The ferrite permanent magnet market size is expected to reach US$ 7,986.42 million by 2031 from US$ 14,877.96 million in 2024. The market is estimated to record a CAGR of 9.8% from 2025 to 2031.
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Executive Summary and Global Market Analysis:
The global ferrite permanent magnet market is a vital segment of the broader magnet industry, characterized by its cost-effectiveness, reliability, and wide applicability across multiple sectors. Ferrite permanent magnets, composed of iron oxide and ceramic materials such as barium or strontium, are prized for their high electrical resistance, corrosion resistance, and stable magnetic properties. These attributes make them indispensable in applications ranging from consumer electronics and automotive components to industrial machinery, renewable energy systems, and medical technologies.
The market is experiencing steady growth, underpinned by rising demand for consumer electronics, increasing adoption of electric vehicles (EVs), and the global push toward renewable energy. Technological advancements have led to improved magnetic performance and manufacturing efficiency, further expanding the use of ferrite magnets in both established and emerging markets. Asia-Pacific stands as the dominant region, driven by robust industrial activity, large-scale electronics manufacturing, and significant investments in EV and renewable energy infrastructure. Despite competition from rare-earth magnets, ferrite magnets remain the preferred choice for many applications due to their affordability and reliability.
Ferrite Permanent Magnet Market Segmentation Analysis
Key segments that contributed to the derivation of the ferrite permanent magnet market analysis are drive type, propulsion, sales channel, and geography.
- By type, the ferrite permanent magnet market is segmented into sintered and bonded. The sintered ferrite magnets dominated the market in 2024.
- By product type, the ferrite permanent magnet market is segmented into strontium and barium ferrite permanent magnet. The strontium ferrite magnets dominated the market in 2024.
- By end-user, the ferrite permanent magnet market is segmented into Automotive, Consumer Electronics, Power Tools, and others. The consumer electronics segment dominated the market in 2024
- By geography, the ferrite permanent magnet market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa and South & Central America. Asia-Pacific region dominated the market in 2024.
Ferrite Permanent Magnet Market Drivers and Opportunities:
Rising Demand for Consumer Electronics
The proliferation of consumer electronics, including smartphones, tablets, laptops, wearables, and home appliances, is a primary driver for the ferrite permanent magnet market. These magnets are integral to the miniaturization and functionality of electronic devices, providing reliable magnetic performance in compact, lightweight designs. Their cost-effectiveness and resistance to demagnetization make them the preferred choice for manufacturers seeking to balance performance with affordability. As consumer preferences shift toward smaller, more energy-efficient gadgets, the demand for ferrite magnets in the electronics sector continues to grow, supporting sustained market expansion and innovation in device design.
Expansion into Emerging Markets and New Applications
The ferrite permanent magnet market has significant opportunities for growth in emerging economies, where rapid industrialization, urbanization, and digital transformation are driving demand for electronic devices and industrial equipment. Additionally, new applications in fields such as healthcare, smart technologies, and infrastructure development are emerging as promising avenues for market expansion. Manufacturers can capitalize on these trends by developing tailored solutions for local markets and exploring innovative uses in sectors such as medical devices, security systems, and renewable energy infrastructure.
Ferrite Permanent Magnet Market Size and Share Analysis
By type, In 2024, sintered ferrite magnets accounted for the largest market share within the ferrite permanent magnet market, consistently holding a dominant position compared to bonded ferrite magnets. Sintered ferrite magnets offer higher magnetic strength and better temperature resistance (up to 250°C), making them suitable for demanding applications such as electric motors, automotive systems, and industrial equipment.
By Product Type, In 2024, strontium ferrite magnets dominated the ferrite permanent magnet market by product type, surpassing barium ferrite magnets in both market share and industry preference. Strontium ferrite magnets have become the industry standard due to their superior magnetic properties, including higher coercivity and better temperature stability, which make them ideal for demanding applications in automotive, electronics, and renewable energy sectors. Their robust performance in electric motors, sensors, and wind turbine generators has propelled their adoption, especially as the automotive industry—particularly electric vehicle (EV) production—expands globally. Strontium ferrite magnets are also widely used in consumer electronics, where their reliability and cost-effectiveness are highly valued.
By end-users segment, consumer electronics has dominated the ferrite magnet market in recent years. The dominance of the consumer electronics segment is primarily due to the widespread and growing use of ferrite magnets in a vast array of electronic devices, including smartphones, tablets, laptops, smart speakers, and home appliances. Ferrite magnets are favored for these applications because they offer an optimal balance of magnetic strength, compact size, and cost-effectiveness, which are essential for mass-produced, miniaturized electronic products. The ongoing trend toward increasingly compact, lightweight, and energy-efficient devices further drives the demand for ferrite magnets in this sector.
