Global Ferrite Magnet Market to be Driven by the Favourable Properties of the Magnets in the Forecast Period of 2021-2026.
M2 PRESSWIRE-July 30, 2021-IMARC (Expert Market Research): Global Ferrite Magnet Market to be Driven by the Favourable Properties of the Magnets in the Forecast Period of 2021-2026
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The new report by Expert Market Research titled, 'Global Ferrite Magnet Market Report and Forecast 2021-2026', gives an in-depth analysis of the global ferrite magnet market, assessing the market based on its segments like applications and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter's Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
Historical Market Size (2020): 1.24 million tons
Forecast CAGR (2021-2026): 3 %
The favourable properties of these magnets, such as resistance to demagnetization, excellent corrosion resistance, and low prices, are currently driving the market. Over the forecast period, the industry is expected to benefit from the increasing use of these magnets in electro-acoustic products. Furthermore, increased ferrite magnet adoption in the automotive industry for braking and locking systems, rising passenger and commercial vehicle sales, the introduction of advanced automobiles into the market, and the role of ferrite magnet as an essential component in various medical devices are expected to boost the global ferrite magnet market.
Industry Definition and Major Segments
Ferrite magnets are ferrimagnetic ceramic compounds that are composed of a chemical combination of various metals. They have high electrical and temperature resistivity and offer excellent chemical stability. Moreover, ferrite magnets have corrosion-resistant properties, due to which they are extensively used in various electronic components , such as speakers and motors, among others.
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