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.
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.
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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.
US and Canada Arc Ferrite Magnet Market Outlook
North America is one of the leading market for arc ferrite market owing to its strong automotive industry and associated technology development. The market demand is led by automotive as well as electronics applications, with the U.S. being one of the world’s top market for sales of vehicles and consumer electronics.
Additionally, the increasing utilization of these ferrite magnet in electro-acoustic products is anticipated to propel the market demand over the forthcoming years.
U.S. based manufacturers of Arc Ferrite Magnet use powder technology process most often. This material is commonly used in U.S. and other developing regions in DC motors, magnetic separator, magnetic resonance, imaging and automotive sensors.
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.
China currently represents both the largest producer and consumer of arc ferrite magnets. China’s cost effective labour and abundance of raw materials has made it a favourable destination for manufacturers of magnets as well as their end users such as manufacturers of electric transformers, inductors and industrial/electronic goods.
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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
The manufacturers are strongly embarking on improving quality, and product innovation. Organic as well as inorganic strategies are both utilized to gain market share, with expansion of capacity to meet the market demand. Moreover, international players are extensively partnering with local players to gain dominance in local market.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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