Hard Ferrite Magnets Market Size, Share, Growth, and Industry Analysis, By Type (Soft Ferrites Magnets, Permanent Ferrite Magnets and Others), By Application (Computer & Office Equipment, Automobile and Others) and Regional Forecast to 2032

Updated On: 04 November 2024

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HARD FERRITE MAGNETS MARKET REPORT OVERVIEW

The Hard Ferrite Magnets Market Size is Projected to be worth US$ 3435.48 Million in 2023, Market is likely to Surpass US$ 5461 Million by 2032 at a CAGR of 4.76% During the Forecast period [2024-2032].

The market report for hard ferrite magnets is comprehensive, including various trends, drivers, challenges, and opportunities that underlie its growth. They have found wide application like automotive components, consumer electronics, industrial machinery, and home appliances; this owes to their cost effectiveness as well as stable magnetic properties of the elements. The report highlights market segmentation according to its application, such as computers and office equipment; the automotive industry; industry, and consumer electronics are insightful concerning the related demand trends and potential expansion in these sectors. The reason behind these happenings includes the increasing demand witnessed in car manufacturing which can be attributed to the advent of electric and hybrid cars although there are other sectors like consumer electronics on high rise. Nevertheless, stiff rivalry from rare earth magnets and unstable prices of raw materials have presented some considerable obstacles. In North America as well as Asia-Pacific the regions’ capability to deliver advanced manufacturing methods as well as their sound industrial have made them major players in this market.

Furthermore, the document portrays significant industry actors, explaining how they have strategized, innovated technologically and positioned themselves in the market. This general outlook is an essential tool to stakeholders comprising producers, financiers as well as policy makers for them to grasp the key market trends and therefore plan ahead prudently for the growth of the industry in the future.

COVID-19 Impact: Market Growth Restrained by Pandemic due to disruption in Supply Chain

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

The hard ferrite magnets market has been predominantly negatively impacted by COVID-19. Globally, the pandemic caused massive disruptions in supply chains, leading to massive impacts on both raw material procurement and delivery of finished magnets. Such disruptions meant that some manufacturing units were forced to stop their operations for short periods while others suffered inadequacies in terms of human resources thereby slowing down production and reducing quantities of goods available for purchase. There was a decrease in demand for hard ferrite magnets in major consumers like automotive and consumer electronics industries which faced economic uncertainties coupled with measures of lockdown.

Low demand for new automobiles and electronic devices continued to affect the global market due to declining consumer spending and cessation of industrial operations. However, some sectors are on recovery path as economies began to reopen, leaving long-term effects on market dynamics and production schedules as a result of both initial disruptions and lasting shocks. The lesson of the pandemic is that firms need sturdier supply lines and diverse sources of supply, which they are now aiming at to control potential risks ahead. As a whole, the hard ferrite magnets sector exhibited an immense production and demand decline out of the impact of COVID-19 pandemic.

LATEST TRENDS

"Advancements In Material Composition And Doping Techniques To Drive Market Growth "

Latest developments in Hard Ferrite Magnets Market growth are advances in material composition, increased use of doping techniques in addition to optimizing manufacturing processes. For instance, the recent research on La–Ca–Co doped strontium ferrite showed that one remarkable trend is improving its magnetic properties by careful control of sintering temperature. This innovative approach tremendously boosts coercivity and general magnetic performance, thus offering a cheap substitute for green rare earth magnets. Consequently, the magnitude of this shift cannot be underestimated because it caters for the need for environment-friendly and powerful magnetic materials within the sector.

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HARD FERRITE MAGNETS MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into Soft Ferrites Magnets, Permanent Ferrite Magnets and Others.

• Soft Ferrites Magnets : Their high ability to store a magnetic field as an energy able to magnets that are of ceramic composition and are called ferrite materials with low electrical conductivity. They are used for soft ferrite magnets that have stable magnetic properties in electronics such as transformers, inductors and other types of electromagnetic interference suppression components. This is because they are important in various areas as they are cheap.

