Summary

The global ferrite magnet market size reached US$ 6.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 9.1 Billion by 2032, exhibiting a growth rate (CAGR) of 3.11% during 2024-2032. The growing demand for consumer electronics, rising popularity of renewable energy sources to reduce carbon footprint, and increasing adoption of electric vehicles (EVs) to maintain environmental sustainability are some of the major factors propelling the market.

A ferrite magnet, also known as a ceramic magnet, is a type of permanent magnet composed primarily of iron oxide combined with ceramic materials. It is characterized by their high electrical resistance and improved corrosion resistance, which makes them suitable for various applications. It is cost-effective and offers stability and reliability and is widely used in applications where its unique combination of properties is advantageous. It possesses a relatively low magnetic energy that results in moderate magnetic strength as compared to other types of permanent magnets like neodymium magnets. As a result, a ferrite magnet is widely utilized in speakers, motors, magnetic separators, and refrigerator magnets.

At present, the rising demand for consistency in industrial machinery and equipment is supporting the growth of the market. Besides this, the increasing focus on sustainable technologies, along with the rising need for efficient power generation solutions across the globe, is strengthening the growth of the market. Additionally, the growing demand for ferrite magnets in the healthcare industry to ensure the precision and effectiveness of medical technologies is positively influencing the market. Apart from this, the increasing adoption of household appliances and gadgets, such as refrigerators, washing machines, microwave ovens, and vacuum cleaners, is providing lucrative growth opportunities to industry investors. Furthermore, the rising number of infrastructure development and construction activities around the world is bolstering the growth of the market. In line with this, the increasing demand for ferrite magnets in door closures, elevator systems, and security mechanisms is propelling the growth of the market.

Ferrite Magnet Market Trends/Drivers:
Rising demand for consumer electronics

The escalating demand for consumer electronics, such as smartphones, tablets, wearables devices, personal computers (PCs), and laptops, is offering a positive market outlook. These magnets play a crucial role in miniaturizing electronic devices due to their compact size and cost-effectiveness. In addition, they offer a balanced combination of magnetic strength and affordability, which makes them a preferred choice for various applications within consumer electronics. Apart from this, the increasing consumer preference for smaller, lightweight, and energy-efficient devices is bolstering the growth of the market. As a result, various manufacturers are creating sleeker and more powerful electronic gadgets to attract a wide consumer base.

Increasing adoption of electric vehicles (EVs) to maintain sustainability

The rising adoption of electric vehicles (EVs) among the masses across the globe is contributing to the growth of the market. In line with this, people are increasingly preferring a cleaner and more sustainable transportation solutions that assist in reducing environmental pollution. Apart from this, there is a rise in the demand for ferrite magnets in various vehicle components, such as motors, sensors, powertrains, rotors, and stators. These magnets are widely utilized in the automotive sector due to their stability, cost-effectiveness, and suitability for mass production. Furthermore, automakers are seeking enhanced quality and economical magnetic solutions to power their vehicles, which is positively influencing the market.

Growing popularity of renewable energy sources

The increasing popularity of renewable energy sources, particularly wind power, is bolstering the growth of the market. In line with this, wind turbines widely utilize these magnets in their generators and power transmission systems. Moreover, these magnets offer the ability to maintain performance under varying temperatures and harsh environmental conditions, which makes them suitable for the demanding operating environments of wind turbines. Besides this, governing agencies of various countries are rapidly investing in renewable energy infrastructure to reduce carbon emissions and achieve energy sustainability, which is strengthening the growth of the market. Furthermore, there is an increase in the number of wind energy projects to reduce pollution across the globe.

Ferrite Magnet Industry Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global ferrite magnet market report, along with forecasts at the global and country levels for 2024-2032. Our report has categorized the market based on application.

Application Insights:

Electro-Acoustic Products
Electronics Industry
Power Play Tools
Car Line Industry
Calculating Machines
Others

Electro-acoustic products represent the largest market segment

The report has provided a detailed breakup and analysis of the market based on the application. This includes electro-acoustic products, electronics industry, power play tools, car line industry, calculating machines, and others. According to the report, electro-acoustic products represented the largest segment. Ferrite magnets are widely used in electro-acoustic products, such as speakers, headphones, microphones, and audio devices. Their ability to convert electrical signals into sound vibrations makes them essential components in these products and delivers reliable and consistent performance for high-quality sound reproduction.

In the electronics industry, ferrite magnets are used in various devices, such as motors, sensors, and switches. They are used in the manufacturing of electronic components, circuit boards, and electronic assemblies due to their magnetic properties that aid in efficient and controlled movement.

