The ceramic magnets market is projected to register a CAGR of 6.60% in terms of value, from 2020 to reach USD 14.46 Billion by 2028. Ceramic magnets are a low cost substitute for metallic magnets. These magnets owing to their corrosion and demagnetization resistance property and low-cost of production are used in various applications. Ceramic magnets contribute to around 75%, by weight, of the global demand for permanent magnets.
The low cost of production and abundant availability is anticipated to propel the market demand in the forecast period. The Ceramic magnets are the least expensive as compared to alnico and rare earth magnets and thus, find applications in a variety of products. These type of magnets have lower service temperature than alnico but higher as compared to rare earth metals, and lower energy product than both alnico and rare earth magnets.
Ceramic magnets have a high intrinsic coercive force and are available in simple shapes like block, ring, and rod, among other shapes. This type of magnet provides substantial coercivity in applications such as electric motors, generators, alternators, hard disks, and servomotors. They have brought revolution in areas of energy storage and power generation. Ceramic magnets aid to increase the efficiency of generator motors, drive motors, and servomotors, and thus result in notable power savings.
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Top Players in the Global Ceramic Magnets Market:
Arnold Magnetic Technologies, Neo Magnequench, Alliance LLC, Hitachi Metals Ltd., Samwha Electronics, DMEGC, TDK Corporation, Ferroxcube, JPMF Guangdong Co. Ltd., and Hangzhou Permanent Magnet Group.
Refrigerator magnets, security systems, pot magnets, loudspeakers, large plate magnets to eliminate contaminations from processing lines, motors, generators, medical instruments, and switches relays are some of the typical applications of ceramic magnets.
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Market segmentation based on Type Outlook:
- Soft Ferrite Magnet
- Hard Ferrite Magnet
Grade Type Outlook:
- Isotropic Grade
- Anisotropic Grade
- Electrical Electronics
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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