Ferrite magnets or ceramic magnets are the most used magnets. The applications of ferrite magnets are very broad. Ferrite magnets exhibit high resistance to demagnetization, corrosion, and are electrically insulated. They are widely used in various industries due to their stability, tolerance against demagnetization, corrosion resistance, and low price per magnetic output.
The range of applications is extremely broad. Because the material is ceramic, it does not rust and it can be used without coating in nearly all applications. Ferrite magnets can be found in applications such as:
· Microwave ovens
· Magnetic filters
· Pump drives
· Measuring equipment
· Reed switches
· Motors and generators
The global ferrite magnets market is witnessing high growth on account of increasing applications especially in the automotive and consumer electronics. The global ferrite magnets market report estimates the market size of global ferrite magnets market both in terms of volume and revenue. The report provides a comprehensive review of major market drivers, challenges, and key issues. Global ferrite magnets market was valued at $3,907.38 million in 2013 and is expected to reach $5,959.48 million by 2019, at a CAGR of 8.4%. The Ferrite magnets are the low cost permanent magnets as compared to other magnets, and hence they are the most widely consumed permanent magnet materials in the world.