Ferrite magnets are more commonly referred to as ceramic magnets. They are mostlycomposed of strontium and Iron oxide (SrO . 6Fe2O3) and offer solid performancewith their low cost, higher coercive force than alnico and low recoil permeability. They  are widely used for loudspeakers, small motors and holding devices.
 

              Characteristics

              * Strong resistance to corrosion.
              * Easy to magnetize, thus allowing magnetization after assembly.
              * Lower energy products than alnico or rare earth magnets.
              * Very stable when exposed to temperature or stray fields