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IMARC Group’s latest research report, titled “India Ferrite Magnet Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
The India ferrite magnet market size is expected to exhibit a CAGR of 2.62% during 2022-2027. Ferrite magnets, or ceramic magnets, are grey-colored electrically insulating magnets. It is a type of permanent magnet which is made of the chemical compound ferrite, consisting of ceramic materials and iron oxide. It is corrosion-resistant, durable, and has high magnetic permeability. It exists in two forms – Strontium Ferrite magnets and Barium Ferrite Magnets. It is used in various applications, such as brakes, medical instruments, security systems, motors, and loudspeakers.
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Important Attribute and highlights of the Report:
The Indian market is majorly driven by the rising utilization of these magnets in electro-acoustic products. In line with this, the increasing sales of passenger and commercial vehicles are positively influencing the market growth. Furthermore, the high adoption of ferrite magnets in the automotive industry for braking and locking systems is creating a positive outlook for the market. Apart from this, the role of ferrite magnets as an essential component in various medical devices is offering numerous growth opportunities for key market players. Moreover, the high demand for the product in a hybrid electric vehicle is catalyzing the ferrite magnet market.
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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.
The competitive landscape of the industry has also been examined along with the profiles of the key players.
TOC for the India Ferrite Magnet Market Research Report:
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