Ferrite Magnet Market - Forecasts from 2023 to 2028

The global ferrite magnet market was valued at US$8.074 million in 2021.

Iron oxide and other metals like cobalt, zinc, and manganese make ferrite magnets. They have a strong magnetic permeability, corrosion-resistant, and are long-lasting. These magnets are used in many applications because they can withstand high temperatures. These find applications in brakes, medical devices, security systems, motors, and loudspeakers. Compared to other types of magnets, ferrite magnets are more affordable and have stronger magnetic qualities. One of the key factors propelling the growth of the ferrite market is the rising demand for electric and motor vehicles. They show strong resistance to demagnetization and corrosion and are ideal for use in damp, wet, or marine settings, which is expected to boost their market growth. The rising application of these magnets in the electronic industry will also boost global ferrite magnet market growth during the forecasted period.

The growing automotive production is augmenting the demand for ferrite magnets. 

Ferrite magnets are used in the automobile sector to make vehicles safer, such as in the anti-lock braking system (ABS), one of the most popular applications. In this system, magnets slow the vehicle down while preserving steering control for the driver. The favorable investment inflows and the demand for new vehicles have positively impacted the automotive sector in terms of production and sales. According to the International Organization of Motor Vehicle Manufacturers (OICA) data, global motor vehicle production has increased from 77,650,152 units in 2020 to 85, 016,728 in 2022, which has shown a rise of 10% in the production rate. Furthermore, as per the same source, global motor vehicle sales have increased from 78,774,320 units in 2020 to 82,684,788 in 2021, which has shown a rise of 5% in production. The surge in production and sales in the automotive sector is expected to increase the application of ferrite magnets in brakes and other systems, boosting the overall market growth during the forecasted period.

Ferrite magnets are increasingly being adopted by the players in the electronic industry.

In the electronics sector, ferrite magnets are used to produce effective magnetic cores known as ferrite cores for high-frequency inductors, transformers, antennas, and other microwave and refrigerator components. The rising income, increase in purchase power, and demand have positively impacted the electronic industry in major countries. For instance, according to the Ministry of Industry and Information Technology of China, in February 2022, the operating income of the electronic sector was around 14.1 trillion yuan, up 14.7 percent from the previous year. According to Press Information Bureau, in 2021-2022, India produced $80 billion worth of electronics representing an increase from $67 billion in 2020-2021. The rising income and production by the electronic industry led to an increased usage of ferrite magnets for electronic items, augmenting the ferrite magnet market growth during the forecast period.

The North American region accounts for a significant share of the market. 

The North American region is anticipated to dominate the global ferrite magnet market due to the widespread use of these magnets in end-use applications like automotive and aerospace. According to the International Organization of Motor Vehicle Manufacturers (OICA) data in 2021, the vehicle production output in the USA stood at 10,060,339 in 2022, representing a 14% increase in production from 88,21,026 units in 2020. According to International Trade Administration, in August 2022, estimates that Canada's total local aerospace production will increase from 15,621 in 2021 to 21,913 in 2022. Also, as per the same source, in August 2021, the Canadian government implemented the Canada Aerospace Regional Recovery Initiative; over three years, this national program provided C$250 million (about US$194.21 million) to support the growth of Canada's aerospace industry. The rising rate of vehicle and aerospace production in the North American region is driving up demand for ferrite magnets which is projected to boost overall market growth during the forecast period.

Product Description

• Ferrite Magnets from TDK Corporation have excellent practical qualities that outperform metallic magnets, were oxide sintered utilizing powder metallurgy processes with advanced microstructure control technology, and are not significantly impacted by demagnetizing fields.
• Ceramic (ferrite) magnets from Integrated Magnetics are sintered permanent magnets made of barium or strontium ferrite. In addition to strong demagnetization resistance, ceramic magnets are also inexpensive and perfect for various applications.

Market Segmentation:

By Type

• Strontium Ferrite Magnets
• Barium Ferrite Magnet

By Grade

• C5
• C8

By End-User

• Automotive
• Aerospace & Defense
• Marine
• Manufacturing
• Electrical & Electronics
• Others

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• UK
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• China
• Japan
• South Korea
• India
• Australia
• Others