Magnets are used to manufacture products for both industrial and non-industrial applications. Magnets are used in various industries such as food processing, chemical, electronics, mining, etc.
Normally magnets are of two types- Permanent magnets and Electromagnets. Magnetic products utilize magnetic force to function. Magnet hardly finds its place in every industry.
In the past, hard ferrite magnets discovery brought a revolution in the automotive industry. This led to the development of permanent magnet motor.
There are a lot of companies that provide the highest quality flexible magnets, rare earth magnets and magnet assemblies for retail, P.O.P., and industrial applications.
Automobile industry as we know it is very dependent on the motor. Ferrite magnets in the current industry scenario widely produced throughout the world and used in a number of applications. Because utilities, intelligent techno said, "Ferrite Magnet is Ubiquitous."
Initially, it was the west that is a major manufacturer of the magnet but in the current economic scenario was "a paradigm shift". This shift can be seen in the extensive use of Neodymium – Iron – Boron well Sintered and Bonded Magnet and resurrection magnet industry in Asia.
Vast population and policies that support from their respective governments, labor rates are low; the large internal market has helped in the promotion of this industry. In summary, it can be said that all of the above factors, it has a major impact on global production.