According to latest research by Future Market Insights, the market is set to witness steady growth during 2021-2031. Demand for Arc Ferrite Magnet will witness a firm recovery in short-term, with optimistic growth outlook in the long-term. Slightly slow demand from application in electro-acoustic products will mean limited opportunities in near future, however, sales of the market in defense sector will provide much needed momentum.
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What is Driving Demand for the Market?
The market demand is driven by its properties that include excellent corrosion resistance, high resistance to demagnetization & their comparatively low prices. The material is also used for many applications owing chiefly to its ability to cover large surface Area.
Furthermore, the increasing spending capacity of the urban masses driven by rising disposable income is expected to propel the uptake of personal electronics such as smartphones, and automotive vehicles, which helps to provide a thrust to the market growth.
Arc ferrite magnet are also used in motors which are made up of SrO and Fe2O3 materials. While comparing to other magnets, arc magnet is harder and brittle. It has excellent resistance to demagnetization and corrosion. Hence, due to this characteristics and more favorable prices, arc magnet has the highest yield in magnet industry and are widely used in various fields.
Recovery in Automotive Demand Likely to Augment Arc Ferrite Magnet Sales
The key drivers of the industry, includes the growing product utilization, rising disposable incomes, sales of passenger and commercial vehicles, launch of advanced automobiles, and growing product utilisation in medical devices. These factors are expected to aid the market growth during the forecast period. Because this magnet is used in vehicles as a rotor or stator in motors such as PM motors, electric motors, linear motors, DC motors and many more, the impending recovery in automotive sector demand is projected to positively impact the market.
There is an increased adoption of ferrite magnet in the automotive industry for braking and locking systems, growing sales of passenger and commercial vehicles, introduction of advanced automobiles in the market, and the role of ferrite magnet as an essential component in various medical devices are expected to have a positive effect on the expansion of the global market.
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APAC Demand Outlook for Arc Ferrite Magnet
The Asia-Pacific region is the largest market for arc ferrite magnet in terms of regional demand distribution. Strong economic development, followed by substantial investment in industries such as automotive, consumer electronics, and environment & energy is driving the demand of permanent magnet market. With economic contraction and saturation in the other markets, demand is shifting to the Asia-Pacific region. Moreover, low cost of production is propelling the growth of permanent magnets in the region.
Who are the Key Manufacturers and Suppliers of the Market?
Some of the leading manufacturers and suppliers of Arc Ferrite Magnet include
- Ningbo Yunsheng Co. Ltd.
- Hangzhou Permanent Magnet Group
- JPMF Guangdong Co. Ltd.
- Ninggang Permanent Magnet Materials Co. Ltd.
- Hitachi Metals L
- Magnequench International, LLC
- Others
Arc Ferrite Magnet Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumersz
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