Market leaders and key company profiles
Proterial, Ltd
TDK Corporation
Shin-Etsu Chemical Co., Ltd
Ningbo Yunsheng Co., Ltd.
Beijing Zhong Ke San Huan High-Tech Co., Ltd.
Hangzhou Permanent Magnet Group., Ltd.
FE Ferrite Co., Ltd.
Anhui Long Magnetic Technology Co., Ltd.
Guangdong LingYI Co., Ltd.
Ferrite Permanent Magnet Market Report Coverage and Deliverables
The “Ferrite permanent magnet market Outlook (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Ferrite permanent magnet market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Ferrite permanent magnet market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed Porter’s Five Forces and SWOT analysis
- Ferrite permanent magnet market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the Ferrite permanent magnet market
- Detailed company profiles
The geographical scope of the Ferrite permanent magnet market report is divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America. Asia-Pacific’s leadership is underpinned by several strategic factors. The region is home to the world’s largest manufacturing base for electronics, automotive components, and industrial equipment—industries that are major consumers of ferrite magnets. Countries such as China, Japan, and South Korea have well-established supply chains, significant investments in production technology, and a strong focus on export-oriented manufacturing, which collectively drive high output and market penetration for ferrite magnets.
The region benefits from rapid industrialization and urbanization, which fuel demand for consumer electronics, household appliances, and automotive products—all key application areas for ferrite magnets. Additionally, Asia-Pacific’s governments have implemented policies and incentives that encourage the adoption of technologies reliant on ferrite magnets, such as electric vehicles and renewable energy systems, further boosting market growth.
China, in particular, stands out as the global leader due to its vast production capacity, abundant raw materials, and concentration of major magnet manufacturers. The country’s electronics and automotive sectors are among the largest in the world, creating a synergistic effect that sustains high demand for ferrite magnets. Moreover, Asia-Pacific’s capacity for cost-effective manufacturing and its ability to scale production to meet both domestic and international demand have solidified its position as the dominant region in the ferrite permanent magnet market.
Ferrite permanent magnet market Research Report Guidance
- The report includes qualitative and quantitative data in the Ferrite permanent magnet market across drive type, propulsion, sales channel, and geography.
- The report starts with the key takeaways (chapter 2), highlighting the key trends and outlook of the Ferrite permanent magnet market.
- Chapter 3 includes the research methodology of the study.
- Chapter 4 further includes ecosystem analysis along with Porter’s analysis.
- Chapter 5 highlights the major industry dynamics in the Ferrite permanent magnet market, including factors that are driving the market, prevailing deterrents, potential opportunities as well as future trends. Impact analysis of these drivers and restraints is also covered in this section.
- Chapter 6 discusses the Ferrite permanent magnet market scenario, in terms of historical market revenues, and forecast till the year 2031.
- Chapters 7 to 9 cover Ferrite permanent magnet market segments by type, product type, end use, and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America. They cover market revenue forecast and factors driving the market.
- Chapter 10 describes the competitive analysis along with the heat map analysis for the key players operating in the market.
- Chapter 11 describes the industry landscape analysis. It provides detailed description of business activities such as market initiatives, new developments, mergers, and joint ventures globally, along with a competitive landscape.
- Chapter 12 provides detailed profiles of the major companies operating in the Ferrite permanent magnet market. The companies have been profiled on the basis of their key facts, business descriptions, products and services, financial overview, SWOT analysis, and key developments.
- Chapter 13, i.e., the appendix is inclusive of a brief overview of the company, list of abbreviations, and disclaimer.
Ferrite Permanent Magnet Market News and Key Development:
The Ferrite permanent magnet market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the key developments in the Ferrite permanent magnet market are:
- On March 2025, PREMO S.L., a Spanish leader in electronic components, and Delta Manufacturing Ltd. (India), a major producer of soft ferrite cores, announced a strategic joint venture. The collaboration aims to enhance the production and innovation of soft ferrite components for industries such as automotive, telecommunications, smart grids, and IoT. The joint venture plans to establish a new manufacturing facility equipped with advanced technologies, leveraging PREMO’s expertise in inductive components and RFID technology alongside DML’s manufacturing capabilities. This partnership is expected to drive innovation, operational efficiencies, and expanded product offerings for both domestic and global markets.
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Author’s Bio
Akshay
Senior Market Research Expert at Business Market Insights