The fire retardant coatings market is likely to register a CAGR of 6% during the forecast period and is anticipated to reach a market share of USD 9.17 Billion in 2032, from USD 4.83 Billion in 2021.
Leading players in the global ferrite market size are leveraging the unique chemical as well as physical properties of sintered ferrite structures, such as high mechanical strength, high magnetostrictive properties, and significant electric resistance. Such advantageous features of ferrites, including higher resistivity even at ultrasonic frequencies, contribute to preventing eddy current losses, which ultimately benefits the efficiency of electroacoustic products. This is currently, enabling stakeholders in the global ferrite market to tap golden opportunities in the electroacoustics landscape.
In electroacoustic products, electromagnetic induction is carried out to convert electric energy into sound energy, and permanent magnets are an integral component of electroacoustic instruments. Sintered neodymium magnets (NdFeB) and hard ferrite are among the most commonly used magnets in the manufacturing of electroacoustic components, which remains a predominant factor that can boost the growth of the ferrite market.
Furthermore, many other types of ferrite magnets such as barium-ferrite and strontium-ferrite magnets are also witnessing high demand in the manufacturing of a wide range of products such as communication equipment such as intercom sets, transducers, sound-powered telephones, and communicating helmets. This way, leading stakeholders are also paving their way through new horizons across the electroacoustics landscape, in order to gain an edge in the global ferrite market.
Ferrite Market: Region-wise Analysis
Based on the geographical factors, the ferrite market is broadly divided into seven regions – North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa. Asia Pacific region demonstrates a positive potential of growth for stakeholders in the global market for ferrite, as the consumption of the material across various industries is significantly high in the region. Emerging economies in the region, including China and India, are expected to trigger high demand for ferrite through the forecast period, mainly attributed to the rise of industrialization and manufacturing hubs in these countries.
Apart from Asia Pacific, the demand for ferrite is expected to remain moderately high in Japan, North America, and Western Europe, though the ferrite market in developed countries may witness sluggish growth in the coming years. The primary reason behind the slowdown in developed markets is that the predominant end-use industries have reached a saturation point in these regions. Nevertheless, incremental use of ferrite in the production of nuclear energy may provide a sudden boost to its demand in developed economies, in the coming years.
Ferrite Market: Competitive Landscape
- Ferroxcube
- TDK Corporation
- TAK TECHNOLOGY Co., Ltd.
- Nanjing New Conda
- Laird Technologies
- Toshiba Materials
- Amidon Inc.
- Honeywell Met Glas
- Ferronics Inc.
In November 2018, Ferroxcube International Holding B.V. – a leading manufacturer of ferrites – announced that it has signed an agreement to partner with Frenetic – a company that designs magnetics by applying A.I. algorithms and using data from real-world measurements. With this agreement, Ferroxcube is aiming to integrate accurate data about theoretical and real measurements of its materials in the Frenetic platform, which can ultimately help in faster access to mass production and faster sample building.
In January 2020, TDK Corporation – a Japanese multinational electronics company that manufactures electronic materials and electronic components – announced that its subsidiary TDK Ventures Inc. will be expanding its portfolio of companies by making an investment from US$ 50 million funds in Soraa Laser Diode, Inc. – a GaN materials pioneer commercializing the next generation of visible laser light sources. Before this, TDK Ventures also invested in energy, power, innovative materials science, and related areas to lead towards a world where sustainable and digital energy transformation will have a positive impact on lives.
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, 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.
Ferrite Market: Segment Analysis
The ferrite market can be segmented on the basis of the following:
By Type
- Soft Ferrite
- Hard Ferrite
By Application
- Automotive
- Consumer Electronics
- Medical Devices
- Machinery & Equipment
- Aerospace & Defense
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific
- Japan
- Middle East and Africa
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