The elements of Ferrite magnets are ferric oxide, barium oxide and strontium oxide, etc. Ferrite magnets have higher coercive force, higher resistance to be demagnetized and higher corrosion resistance than other non-rare earth permanent magnets. The biggest advantages of such magnets are their low price.
Ferrite magnets are widely used in motors, speakers, microwave devices, electronics, machines, instruments, meters, toys and crafts, etc.