Global Ferrite Magnet Market Outlook
According to a new report by Expert Market Research titled “Global Ferrite Magnet Market Size, Share, Analysis, Report, Demand, Forecast 2024-2032″, the global ferrite magnet market is projected to grow at a CAGR of 3.0% between 2024 and 2032. Aided by its extensive range of applications in the electronics, automotive, and energy generation sectors, the market is expected to grow significantly by 2032.
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.
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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.
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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
FAQs:
What is the anticipated boom charge of the market?
- The market is forecasted to revel in a Compound Annual Growth Rate (CAGR) of 3% among 2024 and 2032.
What factors are using the enterprise’s growth?
- Key industry drivers include the surge in disposable incomes, increased product utilization in the automotive sector, a rise in the sales of both passenger and commercial vehicles, the introduction of advanced automobiles, and heightened product utilization in medical devices. These factors are expected to positively influence market growth.
What are the noteworthy industry trends in the global ferrite magnet market?
- A significant industry trend is the growing adoption of ferrite magnets in electro-acoustic products, driven by rapid technological advancements. This trend plays a pivotal role in steering the industry’s growth.
Which regions are considered major markets for ferrite magnets, as per the EMR report?
- The major regional markets highlighted in the report encompass North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
What is the primary application of ferrite magnets in the industry?
- The dominant application of ferrite magnets in the industry is found in electro-acoustic products.
Who are the key players in the industry, according to the report?
- Major industry players include Ningbo Yunsheng Co. Ltd., Hangzhou Permanent Magnet Group., Ltd, LINGYI Guangdong Co., Ltd, NingBo NingGang Permanent Magnetic Materials Co., Ltd. (NGYC), and Hitachi Metals, Ltd., among others.
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