Ferrite magnets are the most widely used magnets because of their low cost. The raw materials used in ferrite magnet production are inexpensive and nonstrategic. Ferrite magnets magnets exhibit a low residual flux density because they are oxide magnets produced by powder metallurgy. Ferrite magnets are available in isotropic and anisotropic grades and have a maximum energy product range from 1 to 5 MGOe.