Indiaâs ferrite industry has experienced growing demand from electric vehicles (EVs), solar infrastructure, smart metering, and automotive electronics, with manufacturers adapting to changing sourcing strategies and smaller electronic designs, according to industry executives.
In an interview with EE Times, Rohit Saini, head of sales, global and domestic, at Cosmo Ferrites, said ferrite demand is rising due to expanding applications in EVs, solar infrastructure, and digital power systems.
âEV and solar are the two categories growing fast,â Saini said. âSmart metering and grid infrastructure are also driving ferrite use because digital meters, converters, and power systems require magnetic components.â
He added that ferrite development has become more material-focused as customers seek better operating frequencies, thermal performance, and noise suppression.
âFerrites should not be viewed as commoditized products because the business depends heavily on ceramic material science and manufacturing capability,â he said. âMaterial defines the overall characteristics of the product.â
Saini explained that ferrites are ceramic-based magnetic materials made from combinations such as manganese oxide, magnesium, nickel, and zinc to achieve different magnetic properties.
Established in 1986, Cosmo Ferrites was among the early large-scale manufacturers of manganese-zinc (Mn-Zn) soft ferrites in India, with support from Philips during its initial setup phase. The company supplies ferrite products for applications in EVs, fans, lighting, power conditioning, electromagnetic interference (EMI), electromagnetic compatibility (EMC) filters, charging systems, and solar equipment.
Cosmo Ferrites currently generates about 70% of its business from India and 30% from exports. The company exports to Germany, Italy, France, Australia, New Zealand, China, Thailand, and the Philippines.
Saini added that anti-dumping duties on Chinese ferrite imports helped strengthen the companyâs position in the Indian market after low-cost imports increased sharply.
Electric vehicles and renewable energy applications account for 33% of global ferrite demand, which is projected to reach $12.65 billion by 2035, up from $7.37 billion in 2026, according to a Business Research Insights report published in April 2026. Amid this, Indiaâs ferrite magnet market, valued at 61,650 tons in 2024, is projected to reach 74,840 tons by 2033, according to a report by International Market Analysis Research and Consulting, or IMARC Group.
Import dependence and trade tensions
The industryâs concerns about import dependence come as the Indian government pushes to expand domestic magnetic materials manufacturing. In an April 2026 response to the Rajya Sabha, the upper house of Indiaâs Parliament, Union Minister Jitendra Singh said India has established about 7.23 million tons of in-situ total rare earth oxide equivalent resources in monazite deposits and another 1.29 million tons in hard-rock terrains.
However, the government acknowledged that India remains dependent on imports for rare-earth magnets and related products because of low ore grades, processing complexity, and limited downstream manufacturing.
The Union Cabinet approved a â¹72.80 billion (~$760 million) scheme in November 2025 to promote the manufacturing of sintered rare-earth permanent magnets, targeting 6,000 metric tons of annual domestic production capacity.
Although ferrites and rare-earth magnets are different material categories, both industries remain tied to Indiaâs broader magnetic materials supply chain and dependence on imports.
Saini acknowledged that Indian manufacturers still rely on imported ores because domestic material quality remains inconsistent.
âThe concentration level we need is not available properly in India,â he said.
Indiaâs Directorate General of Trade Remedies (DGTR) conducted an anti-dumping investigation in 2024 into imports of Mn-Zn soft ferrite cores from China. The case involved disputes over âungroundedâ ferrite cores imported into India before the final grinding and finishing stage.
The investigation exposed divisions within Indiaâs electronics manufacturing ecosystem. The proceedings involved competing interests among domestic ferrite manufacturers, transformer makers, importers, Chinese exporters, and Indian grinding companies over pricing, localization, and the definition of manufacturing.
Importers and finishing companies argued that grinding involves infrastructure, labor, and value addition, while Cosmo Ferrites argued that the magnetic properties are established earlier in the sintering process and that grinding is only a finishing operation. Indiaâs DGTR ultimately sided with Cosmo Ferrites, concluding that the âbasic propertiesâ of ferrite cores are determined before grinding. The issue is part of broader debates in India about localization, semi-knocked down (SKD) imports, and assembly-led manufacturing.
