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Ferrite Market Size Forecast to Reach Around $5 Billion by 2025

Ferrite Market size is forecast to reach around $5 billion by 2025, after growing at a CAGR of 5% during 2020-2025. Ferrite is a ceramic material that consist of magnetic properties and formed by mixing iron oxides with one or more metallic elements such as barium, manganese, nickel, and zinc. Growing demand for consumer electronics such as computers and smartphones is a major growth factor for ferrite market size during the forecast period. Flourishing aerospace and defense industries with strong demand of ferrite for antennas and radar systems is also boosting the growth of the market. Continuous advancement in artificial intelligence and voice recognition technology also aid the growth of the ferrite market share.

Ferrite Market Segment Analysis – By Type

Owing to low coercivity and good magnetizing properties, soft ferrite segment holds the largest share of more than 60% in the ferrite market in 2019. Though saturation magnetic flux density of soft ferrite material is lower than other soft magnetic materials, the high electric resistance and outstanding magnetic properties of soft ferrite materials further drive the market growth. Soft ferrite is used in the electronics industry to make ferrite cores for inductors and transformers, and in various microwave components. According to International Trade Centre, imported value of electric transformer, static converter such as inductor and rectifier was valued $ 95,020,267 in 2017 and reached $ 102,498,347 in 2019, significantly fueled the growth of the ferrite market.

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Ferrite Market Segment Analysis – By Structure

Based on the structure, hexagonal segment holds the largest share of more than 30% in the ferrite market in 2019. Hexagonal ferrites are magnetic iron oxides with a hexagonal structure and are formed by iron, oxygen, and other elements such as barium, strontium, cobalt, or a combination of these. Hexagonal ferrites or hexaferrites are widely used in fridge magnets, electric motors, and loudspeakers. Demand for hexagonal ferrites are growing because of their room temperature multiferroic properties. The use of hexaferrites in various technologies such as highly sensitive magnetic field sensors, improved data storage solutions for IT and computing, and field-responsive smart filters drives the growth of the ferrite market.

Ferrite Market Segment Analysis – By Application

High frequency application segment holds the largest share of more than 25% in the ferrite market in 2019. Surging demand of magnetic materials for high-frequency applications such as telecommunications, phase shifters, and radar systems is escalating the growth of the market. Ferrites are non-conducting oxides which allow total penetration of electromagnetic fields, in contrast with metals, where the skin effect limits the penetration of high-frequency fields. Furthermore, phase shifters are also an important application of ferrite which are widely used in phase array antennas and aids the growth of the ferrite market.

Ferrite Market Segment Analysis – By End-Use Industry

Consumer electronics segment holds the largest share of more than 30% in the ferrite market in 2019. Rising popularity of streaming services along with 5G connectivity and artificial intelligence (AI)-enabled devices is boosting the demand for consumer electronics. In January 2020, Consumer Technology Association CTA predicted the U.S. consumer technology retail revenue would be $422 billion, a 4% year-over-year (YOY) growth compared to 2019. Furthermore, according to the International Data Corporation, global shipments of desktops, notebooks, and workstations, grew by 11.2% year over year reaching a total of 72.3 million units, in second quarter of 2020. Thus, the flourishing electronic segment further raises the demand for ferrite.

Ferrite Marke Segment Analysis – Geography

Due to rapid industrialization and urbanization, Asia Pacific dominated the ferrite market with a share of 40% in 2019 followed by North America and Europe. High standard of living and rise in disposable income has boosted the demand for electronic equipment. According to National Investment Promotion and Facilitation Agency, India’s share in global electronics manufacturing has grown from 1.3% in 2012 to 3.0% in 2018 and anticipated to reach $400 Bn by 2025. Furthermore, the increasing demand for economic and security issues across the emerging countries have increased the need for RADAR systems especially in aerospace and defense industries drive the market growth. As, now-a-days, the Aircrafts are equipped with radar devices to detect the obstacles in or approaching their path. For instance, Boeing forecasted a 6.2% growth in the China’s aircraft demand to 7,690 planes for the period to 2037, subsequently augmenting the demand of ferrite for antenna and radar systems.

