According to the latest report by IMARC Group, titled, “Europe Ferrite Magnet Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027 “, The Europe ferrite magnet market is expected to exhibit a CAGR of 3.47% during 2022-2027.
Ferrite magnets, commonly referred to as ceramic magnets, are magnets that are produced using iron oxide and strontium carbonate. They are electrically insulating, grey-colored materials with high operating temperatures and resistance to demagnetization. Ferrite magnets are generally available in the form of rings, cylinders, discs, blocks, etc., and are utilized in headphones, security systems, door latches, loudspeakers, magnetic suspension systems, computer hard drives, etc. They exhibit high resistance to corrosion. As a result, ferrite magnets find widespread applications across various sectors, such as automotive, telecommunication, electronics, power play, car line, electro-acoustic, etc.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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The escalating product demand in the automotive industry for manufacturing several parts of automobiles and aircraft, including barking systems, windshield wipers, and seatbelt indicators to provide enhanced passenger safety, is among the primary factors driving the Europe ferrite magnet. Besides this, the elevating need for these materials in the medical sector to produce magnetic resonance imaging (MRI) scanners, dental devices, maxillofacial surgical tools, etc., is further augmenting the market growth. Apart from this, the growing popularity of sol-gel processing techniques that aid in manufacturing magnets with enhanced structural, mechanical, and electrical properties at relatively low temperatures is also catalyzing the regional market. Furthermore, the rising product utilization in the production of electro-acoustic commodities and the introduction of high-quality permanent magnets are expected to propel the Europe ferrite magnet market in the coming years.
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Europe Ferrite Magnet Market Analysis and Segmentation 2022-2027:
The report has segmented the market based based on application.
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