Ferrite Magnet Market Trends, Scope, Demand, Opportunity and Forecast by 2024
United States, 14 June 2019 -- The global ferrite magnet market has grown at a rapid rate in recent years. The major factor which has driven the market growth include the functional properties of these magnets which make them resistant to solvents, weak acids, lubricants, salts, greases and temperature up to 250 degree.
Ferrite magnets, or ceramic magnets are a type of permanent magnets which are electrically insulating. These magnets offer strong resistance to demagnetization and corrosion, and are relatively hard and brittle. In comparison to other permanent magnets, these magnets exhibit low magnetic energy. Ferrite permanent magnets exist in two forms, namely strontium ferrite magnets and barium ferrite magnets. Strontium ferrite magnets represent the most commonly used magnets. The latest report by IMARC Group titled, “Ferrite Magnet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, finds that the global ferrite magnet market has grown at a CAGR of 6% during 2010-2017, reaching a volume of 1.1 Million Metric Tons in 2017.
Highlights of the Global Ferrite Magnet market:
* Strontium ferrite magnets represent the most commonly used ferrite magnets.
* Properties such as high resistance against solvents, weak acids, lubricants, salts, greases and temperature up to 250 degree, are driving its applications.
* China represents the largest producer and consumer of ferrite magnets.
The market for ferrite magnets is expending due to their functional properties, particularly long-term performance which results in increasing the life-cycle of the product such as medical instruments. These magnets are also affordable, have high resistance abilities against solvents, weak acids, lubricants, salts, greases and tolerance for temperature up to 250 degree. Most applications of ferrite magnets do not require any coating, except for specialist applications where any ferrite surface dust is not wanted. Some of the equipment where ferrite magnets are used include computer hard drives, microphones, headphones, loudspeakers, security systems, motors, etc. According to the report, the market is further expected to grow at a CAGR of 4.3% during 2018-2023, reaching a volume of 1.4 Million Metric Tons by 2023.
An analysis of the market finds that China represents the world’s biggest producer and consumer of ferrite magnets. China is followed by Japan, USA and India. An evaluation of the competitive landscape provides the details of the major manufacturers operative in the market. Some of the key players are Ningo Yunsheng Co. Ltd., Hangzhou Permanent Magnet Group, JPMF Guangdong Co. Ltd., Ninggang Permanent Magnet Materials Co. Ltd., Hitachi Metals Ltd.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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