Ferrite Magnets Market Size, Share, Growth, And Industry Analysis by Type (Sintered Ferrite Magnet, Bonded Ferrite Magnet) by Application (Electro-Acoustic Products, Toy Industry, Automotive Industry, Home Appliance Industry, Computer Industry & Others) Regional Forecast To 2031

Ferrite Magnets Market Report Overview

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The global ferrite magnets market size was USD 6.4000 billion in 2021 the market is expected to reach USD 8.775 billion in 2030, exhibiting a Compound annual growth rate (CAGR) of 3.57 % during the forecast period. The sudden rise in CAGR was brought on by the market's expansion and the demand levelling down after the pandemic is over.

Permanent magnets of the ferrite sort, sometimes referred to as ceramic magnets, are extensively employed in a wide range of applications. These magnets are a deeper shade of grey and are better at electrical insulation and intrinsic coercivity. Strontium carbonate and iron oxide are the two main raw materials used to make ferrite magnets; both are widely and inexpensively accessible, and they are also quite cheap when compared to most other forms of permanent magnets. They are also tough, brittle, have the lowest magnetic energy of all the magnets and the maximum output, which accounts for their widespread usage in industrial applications. Due to its great resistance to demagnetization and corrosion, ferrite magnets have become more popular recently and are ideal for use in damp, wet, or maritime settings.

Players in the ferrite magnet market will spend in acquiring new technologies, procuring raw materials, effective procurement and inventory management, improving product portfolios, and utilising capabilities to maintain growth in difficult economic times. Ferrite magnet producers and related stakeholders are concentrating on country-specific tactics because it is known that the economic and social issues varies greatly between different markets and nations. The rise in the use of these magnets in electro-acoustic goods is anticipated to have an impact on the market for ferrite magnets. Accordingly, the widespread use of ferrite magnets for braking and locking systems in the automotive sector and the increase in sales of passenger and commercial vehicles are also projected to serve as important factors influencing the expansion of the ferrite magnet market size throughout the forecast period.

COVID-19 Impact: The Covid-19 Outbreak Has Impacted Ferrite Magnet Supply Throughout the World

Due to the closure of facilities in China, where the majority of these magnets are manufactured, the Covid-19 pandemic has had an impact on the production of ferrite magnets. Due to the global shortage of ferrite magnets caused by this, prices have significantly increased. Although the Covid-19 outbreak has had a substantial impact on the ferrite magnet business, things are anticipated to get better in the following months when factories reopen. The availability of ferrite magnets has been disrupted internationally by the Covid-19 pandemic. The magnets are employed in many different devices, such as MRI equipment, wind turbines and electric cars. Because of the pandemic, ferrite magnets are now more costly and more challenging to find. 

Latest Trends

"Due To the Capacity of Sol-Gel Processing to Create Magnets with Superior Properties the Industry Is Growing"

The extensive product usage in the automobile industry can be linked to the expansion of the ferrite magnet market in Asia. To improve passenger safety, these magnets are used in a number of components found in cars and aeroplanes, including seat belt indications, braking systems, and windshield wipers. Additionally, the market expansion is being aided by the rising product acceptance in medical equipment and machinery. Dental equipment, maxillofacial surgical instruments, and MRI scanners all make use of ferrite magnets. Additionally, the use of sol-gel processing methods for the production of ferrite magnets is fueling market expansion. The market is expanding as a result of sol-gel processing's ability to produce magnets with improved structural, mechanical, and electrical characteristics at comparatively low temperatures. Other reasons, such as the product's extensive use in the manufacture of electro-acoustic goods and the rising demand for premium ferrite magnets, are fostering an optimistic outlook for the market. 

Ferrite Magnets Market SEGMENTATION

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• By type

Depending on ferrite magnets market given are types: Sintered Ferrite Magnet, Bonded Ferrite Magnet. The sintered ferrite magnet type will capture the maximum market share through 2030.

• By Application

The market is divided in Electro-Acoustic Products, Toy Industry, Automotive Industry, Home Appliance Industry, Computer Industry & Others based on application. The global ferrite magnets market  players in cover segment like electro-acoustic products will dominate the market share during 2021-2030.

