Ceramic Magnets Market By Application, By Geography – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2019 – 2026
The Global Ceramic Magnets Market was valued at 20.68 Billion in 2o19, and is poised to grow at a healthy CAGR of 7.2% from 2020-2026. Low cost of production, corrosion and demagnetization resistance property of the magnet, abundant availability, rising demand for smart electronic devices and smart phones is anticipated to augment the market growth.
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Currently, industrial ceramics are primarily supporting healthcare, aerospace, automotive, marine, and telecommunications industry. As the market witness crunch in acquiring high-quality material as a magnetic resource contained with impurities, it is anticipated that more metal is needed for production of industrial ceramics. Therefore, magnetism is highly used in the manufacturing and filtration process in order to produce a high quality ceramic material. Manufacturers now emphasize on using materials having zero contamination whether it is alumina ceramic, steatite ceramic or zirconia ceramic. Majorly, extraction process depends upon industrial filters, magnetic grates and clean flow magnets.
Other trends such as reasonable price and resistance to demagnetization are evident. Ceramic hard ferrites have major advantages such as versatility and prolonged life that enables them to result in mass production and have a high coercive field. For instance, alnico magnets are produced through casting or blending aluminum, nickel, cobalt with minimum proportion of elements to enhance the properties of magnet. Sintering enhances mechanical properties whereas casting results in a high magnetic field that enables the shapes the inner design for a ceramic material. Business names for alnico are alni, hycomax, columax, ticonal and alcomax. In another aspects, rare earth magnets are called as ceramic magnets that are extremely brittle and susceptible to corrosion. Hence, they need to be plated and coated to protect them from breaking or becoming brittle.
Ceramic Magnets Market Trends, Drivers and Opportunities:
Ceramic magnets market is significantly driven by the rise in demand for enhanced connectivity in applications such as hard disks, motors, generators and alternators. Use of ceramic magnets also enhances power saving and results in a high efficiency of motors. In addition, rising demand for magnetic principles for augmenting high performance in electric devices is likely to trigger the market growth. Moreover, ceramic magnets are economical and relay a high potential and are used for acoustics, motors and holding instruments. However, low awareness and dearth of technical competency is likely to hinder the market growth throughout the forecast period.