DUBLIN--(BUSINESS WIRE )--The "Ferrite Magnet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global ferrite magnet market reached a value of US$ 6.4 Billion in 2021. Looking forward, the publisher expects the market to reach US$ 7.9 Billion by 2027, exhibiting a CAGR of 3.57% during 2021-2027.
Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Ferrite magnets, also known as ceramic magnets, are a type of permanent magnets widely used in a variety of applications. These magnets are darker grey in color and have higher intrinsic coercivity and electrical insulation ability. The primary raw materials used to manufacture ferrite magnets are strontium carbonate and iron oxide, which are abundantly and economically available and relatively inexpensive compared to most other types of permanent magnets.
They are also hard, brittle, have lower magnetic energy and the highest output in the entire magnet industry, owing to which they are widely used in industrial applications. In recent years, ferrite magnets have gained traction as they are excellent for use in damp, wet or marine environments and exhibit high resistance to demagnetization and corrosion.
The global ferrite magnet market is primarily driven by their extensive applications in various industries. In the consumer electronics sector, ferrite magnets are utilized in numerous electrical appliances, such as electric fans, vacuum cleaners, refrigerators, and microwave ovens.
Furthermore, with the onset of the coronavirus disease (COVID-19) pandemic, there has been an increasing demand for ferrite magnets as they find applications in different medical devices and ventilators due to their cost-effectiveness and long-term performance. The emerging automobile industry has also increased the use of ferrite magnets in the braking and locking systems for the improved and efficient functioning of automobiles. Moreover, several leading manufacturers are involved in research and development (R&D) activities to provide high-quality permanent magnets, like ferrite magnets, at a very competitive price.
Key Questions Answered in This Report?
6.11 Key Market Drivers and Success Factors
10 Ferrite Magnet Powder Manufacturing Process
10.3 Various Types of Unit Operations Involved
10.4 Mass Balance and Raw Material Requirements
11 Project Details, Requirements and Costs Involved
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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900