Ferrite magnets dominate over 90% of global permanent magnet production by volume, thanks to their unmatched cost-effectiveness. In 2020, manufacturers produced around 90,000 tons of Ferrite magnets for diverse applications, driven by the ferrite magnet cost performance.
Strontium Carbonate and Iron Oxide form the core raw materials for Ferrite magnets, making up 85 wt% and 15 wt% respectively. Consequently, shifts in Strontium Carbonate and Iron Oxide prices directly shape the ferrite magnet price trend, determining the ferrite magnet price in the market.
