Ceramic Magnets Market Size Expected To Acquire USD 15.37 billion By 2028 At 6.80% Compound Annual Growth Rate

The latest market report published by Credence Research, Inc. “Global Ceramic Magnets Market: Growth, Prospects, and Competitive Analysis, 2016 – 2030”. The global ceramic magnets Market generated revenue of around USD 9.7 billion in 2022 and is anticipated to grow a CAGR of over 6.80% during the forecast period from 2017 to 2030 to reach around USD 15.37 billion in 2030.

Ceramic magnets, or ferrite magnets, are considered part of the permanent magnet family and are often available at the lowest cost of hard magnets. They are composed of strontium carbonate and iron oxide, ceramic (ferrite) magnets that are medium in magnetic strength and often used within fairly high temperatures. The primary driver for the global ceramic magnets market is rising utilization within the wide range of applications such as electronics & electrical industries, home appliances, and manufacturing hubs. Additionally, factors such as expanding the automobile sector within developing economies will fuel the market’s growth in a sustainable manner.

The global ceramic magnets market is bifurcated into Type, Product, Orientation, Application, and Geography. Based on type, the market is categorized into hard ferrite, semi-hard ferrite, and soft ferrite. Based on product, the global market is segmented into block magnets, disc magnets, ring magnets, and varieties. Based on orientation, the market can be categorized into isotropic and anisotropic. Based on application, the market can be split into building & construction, automotive, electrical, electronics, industrial, power generation, consumer goods, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.

In 2021, Asia Pacific occupied the largest market share in the global ceramic magnets market during the forecast period. Factors such as the rising prominence of renewable energy sources, such as wind and solar, along with corrosion and demagnetization resistance properties, will fuel the growth of global ceramic magnets during the forecast period. Also, a lower production cost and rising utilization within various end-use applications will increase the footprint of the market in a sustainable market. Factors such as the availability of ceramic magnets in the form of various shapes such as block, ring, and rod, among others shapes will further allow for rising revenue pathways for the market.

Ceramic magnets are a type of permanent magnet made from ferrite or other ceramic materials. They are used in a variety of applications, including motors, generators, speakers, and sensors. Ceramic magnets have good resistance to demagnetization and are cheaper than rare-earth magnets.The automotive industry is one of the major end-users of ceramic magnets. Ceramic magnets are used in various automotive applications such as electric vehicles, hybrid vehicles, fuel injection systems, and ABS systems. The growing demand for electric vehicles is fuelling the growth of the ceramic magnets market in this application segment.

Some of the major players operating in the ceramic magnets market include Hitachi Metals Ltd., TDK Corporation, Daido Steel Co. Ltd., Molycorp Inc., and Neo Magnetics Inc. These companies are focusing on strategies such as mergers & acquisitions, expansions, and new product launches to enhance their position in the global ceramic magnets market. For instance, in October 2017, Hitachi Metals Ltd. acquired 100% shareholding of Nisca Corporation (US), a manufacturer of precision magnetic products for semiconductor testing applications. This acquisition helped Hitachi Metals to expand its application portfolio in the automotive and electronics industry.

Why to Buy This Report-

  • The report provides a qualitative and quantitative analysis of the global ceramic magnets by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2017-2021, base year- 2022, and forecast period 2017-2030.
  • The report contains information related to the competitive landscape, like how the key players in the market are operating at a global, regional, and country level.
  • In-depth analysis of the global ceramic magnets segmentation based on type, product, orientation, application, and regional integration.
  • The global Ceramic Magnets report also includes analyzing the global, regional, and country levels, key market trends, significant players analysis, market growth strategies, and key application areas.

Browse Full Report: https://www.credenceresearch.com/report/ceramic-magnets-market

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