic magnets due to their ceramic-like texture, are a type of permanent magnet made from iron oxide and other metals, primarily strontium or barium. They are well-acclaimed for their high magnetic properties and resistance to demagnetisation. These magnets exhibit significant resilience against corrosion and typically don't require any surface coating or protection, making them an ideal choice for various industrial applications.

The burgeoning electronics industry has been a primary driving force behind the escalating global ferrite magnet market demand. As a critical component in devices like speakers, magnetic assemblies, and small electronic motors, these magnets have become indispensable. Additionally, with the surge in demand for more efficient and compact devices, the need for high-quality ferrite magnets has concurrently risen.

Another sector offering substantial thrust to the ferrite magnet market growth is the automotive industry. Modern vehicles rely heavily on electronic components, many of which require the use of ferrite magnets for smooth operation. From power windows and door locks to windshield wipers and starters, the utility of these magnets is expansive and growing.

The energy generation sector has also witnessed an increasing reliance on ferrite magnets, especially with the shift towards sustainable sources like wind energy and it further adds value to the ferrite magnet market size. The magnets play a pivotal role in the efficiency of wind turbine generators, helping convert kinetic energy into electrical power.

Moreover, the trend towards miniaturisation in electronics has emphasized the significance of ferrite magnets. With devices getting smaller and more functional, the need for compact components, including small yet powerful magnets, has surged. Ferrite magnets, known for their flexibility in size and shape, have proven to be the go-to choice for many manufacturers.

As per the ferrite magnet market analysis, another interesting facet pushing the boundaries of the ferrite magnet market is research and development. Continuous efforts are being made to enhance the properties of these magnets, aiming to achieve higher magnetic strength, better temperature stability, and reduced size, which in turn can lead to innovative applications and increased market demand.

Market Segmentation

The market can be divided based on application and region.

Market Breakup by Application

• Electro-Acoustic Products
• Electronics Industry
• Power Play Tools
• Car Line Industry
• Calculating Machines
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global ferrite magnet market. Some of the major players explored in the report by Expert Market Research are as follows:

• Ningbo Yunsheng Co. Ltd.
• Hangzhou Permanent Magnet Group., Ltd
• LINGYI Guangdong Co., Ltd
• NingBo NingGang Permanent Magnetic Materials Co., Ltd. (NGYC)
• Hitachi Metals, Ltd.
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.