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Report Overview
The global ferrite magnet market size reached a volume of nearly 1.39 MMT in 2024. The market is assessed to grow at a CAGR of 3.00% during the forecast period of 2025-2034 to attain around 1.87 MMT by 2034. The market is being aided by the growing automotive production, increasing use of ferrite magnets in consumer electronics, technological advancements, surging investments in renewable energy, and the increasing shift towards sustainability.
2024
Base Year
2018-2024
Historical Year
2025-2034
Forecast Year
- Ferrite magnets are essential for the operation of electric vehicles as they provide cost-effective magnetic properties for motor performance. In 2023, sales of electric vehicles neared 14 million, an increase of 3.5 million from the previous year. With increasing focus by automakers to reduce EV production costs while maintaining optimal motor performance amid rising sales of EVs, the demand for ferrite magnets is expected to soar in the coming year.
- Ferrite magnets are widely used in the generators of wind turbines to provide reliable and affordable magnetic properties for energy generation. In the United States, wind is the largest source of renewable energy generation, contributing 9.8% of the country’s electricity. In the forecast period, increasing investments in renewable energy infrastructure, including wind farms, by governments globally are anticipated to boost the ferrite magnet market revenue.
- Key players are increasingly investing in research activities to discover new applications of ferrite magnets and enhance their magnetisation techniques, cost-effectiveness, and operational efficiency. This is likely to bolster the application of ferrite magnets in diverse sectors such as advanced manufacturing, robotics, and aerospace and defence, among others, in upcoming years.
Compound Annual Growth Rate
Value in MMT
3%
2025-2034
Ferrite Magnet Market Outlook
*this image is indicative*
| Global Ferrite Magnet Market Report Summary | Description | Value |
| Base Year | MMT | 2024 |
| Historical Period | MMT | 2018-2024 |
| Forecast Period | MMT | 2025-2034 |
| Market Size 2024 | MMT | 1.39 |
| Market Size 2034 | MMT | 1.87 |
| CAGR 2018-2024 | Percentage | XX% |
| CAGR 2025-2034 | Percentage | 3.0% |
| CAGR 2025-2034 - Market by Region | Asia Pacific | 4.1% |
| CAGR 2025-2034 - Market by Country | Brazil | 4.1% |
| CAGR 2025-2034 - Market by Country | Mexico | 3.5% |
| CAGR 2025-2034 - Market by Application | Electro-Acoustic Products | 4.4% |
| Market Share by Country 2024 | Germany | 4.8% |
Global Ferrite Magnet Market Growth
Ferrite magnets are made from non-toxic and abundant materials, due to which they are considered an eco-friendly alternative to rare earth magnets, which have a higher environmental impact and are difficult to source. Thus, the growing focus on sustainability in sectors such as automotive and consumer electronics is driving the ferrite magnet demand growth.
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Advancements in wireless charging technologies are boosting the use of ferrite magnets to provide a stable magnetic field. With more consumer electronics and devices, including power banks, smartphones, and wearables, adopting wireless charging, the demand for ferrite magnets is rising. For instance, in January 2025, DailyObjects launched Loop, a new line of wireless power banks featuring the latest Qi2 technology for safer and faster 15W magnetic wireless charging.
Rapid digitalisation in the industrial sector and the rise of Industry 4.0 are creating lucrative ferrite magnet market opportunities. Ferrite magnets are integral in systems and equipment that rely on motors, sensors, and actuators for monitoring conditions like vibration, pressure, and temperature. In addition, the rising incorporation of ferrite magnets in advanced manufacturing techniques to create customised components is anticipated to fuel the market in upcoming years.
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Purchase the Regional Overview for
USD 1099
If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.
Purchase the Regional Overview for
USD 1099
If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.
Purchase the Regional Overview for
USD 1099
If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.
Key Trends and Recent Developments
Growing demand for electric vehicles; rising sales of consumer electronics; increasing shift towards sustainability; and technological advancements are favouring the ferrite magnet market expansion.
Growing demand for electric vehicles
Ferrite magnets are used in the production of wireless charging systems, power electronic components like inverters, and electric motors powering electric vehicles, among others. They are also used in various components of charging infrastructure, such as power electronics and electric vehicle supply equipment (EVSE). Hence, the growing adoption of electric vehicles and the expansion of EV infrastructure are driving the ferrite magnet market development.
Rising applications of ferrite magnets in consumer electronics
Ferrite magnets are extensively used in consumer electronics such as hard disk drives (HDDs), speakers, and headphones due to their reliability, cost-effectiveness, and ability to provide strong magnetic fields in compact sizes. With consumer electronics such as smartphones, wearables, and tables witnessing miniaturisation, the demand for customised and compact ferrite magnets is increasing.
Increasing shift towards renewable energy
Ferrite magnets are more cost-effective than rare-earth magnets, due to which they are considered an attractive option for different applications in renewable energy systems, especially in solar cells and wind turbines. Ferrite magnets are critical components in permanent magnet motors, especially in the production of wind turbines. They are also used in transformers within solar energy inverters. Hence, the growing adoption of solar and wind energy is expected to drive the ferrite magnet demand forecast in the forecast period.
Technological advancements
Advancements in magnetisation techniques like enhanced sintering processes are enabling manufacturers to develop ferrite magnets with higher remanence and coercivity. Innovations in composite materials and coatings aimed at enhancing the corrosion resistance and durability of ferrite magnets are expected to further revolutionise the market in the coming years.
