Ferrite magnets are very popular because of their properties. Ferrite magnets are non-corrosive. They are excellent for long-term performance and capable of outlasting the life cycle of most products. Ferrite magnets can be used at temperatures up to +250 degrees Celsius. Ferrite magnets are also low cost with high volume production.
Ferrite magnets sually needs tooling and need a larger envelop to handle the bigger size. At the same time, Ferrite magnets are brittle, they are easy to crack & chip.