Saini said anti-dumping measures have had a limited impact because transformer assemblies and SKD kits continue entering India through other routes. âAnti-dumping duty came on ferrite cores, but transformers are still being imported from China,â Saini said.
Thailand-based PanAsia Magnetics, a subsidiary of Chinese magnet manufacturer Sinomag Technology, is also targeting Indiaâs automotive and electronics sectors. The company has set up a manufacturing base in Thailand to bypass Indian anti-dumping duties on Chinese imports.
PanAsia Magnetics representative Saud Palayam said the company is among Chinaâs leading magnet manufacturers and produces ferrite magnets and ferrite cores for automotive and consumer electronics products. The company supplies ferrite magnets in India for motors, sensors, and automotive applications.
He said the India-Thailand free trade agreement allows the company to supply ferrite cores from Thailand instead of China.
âThis is the solution we are promoting in India to avoid the duty imposed on Chinese products,â Palayam said.
However, he said local manufacturers such as TDK and Cosmo Ferrites have an advantage because they manufacture within India and avoid import-related duties.
Palayam said parent company Sinomag receives increasing inquiries from automotive companies in India, although China and Europe remain its largest markets globally.
âIn India, we are now growing with respect to demand,â he said.
Smaller components, localization, and new materials
Ferrite components are also shrinking in size as electronic products become more compact. âWe are also moving toward smaller-sized ferrite inductors,â Palayam said.
He added that customers increasingly demand customized ferrite components instead of standardized products. âWhen a manufacturer wants a product, they will have their own drawing, and then we produce the customized size,â he said.
Palayam added that while standard ferrite products can be supplied immediately, customized designs require additional manufacturing setup before production.
Cosmo Ferrites has invested in ferrite powder manufacturing and specialized materials for future applications, including aerospace. âIn the next 10 years, especially in the automotive sector, there will be many new developments, new techniques, and new powder development,â Saini said.
Cosmo Ferrites has also expanded into transformer assembly manufacturing through forward integration. âCustomers, especially in Europe, tell us that costs are very high and ask why we cannot supply the complete transformer instead of only the core,â Saini said. âBy expanding into transformer assembly manufacturing, we are now able to offer the complete product at a more competitive price.â
The company employs about 550 people in India. Saini said hiring remains specialized because ferrite manufacturing requires skills in metallurgy, electronics, electrical engineering, and mechanical engineering.
TDK India is also increasing materials research and ferrite manufacturing activities in India as localization policies expand. Gagan Bansal, president of TDK India, said the company conducts research on ferrite materials and manufactures ferrite powder in India alongside electronic components.
âWith government policies such as the Production Linked Incentive (PLI) schemes and the Electronics Component Manufacturing Scheme (ECMS), India has progressed from assembly toward surface-mount device (SMD) manufacturing and component manufacturing,â Bansal said.
Bansal added that TDK supplies across multiple layers of the electronics and automotive supply chain, ranging from original equipment manufacturers (OEMs) to Tier 1 and Tier 2 suppliers.
âIn some cases, such as ferrite cores that are later converted into transformers, we supply to Tier 2s, who then supply to Tier 1s, and finally to OEMs,â he said.
As India pushes deeper into EVs, smart power infrastructure, and electronics manufacturing, ferrites have emerged as a material bottleneck between policy ambitions and supply chain realities. While anti-dumping duties have offered some protection for domestic manufacturers such as Cosmo Ferrites, imports continue to enter through transformers, SKD kits, and alternative manufacturing routes across Southeast Asia.
At the same time, overseas suppliers such as Sinomag are restructuring supply chains through Thailand to remain competitive in the Indian market, while global players such as TDK are expanding ferrite material research, powder manufacturing, and component production within India.
The result is an ecosystem in which localization is increasing across assembly, components, and some material-processing stages, while dependence on imported ores, magnetic materials, and upstream processing technologies remains embedded in the supply chain.
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