The permanent magnets application in medical imaging equipment has further promoted its development. However, due to the high cost ferrite magnet of raw materials, the current market is still at a high level.

The following chart information comes from:

Ferrite magnet market

Strontium carbonate is one of raw material for Ferrite Magnet .  Iron oxide is used as an important raw material which plays an essential part in the manufacturing process of ferrite magnet .

There are number of factors which are currently driving the market for ferrite magnet . The major factor contributed to the growth of the market is the expanding industrial applications of ferrite magnetic . Some of the applications include medium and higher energy speaker rings, magnetic separators, toys, novelties, magnetic therapy, holding-magnet systems, automotive motors, NMR devices and coatings of magnetic recording tapes

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ferrite is a ceramic material made by mixing and firing large proportions of iron(III) oxide (Fe2O3rust) blended with small proportions of one or more additional metallic elements, such as strontiumbariummanganesenickel, and zinc.[1] They are ferrimagnetic, meaning they can be magnetized or attracted to a magnet. Unlike other ferromagnetic materials, most ferrites are not electrically conductive, making them useful in applications like magnetic cores for transformers to suppress eddy currents.[2] Ferrites can be divided into two families based on their resistance to being demagnetized (magnetic coercivity).

The define from wikipedia