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Magnets are utilized for manufacturing products for both industrial and non industrial applications. Magnets are used in various industries like food processing, chemical, electronics, mines, etc. Normally magnets are of two types- Permanent magnets and Electro magnets. Magnetic products utilize magnetic force to function. Virtually magnets find their place in every industry.

Past History
In the past the invention of hard ferrite magnets brought revolution in the field of automobile industries. It led to the development of permanent magnet motors. Automobiles industries as we know depend largely on these motors. Ferrite magnets in a current industrial scenario are widely produced worldwide and are used in number of applications. Due to its utility, the techno intellects say "Ferrite Magnets are Ubiquitous."

Current Status
Initially it was the west which was the major producer of magnets but in current economic scenario there has been "paradigm shift". The shift can be seen in the extensive usage of Neodymium - Iron - Boron Magnets both Sintered and Bonded and the rise of magnet industry in Asia. The vast population and the supportive policy of the respective governments, low labor rates, big internal markets have helped in the promotion of these industries. In short it could be said that all of the above factors, have major impact on the global production.

Looking Ahead
The ongoing change in structure of the global permanent magnet industry is still going on and it has to go a long way. In the long term the industry will be vibrant - one.