Global Ferrite Magnet Market Report and Forecast 2024-2032

Global Ferrite Magnet Market Size

The global ferrite magnet market reached a volume of 1.35 MMT in 2023. The market is further expected to grow at a CAGR of 3% in the forecast period of 2024-2032, to reach a volume of 1.8 MMT in 2032.

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Ferrite Magnet Market Growth

The market is currently being driven by the properties of these magnets which include resistance to demagnetization, excellent corrosion resistance and their low prices. This report by Expert Market Research entitled “Global Ferrite Magnet Market Report and Forecast 2024-2032” provides a comprehensive analysis for anyone who plans to foray into the market.

Growing utilisation of these magnets in electro-acoustic products will aid the growth of the ferrite magnet market over the forecast period. Moreover, increased adoption of ferrite magnets in the automotive industry for braking and locking systems, growing sales of passenger and commercial vehicles, introduction of advanced automobiles in the market, and the role of ferrite magnets as an essential component in various medical devices are expected to have a positive effect on the expansion of the global ferrite magnet market.

Ferrite Magnet Market Trends

This report provides an exhaustive insight for setting up and running a ferrite magnet manufacturing plant. Factors such as land requirement, construction requirement, raw material requirement, labour requirement, machinery requirement, manufacturing process, utility requirement, total capital investment, total operating costs, prices, income projections, expenditure projections, profit margins, net present value, return on investment, payback period, etc. have been comprehensively covered in this report.

Recent Developments

As per the ferrite magnet market dynamics and trends, a team of researchers led by Osaka Metropolitan University announced that they have developed a new printing technique for producing printable magnetic devices, which could be used in the formation of data storage with high density.

Industry Outlook

As per the ferrite magnet industry analysis, the expansion of the global automotive sector is providing significant opportunities for the market. According to the European Automobile Manufacturers' Association (ACEA), in 2022, Greater China stood as the top country in car production, holding a significant share of 34.1% of the world's total. Europe follows with a substantial 19.4% share. Japan and Korea together account for 14.7%, showcasing their strong automotive industry. North America contributes 15.2% to global car production, demonstrating its key role in the automotive sector. South Asia has a notable share of 10.8%, while South America and the Middle East/Africa regions have smaller contributions of 3.1% and 2.7% respectively, which contributes to the growth of the ferrite magnet industry.

Additionally, the expansion of the electronics sector is increasing the demand for ferrite magnet. China leads the list of top electronics manufacturers in 2023, with a revenue of USD 1,368 billion, accounting for 33% of the total revenue among the top countries. Taiwan follows as the second highest with USD 507 billion in revenue, making up 12% of the total. South Korea comes in third with USD 321 billion, contributing 8%, which boosts the ferrite magnet industry revenue. Vietnam and Malaysia are next, each holding 5% of the revenue share, with USD 213 billion and USD 190 billion respectively. Japan and the United States each make up 4% of the total, with revenues of USD 170 billion and USD 166 billion. Germany also contributes 4%, with a revenue of USD 151 billion. Mexico and Thailand round out the list, each holding 4% and 3% of the revenue share, with USD 150 billion and USD 114 billion respectively. This highlights the substantial impact and dominance of Asian countries in the electronics manufacturing industry, with China leading by a significant margin and also aids the ferrite magnet demand.

On the basis of applications, the industry is divided into electro-acoustic products, electronics industry, power play tools, car line industry, and calculating machines, among others. Among these, electro-acoustic products represent the leading application segment for ferrite magnets. Country-wise, China represents the largest market for the product. Other significant regions include the United States, Japan, and India.

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Ferrite Magnet Industry Segmentations

Ferrite magnets, variously known as ceramic magnets, are grey-coloured electrically insulating magnets. They are corrosion-resistant, durable, and have high magnetic permeability. As ferrite magnets are resistant to high temperatures, they are used in various applications such as brakes, medical instruments, security systems, motors, and loudspeakers, among others.

Based on applications, the market is divided into:

• Electro-Acoustic Products

• Electronics Industry

• Power Play Tools

• Car Line Industry

• Calculating Machines

• Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Competitive Landscape

The report gives a detailed analysis of the following key players in the global ferrite magnet industry, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• 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

In order to prepare this research report, Expert Market Research conducted face to face and telephonic interviews with numerous industry participants in the ferrite magnet industry. They included manufacturers, distributors, end users, consultants, marketing professionals, researchers, etc. Primary research accounted for the bulk of the research efforts, complemented by extensive secondary research. Secondary sources included annual reports, press releases, books, journals, white papers, newspapers, magazines, government sources and various proprietary databases.

Expert Market Research uses its comprehensive database of macroeconomic and industry-specific data to produce its market forecasts. The initial baseline forecast is produced with the most recent market data. After an initial baseline forecast, all future macroeconomic and sector-specific events and assumptions are taken into account to generate the final forecast.

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Ferrite Magnet Market Regional Analysis

The Asia Pacific region is expected to gain significant growth in the market in the coming years due to the rising adoption of ferrite magnets in the automotive sector. Rising investment by the various government bodies in the region to boost the automotive sector is also expected to contribute to the demand of ferrite magnet market.

Key Highlights of the Report

Ferrite Magnet Market Report Snapshots

Ferrite Magnet Market Size

Ferrite Magnet Market Growth

Ferrite Magnet Market Trends

Ferrite Magnet Companies

Ferrite Magnet Market Regional Analysis