Global Hard Ferrite Magnets Market - 2024-2031

Overview

Global Hard Ferrite Magnets Market reached US$ 2.9 billion in 2023 and is expected to reach US$ 3.7 billion by 2031, growing with a CAGR of 3.3% during the forecast period 2024-2031.

The distinction between isotropic and directed magnets depending on manufacturing techniques enables the customization. Manufacturers can create magnets with various forms and magnetic strengths based on specific requirements. The versatility in form and functionality can meet the individual needs of many industries, hence contributing to market growth.

The description of aligned magnets with a very strong magnetic field implies superior performance. Industries that require powerful magnets, such as loudspeakers and two-wheeler magnetos, would benefit greatly from these magnets. It could lead to greater use of hard ferrite magnets in high-performance applications, hence driving market growth.

For instance, The National Research Development Corporation Limited (NRDC), located in New Delhi, has granted licenses to thirteen firms for the indigenous hard ferritin technology developed by the National Physical Laboratory (NPL), located in New Delhi and the National Chemical Laboratory (NCL), located in Pune. Several companies getting licenses to use the domestic hard ferrite technology makes it more accessible.

The ease of access has the potential to bring in a wider spectrum of manufacturers-both long-standing businesses and recent arrivals-and therefore promote market expansion through greater involvement. Therefore, India contributes to the growth of the regional product market with significant regional market share.

Dynamics

Sustainable Technology Practices

The growing need for sustainable technology, especially in light of the shift to a more ecologically sensitive society, is driving a significant growth of the global hard ferrite magnet market. Permanent magnets are essential to many contemporary technologies, including electric vehicles and the production of clean energy. The presence of rare earth elements (REE) in a large number of high-performance permanent magnets currently in use, however, makes them essential components because of supply issues and environmental issues related to their extraction.

The development of REE-lean or REE-free magnets is becoming more and more necessary to meet these issues and maintain the sustainability of important technologies. Reducing reliance on rare earth elements, which are frequently linked to environmental effects and geopolitical uncertainty is the main goal. The market for hard ferrite magnets is expanding globally as a result of this move towards more environmentally friendly magnet technologies.

High Curie Temperature and Stability

The hard ferrite magnet industry is rapidly developing on a global scale, owing in large part to its high Curie temperature and stability. The high curie temperature and stability of hard ferrite magnets contribute significantly to the global market's growth. Its ability to tolerate high temperatures while maintaining consistent magnetic performance makes them important in a variety of industries, contributing to the continued growth of the hard ferrite magnets market.

Hard ferrite magnets are utilized extensively in part because of their stability. Applications demanding continuous functionality and long-term dependability must prioritize magnetic performance stability. Hard ferrite magnets are ideal for applications requiring longevity and demagnetization resistance because of their exceptional stability over time. Hard ferrite magnets are widely used in sensors, electric motors and other components in automotive systems, making this reliability element of particular significance.

Competition from Alternative Materials

In smaller and lighter forms, alternative materials frequently offer superior magnetic performance. Compared to hard ferrite magnets, alternative materials are more attractive because of their compactness and lightweight nature in applications where weight and size restrictions are crucial, like in miniaturized electronic systems. As a gauge of their magnetic strength, rare-earth magnets in particular have a greater energy product. Because of this, they are preferred in applications requiring for strong and small magnet solutions.

The energy product, a gauge of magnetic strength, is higher for rare-earth magnets in particular. The makes them the better option for applications that call for strong and small magnet solutions, such as high-end electronics and electric motors for electric vehicles. Certain substitute materials provide more adaptability and customization options. Other materials might be a better fit for applications requiring complex geometries or detailed forms. Hard ferrite magnets may not be suitable for many applications due to their brittleness and difficulty in processing into complex forms.

Brittleness and Processing Challenges

Due to their intrinsic brittleness, hard ferrite magnets are prone to breaking and shattering. The magnets' limited design flexibility is caused by their brittleness, especially in situations where complicated forms or detailed geometries are required. Alternative materials might be more enticing to industries like electronics and automotive, which frequently require inventive and customized designs, because of their malleability and ease of shaping.

Hard ferrite magnets can be difficult to manufacture into precise sizes and forms. The material is more likely to shatter during manufacturing procedures like cutting, grinding or machining because of its brittleness. Processing complexity raises production costs and can lead to increased waste rates, which reduces industrial processes' overall efficiency. Hard ferrite magnets can be fragile, which can make it difficult to combine them into complex devices or systems. Production lines may stall if delicate handling is needed to prevent damage during assembly procedures. On the other hand, less brittle and more strong substitute materials might make assembly simpler, which would boost production efficiency.

