The ferrite magnets presently demonstrate the more broadly utilized permanent magnets around the world. The foremost raw materials utilized to making the ferrite magnets are relatively economical compared to the most several other types of the permanent magnets. This allows them to be accurately suited for the wide capacity production runs. Such magnets are also termed as the ceramic magnets owing to their excellent electrical insulation capability. In addition, the ferrite magnets are outstanding in damp, wet or marine surroundings and exhibit high confrontation to demagnetization and corrosion. Furthermore, the requirement for the product is majorly fostered by the growing production of the electric vehicles, increasing wind energy installations, and speedily increasing robotics industry.
Not only has this, the potential companies in the global ferrite magnet market are effectively expanding the business premises, increasing the applications of the magnets and implementing the effective strategies. According to the report analysis, ‘Global Ferrite Magnets Market 2019 by Manufacturers, Regions, Type and Application, Forecast to 2024’ states that in the global ferrite magnets there are numerous active players which presently functioning more significantly for leading the fastest market growth and registering the high value of market share around the globe in the coming years more enormously while studying the limitations of the government, determining the competitive strategies of the competitors, accepting the profitable policies and analyzing the growth drivers along the opportunities includes TDK, Magnetic, Hitachi Metals, FDK, JFE, TOKIN, ARNORD, FEELUX, Ferroxcube, DMEGC, JPMF, Jinchuan Electronics, TDG, Sinomag, FENGHUA, ACME and several others.
In the global market, the manufacture of ferrite magnets effectively augments from 1406 K MT in 2011 to 1540 K MT in 2015, at a CAGR approximately 2.3%. In 2015, the global ferrite magnets market is controlled by China, apprehending about 52.30% of global ferrite magnets construction. Japan is the second-largest county-wise market with 13.82% global production share. At present-day, the foremost producers of the ferrite magnets are strenuous in TDK, Magnetic, Hitachi Metals, FDK, Ferroxcube, DMEGC and JPMF. TDK is the world frontrunner, controlling 7.36 % construction market share in 2015.
However, based on the region, the market of ferrite magnet is spread across the globe which majorly includes the industrialized and developed regions such as North America, Asia Pacific, Europe and Rest of the World. The Asia Pacific region was the principal regional market for ferrite magnets. Southeast Asia is also projected to observe the fastest growth, at an expected CAGR of 3.2% from 2011 to 2015. China and Japan are estimated to witness require growth at an anticipated CAGR of 2.0% and 2.4% from 2011 to 2015, correspondingly.
Not only has this, the international market for Ferrite Magnets is projected to increase at a CAGR of approximately -0.5% over the next five years, will reach 4340 million USD in 2024, from 4480 million USD in 2019. Therefore, in the near years, it is anticipated that the market of ferrite magnet will increase around the globe more significantly over the coming years.
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Ankur Gupta, Head Marketing & Communications