What are Ferrite Magnets?

Ferrite magnets are sintered permanent magnets composed of Barium or Strontium Ferrite. This class of magnets, aside from good resistance to demagnetization, has the popular advantage of low cost.
Due to their low cost, Ferrite magnets enjoy a very wide range of applications, from motors and loudspeakers to toys and crafts, and are the most widely used permanent magnets today. Ferrite magnets are a cost effective option for high volume applications.

Yogoro Kato and Takeshi Takei of the Tokyo Institute of Technology synthesized the first ferrite compounds in 1930.