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Report Overview
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 3.00% in the forecast period of 2024-2032, to reach a volume of 1.76 MMT in 2032.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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 Report Snapshots
Ferrite Magnet Market Regional Analysis
*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 2023, the global ferrite magnet market attained a volume of nearly 1.35 MMT.
The market is projected to grow at a CAGR of 3.00% between 2024 and 2032.
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 a healthy growth in the forecast period of 2024-2032 to reach 1.8 MMT in 2032.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124