What is Global Hard Ferrite Magnets Market?
The Global Hard Ferrite Magnets Market is a vast and dynamic sector that deals with the production, distribution, and usage of hard ferrite magnets. These magnets, made from iron oxide and barium or strontium carbonate, are known for their excellent magnetic properties and resistance to demagnetization. They are widely used in various industries due to their low cost and high magnetic strength. The market for these magnets is global, meaning it spans across continents, catering to the needs of various industries worldwide. The market's size and value are determined by the demand for these magnets in different sectors, such as the automotive industry, electronics, and home appliances, among others. The market's dynamics are influenced by various factors, including technological advancements, economic conditions, and changes in consumer preferences. The Global Hard Ferrite Magnets Market is a crucial component of the global economy, contributing significantly to the growth and development of various industries.
Sintered Ferrite Magnet, Bonded Ferrite Magnet in the Global Hard Ferrite Magnets Market:
The Global Hard Ferrite Magnets Market is segmented into two main types: Sintered Ferrite Magnet and Bonded Ferrite Magnet. Sintered Ferrite Magnets are produced by a metallurgical process known as sintering, which involves heating and compacting raw materials into a solid mass. These magnets are known for their high magnetic strength and resistance to demagnetization. On the other hand, Bonded Ferrite Magnets are made by combining ferrite powder with a binder material, which is then molded or extruded into the desired shape. These magnets are less powerful than their sintered counterparts, but they offer more flexibility in terms of shapes and sizes. Both types of magnets have their unique advantages and are used in various applications, depending on the specific requirements of the industry.
Electro-Acoustic Products, Toy Industry, Automotive Industry, Home Appliance Industry, Computer and Office Equipment in the Global Hard Ferrite Magnets Market:
The Global Hard Ferrite Magnets Market finds extensive usage in various areas such as Electro-Acoustic Products, Toy Industry, Automotive Industry, Home Appliance Industry, and Computer and Office Equipment. In the Electro-Acoustic Products sector, these magnets are used in speakers, headphones, and microphones due to their excellent magnetic properties. The Toy Industry uses these magnets in various toys for their magnetic properties and safety. In the Automotive Industry, hard ferrite magnets are used in motors, sensors, and other components due to their high magnetic strength and resistance to demagnetization. The Home Appliance Industry uses these magnets in various appliances like refrigerators, washing machines, and air conditioners for their magnetic properties. Lastly, in the Computer and Office Equipment sector, these magnets are used in hard drives, printers, and other equipment for their magnetic properties and durability.
Global Hard Ferrite Magnets Market Outlook:
The outlook for the Global Hard Ferrite Magnets Market is promising. In 2022, the market was valued at US$ 3061 million. It is projected to reach a value of US$ 3826.2 million by 2029, growing at a Compound Annual Growth Rate (CAGR) of 3.2% during the forecast period from 2023 to 2029. This growth is driven by the increasing demand for these magnets in various industries, technological advancements, and the expansion of the global economy. The market is dominated by DMEGC, which holds the largest market share of about 8%. Other major players in the market include TDK and Hitachi Metals. These companies have a significant influence on the market's dynamics, contributing to its growth and development.
| Report Metric | Details |
| Report Name | Hard Ferrite Magnets Market |
| Accounted market size in 2023 | US$ 3167.3 million |
| Forecasted market size in 2029 | US$ 3826.2 million |
| CAGR | 3.2 |
| Base Year | 2023 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Sales by Region |
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| By Company | TDK, Hitachi Metals, DMEGC, Guangdong JPMF, Sinomag, Union Materials, Tokyo Ferrite, BGRIMM Magnetic Materials, Hunan Aerospace Magnet &Magneto, Zhejiang Kaiven Magnet, Guangzhou Golden South, Shunde Baling Group, Meizhou Magnetic Materials |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