Ferrite Market Drivers

Surging uses of ferrite in the medical sector

The growing demand of ferrite nanoparticles from medical sector drive the market growth. As, enhanced ferrite nanoparticles serves as a contrast medium for the medical X-Ray diagnosis and magnetic resonance imaging (MRI). The growing uses of MRI technology especially for diagnosing cancers further drive the market growth. Furthermore, the wide use of cobalt ferrite for a large variety of different medical applications including magnetic drug delivery, radio-frequency hyperthermia and magnetic resonance imaging also contribute to the market growth. As, cobalt ferrite (CoFe2O4) is a hard, magnetic material and has a high coercivity, incredibly chemically stable, and is resistant to wear, an electrical insulator. Furthermore, technological advancement in the healthcare and huge spending of government of healthcare sector is driving the growth of the market. For instance, according to the U.S. health care spending grew 4.6 percent in 2018 and reached $3.6 trillion.

Government Schemes and Plans to boosts the electronic industry

Various government programs to boost the electronic industry is driving the growth of the ferrite market. For instance, In April 2020, the Indian Government, has launched three schemes like the Production Linked Incentive (PLI) scheme; the Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS), and Modified Electronics Manufacturing Clusters (EMC 2.0) to make India an Electronics Manufacturing Hub. Chinese government ambitious “Made in China 2025” plan to lower the dependence from foreign suppliers and boosts the production of high value products and services such as aerospace, IT, robotics manufacturing, and semiconductors is also likely to accelerate the demand for ferrite.

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Ferrite Market Challenges

Fluctuating raw material prices

Volatility in the prices of raw material is the major challenge for ferrite market. Iron oxide is a major constituent of ferrite. Thus, increase in iron oxide prices has hampered the growth of the market. For instance, In April 2017, Huntsman Corporation has raised price for its iron oxide. In Europe, prices increased to €90 per ton or $95 per ton in dollar-based markets. In Asia-Pacific, Africa, Latin America and Middle East, prices increased to $95 per ton, while prices will increase by $0.04 per pound in North America.

Emergence of COVID-19

The outbreak of COVID-19 has hampered the ferrite market. The closing down of manufacturing facilities and production units due to the stay-at-home orders by the government has impacted the growth rate of the ferrite market negatively. Electronic, aerospace, and automotive industries are facing huge losses, thus lowering the demand for ferrite. According to the Indian Cellular & Electronic Association of India, the shutdown would lead to a lack of $1,309.2 M to $1,963.8 M in 2020.

Nevertheless, in an attempt to bring the economy back on track, numerous countries around the world have permitted to open factories and production units which will help the ferrite market to revive the lost growth.

Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the ferrite market report. In 2019, the market of ferrite has been consolidated by the top 10 compnaies accounting for xx% of the share. Major players in the ferrite market are Hitachi Metals, Ltd., Ferroxcube International Holding B.V., TDK Corporation, Amidon Inc., Laird Technologies, Inc., Toshiba Materials Co., Ltd., Mianyang Kaiyuan Magnetism Material Co., Ltd., Hengdian Group DMEGC Magnetics Co., Ltd., among others.

Acquisitions/Technology Launches

In September 2019, FUJIFILM Corporation has launched FUJIFILM LTO Ultrium8 Data Cartridge (LTO8), the LTO8 allow for backup and archive of large-capacity data, using the barium ferrite (BaFe) magnetic particles with its outstanding recording/retrieval performance and long-term durability.

In December 2017, Hitachi Metals, Ltd. has developed a high-robustness Ni-Zn-based soft ferrite material, ND57S, with improved resistance to external forces and temperature changes. ND57S helps to improve the functionality and safety of vehicles, whose components require characteristic stability (robustness) under more severe conditions.

Key Takeaways

Growing trend of self-driving vehicles are driving the demand for radar and other communication systems, which further augments the growth of ferrite market.

Ferrite also serves as a contrast medium for the medical X-Ray diagnosis and magnetic resonance imaging (MRI). This also aid to the growth of this market.

The Modified Electronics Manufacturing Clusters (EMC 2.0) Scheme of Indian Government to make India as an Electronics Manufacturing Hub also drives the growth of the ferrite market.

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Contact Information:

Venkat Reddy
Sales Director
Email: [email protected]
Website: https://www.industryarc.com
Phone: (+1) 970-236-3677