.webp)
Arc Ferrite Magnet Market size is anticipated to reach USD 21 billion by the end of 2036, growing at a CAGR of 7% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of arc ferrite magnet was over USD 10 billion. Arc ferrite magnets offer several advantages, including affordability, good magnetic stability, resistance to corrosion, and high-temperature resistance. The market for arc ferrite magnets is influenced by global economic trends, technological advancements, and shifts in manufacturing and production.
Manufacturers often provide customized solutions to meet specific customer requirements in terms of size, shape, and magnetic properties. Arc ferrite magnets, also known as ferrite arc magnets or ceramic arc magnets, are permanent magnets made from ferrite, a type of ceramic compound composed of iron oxide and other materials. These magnets have been used in various applications for many years due to their cost-effectiveness and strong magnetic properties. Some common applications include electric motors, speakers, magnetic separators, and magnetic resonance imaging (MRI) machines.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
~7% |
|
Base Year Market Size (2023) |
~ USD 10 Billion |
|
Forecast Year Market Size (2036) |
~ USD 21 Billion |
|
Regional Scope |
|
Type (Isotropic, Anisotropic)
The anisotropic segment is estimated to gain the largest market share of 60% in the year 2036. Anisotropic arc ferrite magnets play a crucial role in electric vehicle (EV) motors, benefiting from the ongoing trend towards automotive electrification. Their ability to provide precise magnetization direction enhances motor efficiency and performance, aligning with the demand for cleaner and more energy-efficient transportation solutions.
End User (Automotive, Electronics, Medical)
The automotive segment is expected to garner a significant share in the year 2036. The surge in electric vehicle adoption is a primary driver for the automotive segment. Arc ferrite magnets are vital components in EV motors, known for their ability to provide cost-effective, reliable, and efficient magnetic solutions. Hybrid vehicles, which combine internal combustion engines with electric motors, rely on arc ferrite magnets for their electric powertrains. As automakers expand their hybrid vehicle offerings, the demand for these magnets increases. Hybrid vehicle sales are expected to grow by around 5% from 2021 to the year 2026.
Our in-depth analysis of the global market includes the following segments:
|
Type |
|
|
End User |
|
APAC Market Forecast
The arc ferrite magnet market in the Asia Pacific region is projected to hold the largest market share of 38% by the end of 2036. Favorable government policies and incentives encourage the adoption of technologies that use arc ferrite magnets, such as EVs and renewable energy systems. Governments in APAC countries are implementing policies to promote clean energy, electric mobility, and technology advancement. Arc ferrite magnets play a role in various infrastructure applications, including transportation systems and modern urban development. APAC countries invest heavily in infrastructure development, including railways, transportation systems, and smart cities.
North American Market Statistics
The arc ferrite magnet market in the North America region is projected to hold the second largest share during the forecast period. As North America shifts towards cleaner and sustainable energy sources, arc ferrite magnets are essential components in wind turbines and solar power systems, driving demand for these magnets. The rise of EVs in North America, with a strong focus on reducing emissions, accelerates the demand for arc ferrite magnets used in EV motors and powertrains. The North American electric vehicle market is witnessing rapid growth, with sales expected to exceed 4.5 million units annually by the year 2030.
Author Credits: Smruti Ranjan, Rajrani Baghel
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?