Global Ferrite Magnet Market to Reached 1.35 million tons in 2023

Ferrite permanent magnets, also known as ceramic magnets and hard ferrite magnets, represent the least expensive class of permanent magnet materials. These magnets are made from a mix of iron oxide and barium carbonate (BaC03) or strontium carbonate (SrC03). Among the two forms of ferrite permanent magnets, strontium ferrite magnets represent the most popular form.

Ferrite magnets are dark grey in colour and have an appearance like a pencil lead. They are resistant to corrosion and are known for their good balance of magnetic strength. However, as they are very brittle and susceptible to demagnetisation, they require proper handling and packing to ensure safety. These magnets are currently available in a variety of grades ranging from Grade 1 to Grade 8 depending upon their performance and operational temperature.

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Ferrite magnets are extensively used in a number of industries all across the world. As the raw materials used to manufacture these magnets are relatively low-priced in comparison to other types of permanent magnets, ferrite magnets are highly used for high volume applications. According to a new report by Expert Market Research, the global ferrite magnet market size reached a volume of 1.35 million tons in 2023. The market is further expected to grow at a CAGR of 3% in the forecast period of 2024-2032.

Key findings from the report:

• Ferrite magnets serve a number of application domains which include electro-acoustic products, consumer electronics, automobiles, healthcare equipment, separating equipment, and others. Among these, electro-acoustic products which include loudspeakers, piezo buzzers and magnetic buzzers, accounted for the largest share in 2020.

• Region-wise, China dominated the market with a share of more than a half of the total global ferrite magnet market. This can be accredited to relatively cheap labour and abundant availability of raw materials in the region. The other major markets are Japan, the United States and India.  

• The key players in the global ferrite magnet market are situated in China and Japan. Some of these players include Ningbo Yunsheng Co. Ltd, Hangzhou Permanent Magnet Group, JPMF Guangdong Co. Ltd, Hitachi Metals Ltd, Daido Steel Co. Ltd, Shin-Etsu Chemical Co. Ltd and Lynas Corporation Ltd.

Expert Market Research has analysed the global ferrite magnet market according to key application areas, major regions and top players:

Market breakup by Application

• Electro-Acoustic Products

• Consumer Electronics  

• Automobiles

• Healthcare Equipment

• Separating Equipment

• Other Applications

Market breakup by Region

• China

• Japan

• USA

• India

• Others

Top players

• Ningbo Yunsheng Co. Ltd

• Hangzhou Permanent Magnet Group

• JPMF Guangdong Co. Ltd

• Hitachi Metals Ltd

• Daido Steel Co. Ltd

• Shin-Etsu Chemical Co. Ltd

• Lynas Corporation Ltd

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