India Ferrite Magnet Market Trends 2023, Industry Growth Overview, Forecast Report By 2028

India Ferrite Magnet Industry Outlook 2023-2028 :

IMARC Group's latest research report, titled "India Ferrite Magnet Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the India ferrite magnet market size reached 58,910 Tons in 2022. Looking forward, IMARC Group expects the market to reach 68,350 Tons by 2028, exhibiting a growth rate (CAGR) of 2.42% during 2023-2028.

Ferrite Uses:

A ferrite magnet is a type of permanent magnet made of ceramic compounds derived from iron oxides. Typically harder but more brittle than other magnet types, ferrite magnets are known for their considerable resistance to demagnetization and corrosion. Characterized by their dark gray or charcoal color, these magnets have a working mechanism rooted in their high coercive force, which makes them suitable for applications requiring low power but long-range magnetic fields. Ferrite magnets are categorized into soft ferrites, used mainly in the electronics industry for their high magnetic permeability, and hard ferrites, known for their resistance to becoming demagnetized.

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India Ferrite Magnet Market Demand and Growth:

The market in India is primarily driven by its widespread application in the automotive sector, specifically for components such as alternators and motors. In line with this, the rapid expansion of renewable energy projects, where ferrite magnets are used in wind turbines, is also fueling the market. Moreover, the increasing demand for consumer electronics, in which these magnets serve essential roles, is acting as a significant catalyst for growth. Also, the government's initiatives to bolster domestic manufacturing are creating lucrative opportunities. Apart from this, the rise in defense and aerospace activities, requiring high-quality magnetic materials, is contributing to market dynamics. Other factors include the burgeoning healthcare sector, which uses ferrite magnets in MRI machines, ongoing urbanization leading to increased infrastructure projects, and the growing focus on sustainable materials.

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Key Market Segmentation:

Breakup by Application:

• Electro-Acoustic Products
• Electronics Industry
• Power Play Tools
• Car Line Industry
• Calculating Machines
• Others

Breakup by Region:

• North India
• West and Central India
• South India
• East India

Key Highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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This release was published on openPR.