Segment Analysis

The global hard ferrite magnets market is segmented based on type, application, end-user and region.

Versatile Applications and Manufacturing Efficiency Driving Growth in the Sintered Ferrite Magnets Market

Due to its special qualities, sintered ferrite magnets are used in a variety of industries. It is specifically utilized in electric motors, sensors and other automotive components. Magnets are essential in the electronics sector to make magnetic sensors, speakers and other devices. It is also essential in energy-related applications like renewable energy systems and generators. Sintered ferrite magnets are indispensable to several technologies due to their adaptability, which propels demand in a variety of industries and fosters market expansion.

Enhanced efficiency and productivity in manufacturing processes are facilitated by standard specifications. The standards assist producers in streamlining their production processes and lowering unpredictability by offering precise guidance. As a result, the production process becomes more streamlined and effective, which eventually lowers costs and boosts competitiveness. Therefore, growing sintered ferrite magnet type segment captures the significant shares in the total global segmental shares.

Geographical Penetration

Pioneering Hard Ferrite Magnet Innovations Drive Market Leadership

Companies developing cutting-edge hard ferrite magnets could customize their offerings to meet certain demands that are common in the Asia-Pacific. By customizing the technology, it is made more appealing to the market and better fits the specific needs of the local industries and applications.

For instance, in October 2020, Major South Korean electronics component manufacturer LG Innotek Co. announced that it had developed a high-efficiency ferrite core with the lowest power loss in the market. TV power modules and chargers employ ferrite, a magnetic substance based on iron oxide, to switch voltages and filter noise in electrical currents. In the first half of 2021, LG Innotek, the company that started the ferrite development project in 2018, intends to mass-produce its high-efficiency ferrite product. According to the company, their ferrite will best serve the needs of automakers attempting to reduce vehicle weight for fuel efficiency and TV producers requiring developing compact TVs. Therefore, Asia-Pacific is leading the global hard ferrite magnets market with majority of the global market shares.

COVID-19 Impact Analysis

During the epidemic, numerous building and infrastructure projects were postponed or canceled. The market may have been damaged by this delay in projects using hard ferrite magnets, which are used in generators, motors and other applications. Issues with logistics and transportation, such as escalating expenses and delays, impacted the globally flow of commodities. The prompt supply of hard ferrite magnets and associated goods might have been impacted by this.

Travel sanctions, lockdowns and temporary closures of manufacturing facilities caused major disruptions to the global supply chain for raw materials and manufacturing. Hard ferrite magnet production and availability may have been impacted, which would have affected producers and businesses that depend on these materials.

Russia-Ukraine War Impact Analysis

Raw material, logistical and transportation costs can all rise as a result of geopolitical instability. Increased expenses might be transferred to customers, which would change the hard ferrite magnet market's pricing dynamics. The geopolitical environment may have an indirect impact on a few businesses that are big users of hard ferrite magnets, like electronics and the automotive sector. There could be a domino effect from any disturbances in these sectors on the need for magnetic components.

By Type

• Sintered Ferrite Magnet
• Bonded Ferrite Magnet

By Application

• Electro-Acoustic Products
• Toy and Games
• Automotive Industry
• Home Appliance Industry
• Computer and Office Equipment
• Others

By End-User

• Automotive
• Electrical and Electronics
• Power Generation
• Healthcare
• Toy Industry
• Mining and Heavy Machinery
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• In December 2022, by optimizing the design of motors that use our high-performance ferrite magnet NMF 15, Hitachi Metals, Ltd. has confirmed through simulations that they can achieve the same level of output as traction motors for xEV*1 that use neodymium magnets.
• In July 2023, Proterial, a Japanese metal manufacturer, developed a prototype motor for electric cars that don't need neodymium, a rare-earth metal, in their magnets.
• In October 2020, Major South Korean electronics component manufacturer LG Innotek Co. announced that it had developed a high-efficiency ferrite core with the lowest power loss in the market. TV power modules and chargers employ ferrite, a magnetic substance based on iron oxide, to switch voltages and filter noise in electrical currents.

Competitive Landscape

The major global players in the market include Arnold Magnetic Technologies Corporation, Dailymag, ESSEN Magnets, Dexter Magnetic Technologies, JPMF Guangdong Co., Ltd., DMEGC Magnetics, Eclipse Magnetics, Standex Electronics, Inc., Adams Magnetic Products Co. and STEELMAG INTERNATIONAL.

Why Purchase the Report?

• To visualize the global hard ferrite magnets market segmentation based on type, application, end-user and region, as well as understands key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of hard ferrite magnets market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Type mapping available as excel consisting of key products of all the major players.

The global hard ferrite magnets market report would provide approximately 61 tables, 57 figures and 185 Pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies