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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.
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.
Key Industry Players
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.
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.
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