Market Overview
Ceramic magnets (Ferrite magnets) are part of the permanent magnet family. They are often available at lower costs, in the form of hard magnets. In production, ceramic magnets are composed of strontium carbonate and iron oxide. They contain a medium magnetic strength and can be utilized for applications requiring operations at a much higher temperature. The global ceramic magnets market is driven primarily by the growing automobile business and rising acceptance of electric vehicles. Additionally, the integration of ceramic magnets within variable-speed motors will further sustainably increase the market’s footprint. The current generation of ceramic magnets is utilized widely within many end-use verticals, including the healthcare, aerospace, automotive, marine, and telecommunications industries. Additionally, a reasonable price for these composites, along with heavy resistance to demagnetization, will further increase the footprint of the global ceramic magnets market. They are also highly susceptible to corrosion, making them highly valuable to many manufacturers.
Key Trends
- One major trend Credence Research Inc. is expected to see in ceramic magnets is the utilization of alnico magnets through casting or blending aluminum, nickel, and cobalt with minimum involvement of elements for enhancing the properties of these materials.
- Another trend that Credence Research Inc. predicts will continue in ceramic magnets is the inclusion of valuable properties such as a higher magnetic field, stronger resistance to resistance and corrosion, and prolonged life. Additionally, the increasing prominence of renewable energy sources, such as wind and solar, combined with the rising utilization of ceramic magnets within wind turbine generators, will fuel the market growth during the forecast period.
Economic Impact Analysis
Industries start to suffer when the economy slows down. The ceramic magnets report, 2017-2030, consider the predicted consequences of the economic downturn on the pricing and accessibility of the services.
- Recession
According to the Credence Research Inc. market report, the recession will impact the global ceramic magnets market. According to the Center for Economic and Business Research (CEBR) and several other agencies, a global recession is expected to start in 2023. Factors such as increased borrowing costs for fighting inflation are expected to cause several advanced economies to shrink. According to the British consultancy’s annual World Economic League Table, the global economy exceeded more than USD 100 trillion. Still, it will halt in 2023, as various government agencies worldwide will struggle against all growing costs. These factors are expected to impact the global ceramic magnets market, however, not significantly as these products are mostly commoditized.
- Ukraine-Russia War Impact
The Russo-Ukraine war has been going on between Russia (Alongside various Russian separatist elements within Ukraine) and Ukraine since February 2014. However, things took a turn when Russia launched a full-scale invasion of the Ukrainian peninsula by marching troops and launching artillery strikes. Various analysts predicted this ongoing strike as Russia began amassing a huge military presence near its border with Ukraine. Since the automotive industry is a huge part of the Russian economy, production has continued. However, it has scaled back due to increased efforts being diverted toward defense activities. The global ceramic magnets market is expected to be slightly disturbed due to disrupted supply chains within the European region.
- China COVID Outburst December 2022
During the onset of relaxing COVID-19 norms, the Chinese social media presence was filled with posts relieved by many citizens, indicating the potential risk of an impending disaster. China was on track to loosen its national and international policies late last year when an impending wave of COVID hit the general population. The sudden spike is being blamed on the unplanned and unorganized lifting of the COVID-19 containment that was in place in China during the last three years. Authorities have gone back on following an act of strict hospitalization, sending loads of asymptomatic patients to isolation wards. Manufacturing and production indexes in China have occurred quickly, with major players shifting their manufacturing units to nearby countries, such as India and Taiwan.
Regional Analysis
In 2022, Asia Pacific occupied the largest market share in terms of growing revenue and sales. Factors such as increasing demand of various end-use industries from growing economies such as Japan, India, and South Korea for electronics & electrical industries, home appliances, and automotive will increase the footprint of the global ceramic magnets market during the forecast period. Also, ceramic magnets have valuable properties, such as the lower production cost of ceramic magnets and the ability to resist heat (around 250 degrees Celsius) will increase a widened applicable area.
STAR Analysis
- Situation
Our client was looking into expanding their presence in Europe by launching two production facilities and establishing a network of distributors. However, since this expansion was years in planning and the untimely beginning of the Russia-Ukraine conflict initiated, the client was looking for a set of directions that would help navigate the ongoing crisis.
- Task
The client had a business strategy that required execution. However, the production facilities were expected to be set up in Germany. Since the area of conflict is much closer to the production facility, the client wanted to weigh his options.
- Action
The client got in touch with Credence Research Inc., which assisted the client in growing its business to increase its revenues in the ceramic magnets market. The report “Global Ceramic Magnets Market’, 2017-2030,” published by Credence Research Inc. in 2023, wherein the client was presented with a complete market study within Europe that contained the current and future market value, ongoing and historical trends, key product portfolio, and Porter’s five forces analysis.
- Result
Credence Research Inc.’s thorough analysis of the Ceramic Magnets market assisted the client in their understanding of the current market status in the European continent. Furthermore, additional suppliers and distributors were procured to help manufacture ceramic magnets.