Ferrite magnets play an essential role in the power tools sector, where they are used in motors and mechanisms for drills, saws, grinders, and other handheld tools. They have enhanced magnetic properties that contribute to the smooth operation and durability of power tools and improve their performance in demanding industrial and consumer applications.

Furthermore, in the car line industry, these magnets are utilized in various automotive components, such as motors, sensors, and powertrains. In addition, the rising need for efficient propulsion systems, along with the increasing development of electric motors and traction systems for EVs, is bolstering the growth of the market.

Ferrite magnets are employed in calculating machines and early computing devices. In line with this, these magnets play a vital role in certain mechanical and electromechanical systems used in calculating machines and similar equipment.

Regional Insights:

China
Japan
United States
India
Others

China exhibits a clear dominance, accounting for the largest ferrite magnet market share

The market research report has also provided a comprehensive analysis of all the major regional markets, which include China, Japan, the United States, India, and others. According to the report, China accounted for the largest market share.

China held the biggest market share due to the presence of advanced manufacturing infrastructure and a skilled labor force. In addition, the rising focus on renewable sources of energy is strengthening the growth of the market in the country. Besides this, the growing demand for ferrite magnets in the production of electric vehicles (EVs) is offering a positive market outlook in China. In line with this, the increasing adoption of advanced electronic devices among individuals is supporting the growth of the market in the country.

Competitive Landscape:
Key players in the market are investing in research and development (R&D) activities to improve the performance and efficiency of these magnets. These initiatives assist in enhancing magnetic properties, exploring new applications, and optimizing manufacturing processes to maintain a competitive edge in the market. Moreover, companies are continuously developing new technologies and manufacturing techniques to produce high-quality ferrite magnets. This involves refining processes to achieve better magnetization, reducing energy consumption during production, and ensuring consistent quality across batches. Apart from this, major manufacturers are expanding their market reach by exploring diverse applications for ferrite magnets. This includes entering emerging sectors, such as renewable energy, medical devices, and smart technologies, where these magnets can play a vital role in performance improvement.

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

Ningbo Yunsheng Co. Ltd.
Hangzhou Permanent Magnet Group
JPMF Guangdong Co. Ltd.
Ninggang Permanent Magnet Materials Co. Ltd.
Hitachi Metals L

Recent Developments:
In 2022 , Hitachi Metals proposed that its high-performance ferrite magnet NMF® 15 (hereinafter "ferrite magnet motors") can achieve the same level of output as traction motors for xEV that use neodymium magnets.
In 2022 , Ningbo Yunsheng, a leading supplier of rare earth permanent magnetic materials and Chinese mining services firm Sinomine Resource Group, agreed to set up a joint venture to acquire the mining rights to rare earth minerals in Africa and set up local project companies to make investments, explore and develop mines.

Key Questions Answered in This Report

1. How big is the global ferrite magnet market?
2. What is the expected growth rate of the global ferrite magnet market during 2024-2032?
3. What are the key factors driving the global ferrite magnet market?
4. What has been the impact of COVID-19 on the global ferrite magnet market?
5. What is the breakup of the global ferrite magnet market based on the application?
6. What are the key regions in the global ferrite magnet market?
7. Who are the key players/companies in the global ferrite magnet market?

