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Base Year
Historical Year
Forecast Year
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% in the forecast period of 2024-2032, to reach a volume of 1.8 MMT in 2032.
Global Ferrite Magnet Market Report Summary | Description | Value |
Base Year | MMT | 2023 |
Historical Period | MMT | 2018-2023 |
Forecast Period | MMT | 2024-2032 |
Market Size 2023 | MMT | 1.35 |
Market Size 2032 | MMT | 1.8 |
CAGR 2018-2023 | Percentage | XX% |
CAGR 2024-2032 | Percentage | 3.0% |
CAGR 2024-2032 - Market by Region | Asia Pacific | 4.1% |
CAGR 2024-2032 - Market by Country | Brazil | 4.1% |
CAGR 2024-2032 - Market by Country | Mexico | 3.5% |
CAGR 2024-2032 - Market by Application | Electro-Acoustic Products | 4.4% |
Market Share by Country 2023 | Germany | 4.8% |
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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.
This report provides an exhaustive insight for setting up and running a ferrite magnet manufacturing plant. Factors such as land requirement, construction requirement, raw material requirement, labour requirement, machinery requirement, manufacturing process, utility requirement, total capital investment, total operating costs, prices, income projections, expenditure projections, profit margins, net present value, return on investment, payback period, etc. have been comprehensively covered in this report.
2023 Market Share by | Country |
Germany | 4.8% |
USA | XX% |
Canada | XX% |
UK | XX% |
As per the ferrite magnet market dynamics and trends, a team of researchers led by Osaka Metropolitan University announced that they have developed a new printing technique for producing printable magnetic devices, which could be used in the formation of data storage with high density.
As per the ferrite magnet industry analysis, the expansion of the global automotive sector is providing significant opportunities for the market. According to the European Automobile Manufacturers' Association (ACEA), in 2022, Greater China stood as the top country in car production, holding a significant share of 34.1% of the world's total. Europe follows with a substantial 19.4% share. Japan and Korea together account for 14.7%, showcasing their strong automotive industry. North America contributes 15.2% to global car production, demonstrating its key role in the automotive sector. South Asia has a notable share of 10.8%, while South America and the Middle East/Africa regions have smaller contributions of 3.1% and 2.7% respectively, which contributes to the growth of the ferrite magnet industry.
Additionally, the expansion of the electronics sector is increasing the demand for ferrite magnet. China leads the list of top electronics manufacturers in 2023, with a revenue of USD 1,368 billion, accounting for 33% of the total revenue among the top countries. Taiwan follows as the second highest with USD 507 billion in revenue, making up 12% of the total. South Korea comes in third with USD 321 billion, contributing 8%, which boosts the ferrite magnet industry revenue. Vietnam and Malaysia are next, each holding 5% of the revenue share, with USD 213 billion and USD 190 billion respectively. Japan and the United States each make up 4% of the total, with revenues of USD 170 billion and USD 166 billion. Germany also contributes 4%, with a revenue of USD 151 billion. Mexico and Thailand round out the list, each holding 4% and 3% of the revenue share, with USD 150 billion and USD 114 billion respectively. This highlights the substantial impact and dominance of Asian countries in the electronics manufacturing industry, with China leading by a significant margin and also aids the ferrite magnet demand.
On the basis of applications, the industry is divided into electro-acoustic products, electronics industry, power play tools, car line industry, and calculating machines, among others. Among these, electro-acoustic products represent the leading application segment for ferrite magnets. Country-wise, China represents the largest market for the product. Other significant regions include the United States, Japan, and India.
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Ferrite magnets, variously known as ceramic magnets, are grey-coloured electrically insulating magnets. They are corrosion-resistant, durable, and have high magnetic permeability. As ferrite magnets are resistant to high temperatures, they are used in various applications such as brakes, medical instruments, security systems, motors, and loudspeakers, among others.
CAGR 2024-2032 - Market by | Application |
Electro-Acoustic Products | 4.4% |
Power Play Tools | 3.5% |
Calculating Machines | 2.6% |
Electronics Industry | XX% |
Car Line Industry | XX% |
Others | XX% |
Based on applications, the market is divided into:
CAGR 2024-2032 - Market by | Region |
Asia Pacific | 4.1% |
Latin America | 3.6% |
Europe | 2.7% |
North America | XX% |
Middle East and Africa | XX% |
CAGR 2024-2032 - Market by | Country |
Brazil | 4.1% |
Mexico | 3.5% |
UK | 3.2% |
Australia | 2.8% |
Germany | 2.6% |
USA | XX% |
Canada | XX% |
France | XX% |
Italy | XX% |
China | XX% |
Japan | 2.5% |
India | XX% |
Saudi Arabia | XX% |
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The report gives a detailed analysis of the following key players in the global ferrite magnet industry, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
In order to prepare this research report, Expert Market Research conducted face to face and telephonic interviews with numerous industry participants in the ferrite magnet industry. They included manufacturers, distributors, end users, consultants, marketing professionals, researchers, etc. Primary research accounted for the bulk of the research efforts, complemented by extensive secondary research. Secondary sources included annual reports, press releases, books, journals, white papers, newspapers, magazines, government sources and various proprietary databases.
Expert Market Research uses its comprehensive database of macroeconomic and industry-specific data to produce its market forecasts. The initial baseline forecast is produced with the most recent market data. After an initial baseline forecast, all future macroeconomic and sector-specific events and assumptions are taken into account to generate the final forecast.
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The Asia Pacific region is expected to gain significant growth in the market in the coming years due to the rising adoption of ferrite magnets in the automotive sector. Rising investment by the various government bodies in the region to boost the automotive sector is also expected to contribute to the demand of ferrite magnet market.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Application |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*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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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% 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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