• Permanent Ferrite Magnets : Permanent Ferrite Magnets are also known as hard ferrite magnets and have high coercivity levels which makes them resistant to demagnetization. As a result of their being strong and durable, they are usually applied in appliances like electric motors, loudspeakers or magnetic separators. Besides, nowadays the market for these items is quickly growing due to increased needs for power saving technologies in different areas including automobile and green power production.

By Application

Based on application the global market can be categorized into Computer & Office Equipment, Automobile and Others.

• Computer & Office Equipment : Magnetic heads, hard disk drives and printers are currently the most common applications of hard ferrite magnets in computers and office equipment. The result is that they are the best suited for production of electronic components on a large scale because they are cheap, and their magnetic properties are consistent. This is why they keep being used in the sector since there are more people buying gadgets every single day and more offices become automated.

• Automobile : Various items in automotives use hard ferrite magnets which are effective for functions including engines, detectors and activators. This cheapness and long-lasting nature make them very useful in all types of vehicles. Rise of electric cars is expected in this transport industry therefore also means increased demand for hard ferrite magnets.

DRIVING FACTORS

"Advancements in Manufacturing Techniques To Drive Market Growth"

Advancements in manufacturing methods like better alloy doping and sintering have achieved better performance of hard ferrite magnet. These have enhanced the competitiveness of hard ferrite magnets by increasing their magnetic strength as well as their durability thus enabling them to serve wider industrial applications.

"Rising Demand in the Automotive Industry To Boost Market"

The demand for hard ferrite magnets is driven by the automotive industry's transition to electric and hybrid cars because these are needed in ensuring that all sensors, actuators, as well as most electric motors are in place. These are important for the vehicle efficiency and performance.

RESTRAINING FACTORS

"Competition With Magnets With Better Properties To Hinder Market"

One limiting factor in the hard ferrite magnets market is competition from rare earth magnets; rare earth magnets have better magnetic properties and that is why high-tech applications prioritize them. As a result, scarce earth magnets enjoy preference in high end applications, hence restricting the need for hard ferrite magnets. The market may also face other challenges like the variability of raw materials prices used in producing ferrites, affecting the stability and profits realized in this sector.

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HARD FERRITE MAGNETS MARKET REGIONAL INSIGHTS

The market is primarily segregated into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

"North America Dominates Market Due To The Advanced Manufacturing Infrastructure And Demand"

The hard ferrite magnets market share is dominated by North America because it has a very good manufacturing infrastructure with countries like Canada, USA and Mexico leading in industry as well as an increased demand from motor vehicle and electronics industries. The existence of major industry players and high investment in research and development has propelled the market growth while supportive state policies and focus on ecological friendly technologies continue to even make the region lead in this market.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market Through Research and Development"

Strategic investments in research and development are leading to enhanced magnet performance and cost effectiveness and it is the key industry players who drive the growth of hard ferrite magnets market. They also help in improving market reach and ensuring supply chain stability by increasing production capacities and entering partnerships. Advances in manufacturing are helping to drive market growth, in addition to environmentally friendly materials being introduced on the market as well. Moreover, the rise of hard drive demand in the automotive sector electronics areas and at the same time renewable energy generation contribute to maintaining constant increase for manufacturers producing permanent magnets based on hard ferrite.

LIST OF MARKET PLAYERS PROFILED

• TDG (China)
• JFE (Japan)
• ACME (India)
• TOKIN (Japan)
• FEELUX (Korea)
• Jinchuan Electronics (China)
• Magnetic (U.S)
• ARNORD (U.S)
• Sinomag (China)
• Hitachi Metals (Japan)
• FENGHUA (China)
• Ferroxcube (Netherlands)
• DMEGC (China)
• TDK (Japan)
• JPMF (China)
• FDK (Japan)

INDUSTRIAL DEVELOPMENT

June 2024: The development in the Hard Ferrite Magnets Market was announced by IntechOpen. The La–Ca–Co-doped strontium ferrite’s magnetic performance will be enhanced by optimizing the sintering temperature. It was found that controlling the sintering process minutely greatly improves the coercivity of the material and makes the overall magnetic properties better, this shows that rare earth magnets can be substituted cheaply with high-performance types which remain stable under harsh conditions too. This will foster the production of sustainable and efficient ferrite magnets, which are crucial for various industrial applications.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.