Driving Factors

"Demand For Ferrite Magnets Is Driven by The Automotive and Electronics Industries"

One of the biggest markets for ferrite magnets on the world is the automobile sector. Ferrite magnets are employed in a broad range of automobile applications, such as classic gasoline and diesel cars, hybrid vehicles, and electric vehicles. Ferrite magnets are utilised in the electric motor of electric vehicles, whereas they are employed in the generator of hybrid vehicles. The alternator in conventional gasoline and diesel automobiles uses ferrite magnets. Another significant user of ferrite magnets is the electronics sector. Cell phones, PCs, and other electronic gadgets all employ ferrite magnets in a number of electrical applications. Ferrite magnets are employed in the speaker of cell phones but in the hard drive of computers. The usage of ferrite magnets is also common in printers, CD players, and DVD players. The increased production of automobiles and electronic devices is what is fueling the ferrite magnet market growth.

"Increasing Demand for Miniaturized Electronic Devices to Boost Ferrite Magnet Market"

The need for miniature electrical devices has increased tremendously as the world becomes more digital. As a result, the market for ferrite magnets, which are utilised in numerous electrical gadgets, has increased. Ferrite magnets are created from an iron oxide and other metals ceramic combination. They are very adaptable and may be utilised in a variety of products, including industrial motors, MRI machines, computer hard drives, and mobile phone speakers. The market for ferrite magnets is anticipated to grow as a result of the rising need for smaller electrical gadgets. Due to their compact size and light weight, ferrite magnets are frequently employed in miniature electronic devices like mobile phones, laptops, and tablets. As the need for smaller electronic devices increases, the ferrite magnet market growth is anticipated to expand even more in the upcoming years. This is advantageous for ferrite magnet producers as well as businesses who employ them in their goods.

Restraining Factors

"Lack Of Industry Standardization Hinders the Use of Ferrite Magnets in A Variety of Applications"

It is challenging for manufacturers to make ferrite magnets to a consistent standard because there is no established set of requirements for them. It is also challenging for customers to choose the best ferrite magnet for their requirements due to the lack of standardization. Because of this, the ferrite magnet market is fragmented and does not have the economies of scale necessary to increase its level of competition. There is no industry standards and there is a great deal of market fragmentation for ferrite magnets. This makes it difficult for ferrite magnets to be used in a variety of applications since customers must carefully choose suppliers who can meet their particular needs. Due to the expense of testing and quality management, this also drives up the price of ferrite magnets. The use of ferrite magnets in many applications is hampered by this lack of uniformity hindering the ferrite magnet market growth.

Ferrite Magnets Market Regional Insights

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"Asia-Pacific Ferrite Magnet Market is Growing Rapidly with Increasing Demand "

The ferrite magnet market share expansion is anticipated to be fueled by the rising investments in the renewable energy industry. Some of the world's major economies, including China, India, and Japan, are found in the Asia-Pacific area. These nations are making significant investments in the creation of renewable energy sources like solar and wind. The International Renewable Energy Agency predicts that by 2030, investments in the Asia-Pacific region's renewable energy sector would total $1 trillion USD. As ferrite magnets are used in the creation of wind turbines and solar panels, it is anticipated that rising investments in the renewable energy sector will increase demand for them. 

During the projected period, the North American ferrite magnet market share is anticipated to expand at a highest growth. The region's expanding automobile industry is the main factor driving the market. Due to its numerous uses in electric cars and other automotive components, the automotive sector is a significant user of ferrite magnets. Additionally, the region is home to a sizable number of ferrite magnet producers, which is a major component in the market's expansion. Many automakers in the area, including General Motors, Ford, and Chrysler, are making significant investments in electric cars. The need for ferrite magnets in the automobile sector is anticipated to increase as a result. In addition, the region is home to several ferrite magnet producers, including Hitachi, TDK, and Sumitomo, which is a major driver in the North America ferrite magnet market growth.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

LIST OF TOP FERRITE MAGNETS COMPANIES

• BGRIMM Magnetic Materials (China)
• Hunan Aerospace Magnet &Magneto (China)
• Union Materials (South Korea)
• Zhejiang Kaiven Magnet (China)
• Shunde Baling Group (China)
• Meizhou Magnetic Materials (China)
• DMEGC (China)
• Guangdong JPMF (China)
• Hitachi Metals (Japan)
• Tokyo Ferrite (Japan)
• TDK (Japan)
• Guangzhou Golden South (China)
• Sinomag (China)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.