Global Ferrite Magnet Market Trends
Innovations in electric vehicle technologies, such as advancements in electric drivetrains and energy-efficient motors, are driving the ferrite magnet market development. The growing trend towards lightweight and compact EV components is also boosting the demand for ferrite magnets due to their ability to deliver strong magnetic fields. Moreover, the increasing number of IoT devices and the surging adoption of smart home technology are driving the demand for ferrite magnets in products such as security cameras, smart speakers, fitness trackers, and smart thermostats.
| 2024 Market Share by | Country |
| Germany | 4.8% |
| USA | XX% |
| Canada | XX% |
| UK | XX% |
The increasing installation of wind and solar energy amid the growing focus on sustainability is bolstering the market. In 2022, solar PV generation surged by 270 TWh in 2022, reaching nearly 1,300 TWh whereas wind electricity generation reached 2,100 TWh, witnessing a surge of 265 TWh. In the coming years, the growing integration of renewable energy into power grids is expected to surge the use of ferrite magnets in emerging technologies such as power electronics, smart grids, and energy-efficient motors.
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Global Ferrite Magnet Industry Segmentation
The EMR’s report titled “Global Ferrite Magnet Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:
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
| CAGR 2025-2034 - Market by | Application |
| Electro-Acoustic Products | 4.4% |
| Power Play Tools | 3.5% |
| Calculating Machines | 2.6% |
| Electronics Industry | XX% |
| Car Line Industry | XX% |
| Others | XX% |
| CAGR 2025-2034 - Market by | Region |
| Asia Pacific | 4.1% |
| Latin America | 3.6% |
| Europe | 2.7% |
| North America | XX% |
| Middle East and Africa | XX% |
| CAGR 2025-2034 - Market by | Country |
| Brazil | 4.1% |
| Mexico | 3.5% |
| UK | 3.2% |
| Australia | 2.8% |
| Germany | 2.6% |
| USA | XX% |
| Canada | XX% |
| France | XX% |
| Italy | XX% |
| China | XX% |
| Japan | 2.5% |
| India | XX% |
| Saudi Arabia | XX% |
Global Ferrite Magnet Market Share
As per the ferrite magnet market analysis, electro-acoustic products are estimated to grow at a CAGR of 4.4% during the forecast period of 2025-2034. Ferrite magnets, due to their properties such as high magnetic permeability, low losses, and high saturation magnetisation, are extensively used in the magnetic circuit systems of microphones, speakers, headphones, and other devices.
Meanwhile, the electronics sector utilises ferrite magnets due to their stability, cost-effectiveness, and magnetic properties. The ability of ferrite magnets to efficiently perform in various environments and their high corrosion resistance make them ideal for use in portable and compact electronic devices. Conversely, power tools such as saws, grinders, and drills employ ferrite magnets to generate the required rotational force.
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Competitive Landscape
Key ferrite magnet market players are actively investing in expanding their production facilities to meet the rising demand for ferrite magnets in applications like renewable energy, automation, and electric vehicles. Ferrite magnet companies are also focusing on the development of advanced ferrite magnets with improved environmental resistance, high magnetic strength, and better energy efficiency.
Ningbo Yunsheng Co. Ltd.
Ningbo Yunsheng Co. Ltd., headquartered in Ningbo, China, is a leading manufacturer of permanent magnets. The company is ISO- and TS-certified and holds the Patent License from Hitachi Special Metals for the manufacturing, sale, and development of neodymium magnets across Europe, America and Asia.
Hitachi Metals, Ltd.
Hitachi Metals, Ltd. (Proterial, Ltd.), founded in 1956 and headquartered in Tokyo, Japan, is a leading manufacturer of materials for the industrial infrastructure, mobility, and electronics sectors, among others. Some of the products it markets and manufacturers are speciality steel, automotive casting, magnetic materials, electric wire and cables, and automotive components, among others.
Hangzhou Permanent Magnet Group., Ltd
Hangzhou Permanent Magnet Group., Ltd is one of the leading producers of AlNiCo permanent magnets. Some of its services are magnetic simulation, in-house pilot production, and mechanical software and engineering. Its expansive product portfolio includes NdFeB, AiNiCo, SmCo, and injection moulded magnets, among others.
NingBo NingGang Permanent Magnetic Materials Co., Ltd. (NGYC)
NingBo NingGang Permanent Magnetic Materials Co., Ltd. (NGYC), established in 1987, is a company that specialises in developing and producing 1:5 and 2:17 sintered SmCo magnetic materials. The company, boasting advanced equipment and technology for machining, production, and inspection, serves railway, automobile, aircraft, and motor manufacturers.
*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*
Other key players in the ferrite magnet market include LINGYI Guangdong Co., Ltd, among others.
Ferrite Magnet Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2024, the market reached an approximate volume of 1.39 MMT.
The market is assessed to grow at a CAGR of 3.00% between 2025 and 2034.
The major drivers of the industry, such as the rising disposable incomes, growing product utilisation in automotive industry, rise in sales of passenger and commercial vehicles, launch of advanced automobiles, and growing product utilisation in medical devices are expected to aid the market growth.
The growing adoption of ferrite magnet in electro-acoustic products with rapid technological advancement is the key market trend guiding the growth of the industry.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
Electro-acoustic products form the leading application of the product in the industry.
The major players in the industry are 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.
The market is estimated to witness healthy growth in the forecast period of 2025-2034 to reach around 1.87 MMT by 2034.
Report Summary
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
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| Base Year | 2024 |
| Historical Period | 2018-2024 |
| Forecast Period | 2025-2034 |
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