Global Ferrite Magnet Market to be Driven by the Favourable Properties of the Magnets in the Forecast Period of 2021-2026
Ferrite magnets are ferrimagnetic ceramic compounds that are composed of a chemical combination of various metals. They have high electrical and temperature resistivity and offer excellent chemical stability.
The new report by Expert Market Research titled, ‘Global Ferrite Magnet Market Report and Forecast 2021-2026’, gives an in-depth analysis of the global ferrite magnet market, assessing the market based on its segments like applications and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
- Historical Market Size (2020): 1.24 million tons
- Forecast CAGR (2021-2026): 3 %
The favourable properties of these magnets, such as resistance to demagnetization, excellent corrosion resistance, and low prices, are currently driving the market. Over the forecast period, the industry is expected to benefit from the increasing use of these magnets in electro-acoustic products. Furthermore, increased ferrite magnet adoption in the automotive industry for braking and locking systems, rising passenger and commercial vehicle sales, the introduction of advanced automobiles into the market, and the role of ferrite magnet as an essential component in various medical devices are expected to boost the global ferrite magnet market.
Industry Definition and Major Segments
Ferrite magnets are ferrimagnetic ceramic compounds that are composed of a chemical combination of various metals. They have high electrical and temperature resistivity and offer excellent chemical stability. Moreover, ferrite magnets have corrosion-resistant properties, due to which they are extensively used in various electronic components , such as speakers and motors, among others.
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Based on applications, the market is divided into:
- Electro-Acoustic Products
- Electronics Industry
- Power Play Tools
- Car Line Industry
- Calculating Machines
By region, the market is segmented into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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Electro-acoustic products are the most common application for ferrite magnets among these. Technological advancements and innovations within the electro-acoustic sector is projected to further the demand or ferrite magnet within the segment.
China is the product's largest market in terms of geography. The market in China is aided by the easy availability of raw materials, along with the wide availability of cheap labour. The robust presence of downstream players, combined with the rising industrialisation in China, has aided the market growth in the country. Other significant regions in the market include the United States, Japan, and India. The presence of major industry players in Japan like Hitachi Metals, Ltd. has propelled the market in Japan, while the healthy growth of downstream industries, such as the automotive and electronics industries, has aided the market growth in India and the United States.
Key Market Players
The major players in the market are Ningbo Yunsheng Co. Ltd., Hangzhou Permanent Magnet Group., Ltd, LINGYI Guangdong Co., Ltd, NingBo NingGang Permanent Magnetic Materials Co., Ltd. (NGYC), Hitachi Metals, Ltd., And others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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