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Table of Contents

1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Permanent Magnet Market
5.1 Market Overview
5.2 Market Trends
5.2.1 Volume Trends
5.2.2 Value Trends
5.3 Price Analysis
5.4 Market Breakup by Region
5.5 Market Breakup by Type
5.6 Market Forecast
6 Global Ferrite Magnet Industry
6.1 Market Overview
6.2 Market Trends
6.2.1 Volume Trends
6.2.2 Value Trends
6.3 Impact of COVID-19
6.4 Price Analysis
6.4.1 Key Price Indicators
6.4.2 Price Structure
6.4.3 Price Trends
6.5 Market Breakup by Region
6.6 Market Breakup by Application
6.7 Market Forecast
6.8 SWOT Analysis
6.8.1 Overview
6.8.2 Strengths
6.8.3 Weaknesses
6.8.4 Opportunities
6.8.5 Threats
6.9 Value Chain Analysis
6.10 Porter’s Five Forces Analysis
6.10.1 Overview
6.10.2 Bargaining Power of Buyers
6.10.3 Bargaining Power of Suppliers
6.10.4 Degree of Competition
6.10.5 Threat of New Entrants
6.10.6 Threat of Substitutes
6.11 Key Market Drivers and Success Factors
7 Performance of Key Regions
7.1 China
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Japan
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 United States
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 India
7.4.1 Market Trends
7.4.2 Market Forecast
7.5 Others
7.5.1 Market Trends
7.5.2 Market Forecast
8 Market Breakup by Application
8.1 Electro-Acoustic Products
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Electronics Industry
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Power Play Tools
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Car Line Industry
8.4.1 Market Trends
8.4.2 Market Forecast
8.5 Calculating Machines
8.5.1 Market Trends
8.5.2 Market Forecast
8.6 Others
8.6.1 Market Trends
8.6.2 Market Forecast
9 Competitive Landscape
9.1 Market Structure
9.2 Key Players
10 Ferrite Magnet Powder Manufacturing Process
10.1 Product Overview
10.2 Detailed Process Flow
10.3 Various Types of Unit Operations Involved
10.4 Mass Balance and Raw Material Requirements
11 Project Details, Requirements and Costs Involved
11.1 Land Requirements and Expenditures
11.2 Construction Requirements and Expenditures
11.3 Plant Layout
11.4 Plant Machinery
11.5 Machinery Pictures
11.6 Raw Material Requirements and Expenditures
11.7 Raw Material and Final Product Pictures
11.8 Packaging Requirements and Expenditures
11.9 Transportation Requirements and Expenditures
11.10 Utility Requirements and Expenditures
11.11 Manpower Requirements and Expenditures
11.12 Other Capital Investments
12 Loans and Financial Assistance
13 Project Economics
13.1 Capital Cost of the Project
13.2 Techno-Economic Parameters
13.3 Product Pricing and Margins Across Various Levels of the Supply Chain
13.4 Taxation and Depreciation
13.5 Income Projections
13.6 Expenditure Projections
13.7 Financial Analysis
13.8 Profit Analysis
14 Key Player Profiles
14.1 Ningbo Yunsheng Co. Ltd.
14.2 Hangzhou Permanent Magnet Group
14.3 JPMF Guangdong Co. Ltd.
14.4 Ninggang Permanent Magnet Materials Co. Ltd.
14.5 Hitachi Metals L
List of Figures
Figure 1: Global: Ferrite Magnet Market: Major Drivers and Challenges
Figure 2: Global: Permanent Magnet Market: Sales Volume (in Metric Tons), 2018-2023
Figure 3: Global: Permanent Magnet Market: Sales Value (in Billion US$), 2018-2023
Figure 4: Global: Permanent Magnet Market: Average Prices (in US$/Ton), 2018-2023
Figure 5: Global: Permanent Magnet Market: Breakup by Region (in %), 2023
Figure 6: Global: Permanent Magnet Market: Breakup by Type (in %), 2023
Figure 7: Global: Permanent Magnet Market Forecast: Sales Volume (in Metric Tons), 2024-2032
Figure 8: Global: Permanent Magnet Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 9: Global: Ferrite Magnet Market: Sales Volume (in Metric Tons), 2018-2023
Figure 10: Global: Ferrite Magnet Market: Sales Value (in Billion US$), 2018-2023
Figure 11: Global: Ferrite Magnet Market: Average Prices (in US$/Ton), 2018-2023
Figure 12: Ferrite Magnet Market: Price Structure
Figure 13: Global: Ferrite Magnet Market: Breakup by Region (in %), 2023
Figure 14: Global: Ferrite Magnet Market: Breakup by Application (in %), 2023
Figure 15: Global: Ferrite Magnet Market Forecast: Sales Volume (in Metric Tons), 2024-2032
Figure 16: Global: Ferrite Magnet Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 17: Global: Ferrite Magnet Industry: SWOT Analysis
Figure 18: Global: Ferrite Magnet Industry: Value Chain Analysis
Figure 19: Global: Ferrite Magnet Industry: Porter’s Five Forces Analysis
Figure 20: China: Ferrite Magnet Market (in Million US$), 2018 & 2023
