A Summary of the Arc Ferrite Magnet Market Developments (2023 to 2033)
As per the report published by Future Market Insights, global demand for arc ferrite magnets is expected to reach a market valuation of US$ 5 billion by the end of the year 2023, accelerating at a CAGR of 7% over the forecast period (2023 to 2033). As of 2033, the market for arc ferrite magnets is expected to accumulate a value of US$ 9.84 billion.
The arc ferrite magnet market is expected to witness significant growth in the coming years, driven by several factors such as increasing demand from the automotive industry for electric vehicles, the growing wind energy sector, and rising demand for consumer electronics.
One of the major drivers of growth in the arc ferrite magnet market is the increasing demand for electric vehicles. As governments worldwide implement policies aimed at reducing carbon emissions, the demand for electric vehicles is expected to rise rapidly. Arc ferrite magnets are used in electric vehicle motors, which has increased the demand for these magnets.
Data Points
Key Statistics
Expected Market Value of Arc Ferrite Magnets in 2023
US$ 5 billion
Projected Market Value of Arc Ferrite Magnets in 2033
US$ 9.84 billion
Anticipated Growth Rate of the Arc Ferrite Magnet Market from 2023 to 2033
CAGR of 7%
The market growth is expected to be supported by:
Growing demand for electric vehicles
Rising demand for wind energy
Increasing demand for consumer electronics
Growth in industrial applications
Advancements in technology
Increasing demand from emerging markets
Increasing research and development activities
Increasing government investments in research and development
Outstanding customer and employee experience
The Asia-Pacific region is expected to dominate the arc ferrite magnet market due to the presence of major manufacturers and the increasing demand for these magnets in various industries. The region is home to some of the largest automobile markets in the world, including China, Japan, and South Korea. As the demand for electric vehicles increases in these countries, the demand for arc ferrite magnets used in electric vehicle motors is also expected to rise.
Furthermore, the region has a large potential for wind energy generation, and several countries such as China and India are investing heavily in the sector. The increasing demand for wind energy is driving the growth of the arc ferrite magnet market in the region. The Asia-Pacific region is home to several major arc ferrite magnets manufacturers such as TDK Corporation, Hitachi Metals Ltd., and Ningbo Yunsheng Co. Ltd. These manufacturers are investing in research and development to develop new and improved arc ferrite magnets, driving the growth of the market in the region.
North America is also a significant market for arc ferrite magnets, although it is smaller than the Asia-Pacific region. The market in North America is primarily driven by the increasing demand for electric vehicles and renewable energy. It is one of the largest markets for electric vehicles globally, with the United States being the largest market. As the demand for electric vehicles increases in the region, the demand for arc ferrite magnets used in the electric motors of these vehicles is also expected to rise.
Additionally, North America is investing heavily in renewable energy, with countries such as the United States and Canada adopting policies to reduce carbon emissions. The increasing demand for renewable energy is driving the growth of the arc ferrite magnet market in the region, as these magnets are widely used in wind turbines. The development of new and improved arc ferrite magnets with higher magnetic properties is also contributing to the growth of the market.
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Arc Ferrite Magnet Market Overview
According to the latest research by Future Market Insights, the market is set to witness steady growth from 2021 to 2031. Demand for Arc Ferrite Magnet will witness a firm recovery in the short-term, with an optimistic growth outlook in the long term. Slightly slow demand from applications in electro-acoustic products will mean limited opportunities in near future, however, sales of the market in the defense sector will provide much-needed momentum.
What is Driving Demand for the Market?
The market demand is driven by its properties that including excellent corrosion resistance, high resistance to demagnetization & comparatively low prices. The material is also used for many applications owing chiefly to its ability to cover large surface Areas.
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 magnets are also used in motors which are made up of SrO and Fe2O3 materials. While comparing to other magnets, arc magnet is harder and more brittle. It has excellent resistance to demagnetization and corrosion. Hence, due to this characteristic and more favorable prices, arc magnet has the highest yield in the magnet industry and are widely used in various fields.
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Recovery in Automotive Demand Likely to Augment Arc Ferrite Magnet Sales
The key drivers of the industry, include the growing product utilization, rising disposable incomes, sales of passenger and commercial vehicles, the launch of advanced automobiles, and growing product utilization 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 increased adoption of ferrite magnets in the automotive industry for braking and locking systems, growing sales of passenger and commercial vehicles, the introduction of advanced automobiles in the market, and the role of ferrite magnets as an essential component in various medical devices are expected to have a positive effect on the expansion of the global market.
USA and Canada Arc Ferrite Magnet Market Outlook
North America is one of the leading markets for the 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 USA being one of the world’s top markets for sales of vehicles and consumer electronics.
Additionally, the increasing utilization of this ferrite magnet in electro-acoustic products is anticipated to propel market demand over the forthcoming years.
USA-based manufacturers of Arc Ferrite Magnet use powder technology process most often. This material is commonly used in the USA and other developing regions in DC motors, magnetic separators, magnetic resonance, imaging, and automotive sensors.
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APAC Demand Outlook for Arc Ferrite Magnet
The Asia-Pacific region is the largest market for arc ferrite magnets 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 for the permanent magnet market.
With economic contraction and saturation in the other markets, demand is shifting to the Asia-Pacific region. Moreover, the 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 labor and abundance of raw materials have made it a favorable destination for manufacturers of magnets as well as their end users such as manufacturers of electric transformers, inductors, and industrial/electronic goods.
Who are the Key Manufacturers and Suppliers of the Market?
Some of the leading manufacturers and suppliers of Arc Ferrite Magnets 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
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 the expansion of capacity to meet the market demand. Moreover, international players are extensively partnering with local players to gain dominance in the local market.
The report is a compilation of first-hand information, qualitative and quantitative assessments by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macroeconomic 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.
