There are mainly two types of ferrite magnets, barium ferrite (BaO.6Fe2O3) and strontium ferrite (SrO.6Fe2O3). Ceramic Magnets offer the best value when comparing cost. They are inexpensive, moderate in magnetic strength, and they are easily magnetized in a variety of formats. Ceramic magnets offer good corrosion resistance and generally do not require a coating or plating, so sintered ferrite magnets widely used in many different applications, such as motors and loudspeakers