Ferrite magnets, also commonly known as ceramic magnets, are mainly composed of iron oxide mixed with other materials. They are popular due to their low cost and resistance to corrosion. While they are not as strong as neodymium magnets, ferrite magnets are still widely used in several industrial applications such as in speakers, motors and electronic equipment. Being inexpensive, they are also a popular choice for art and craft projects (e.g. as refrigerator magnets).

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