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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.
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.
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.
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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