Figure 21: China: Ferrite Magnet Market Forecast (in Million US$), 2024-2032
Figure 22: Japan: Ferrite Magnet Market (in Million US$), 2018 & 2023
Figure 23: Japan: Ferrite Magnet Market Forecast (in Million US$), 2024-2032
Figure 24: United States: Ferrite Magnet Market (in Million US$), 2018 & 2023
Figure 25: United States: Ferrite Magnet Market Forecast (in Million US$), 2024-2032
Figure 26: India: Ferrite Magnet Market (in Million US$), 2018 & 2023
Figure 27: India: Ferrite Magnet Market Forecast (in Million US$), 2024-2032
Figure 28: Others: Ferrite Magnet Market (in Million US$), 2018 & 2023
Figure 29: Others: Ferrite Magnet Market Forecast (in Million US$), 2024-2032
Figure 30: Global: Ferrite Magnet (Application in Electro-Acoustic Products) Market: Sales Value (in Million US$), 2018 & 2023
Figure 31: Global: Ferrite Magnet (Application in Electro-Acoustic Products) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 32: Global: Ferrite Magnet (Application in Electronics Industry) Market: Sales Value (in Million US$), 2018 & 2023
Figure 33: Global: Ferrite Magnet (Application in Electronics Industry) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 34: Global: Ferrite Magnet (Application in Power Play Tools) Market: Sales Value (in Million US$), 2018 & 2023
Figure 35: Global: Ferrite Magnet (Application in Power Play Tools) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 36: Global: Ferrite Magnet (Application in Car Line Industry) Market: Sales Value (in Million US$), 2018 & 2023
Figure 37: Global: Ferrite Magnet (Application in Car Line Industry) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 38: Global: Ferrite Magnet (Application in Calculating Machines) Market: Sales Value (in Million US$), 2018 & 2023
Figure 39: Global: Ferrite Magnet (Application in Calculating Machines) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 40: Global: Ferrite Magnet (Other Applications) Market: Sales Value (in Million US$), 2018 & 2023
Figure 41: Global: Ferrite Magnet (Other Applications) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 42: Ferrite Magnet Powder Manufacturing Plant: Detailed Process Flow
Figure 43: Ferrite Magnet Powder Manufacturing Process: Conversion Rate of Products
Figure 44: Ferrite Magnet Powder Manufacturing Plant: Proposed Plant Layout
Figure 45: Ferrite Magnet Powder Manufacturing Plant: Breakup of Capital Costs (in %)
Figure 46: Ferrite Magnet Powder Industry: Profit Margins at Various Levels of the Supply Chain
Figure 47: Ferrite Magnet Powder Production: Manufacturing Cost Breakup (in %)
List of Tables
Table 1: Global: Permanent Magnet Market: Key Industry Highlights, 2023 and 2032
Table 2: Global: Permanent Magnet Market Forecast: Breakup by Region (in Million US$), 2024-2032
Table 3: Global: Permanent Magnet Market Forecast: Breakup by Type (in Million US$), 2024-2032
Table 4: Global: Ferrite Magnet Market: Key Industry Highlights, 2023 and 2032
Table 5: Global: Ferrite Magnet Market Forecast: Breakup by Region (in Million US$), 2024-2032
Table 6: Global: Ferrite Magnet Market Forecast: Breakup by Application (in Million US$), 2024-2032
Table 7: Global: Ferrite Magnet Powder Market: Key Suppliers
Table 8: Ferrite Magnet Powder Manufacturing Plant: Costs Related to Land and Site Development (in US$)
Table 9: Ferrite Magnet Powder Manufacturing Plant: Costs Related to Civil Works (in US$)
Table 10: Ferrite Magnet Powder Manufacturing Plant: Costs Related to Plant Machinery (in US$)
Table 11: Ferrite Magnet Powder Manufacturing Plant: Raw Materials Requirements (in Tons/Day)
Table 12: Ferrite Magnet Powder Manufacturing Plant: Costs Related to Salaries and Wedges (in US$)
Table 13: Ferrite Magnet Powder Manufacturing Plant: Costs Related to Other Capital Investments (in US$)
Table 14: Details of Financial Assistance Offered by Financial Institutions
Table 15: Ferrite Magnet Powder Manufacturing Plant: Capital Costs (in US$)
Table 16: Ferrite Magnet Powder Manufacturing Plant: Techno-Economic Parameters
Table 17: Ferrite Magnet Powder Manufacturing Plant: Taxation and Depreciation
Table 18: Ferrite Magnet Powder Manufacturing Plant: Income Projections (in US$)
Table 19: Ferrite Magnet Powder Manufacturing Plant: Expenditure Projections (in US$)
Table 20: Ferrite Magnet Powder Manufacturing Plant: Cash Flow Analysis Without Considering the Income Tax Liability
Table 21: Ferrite Magnet Powder Manufacturing Plant: Cash Flow Analysis on Considering the Income Tax Liability
Table 22: Ferrite Magnet Powder Manufacturing Plant: Profit and Loss Account