Ferrite magnets are made of a composite of oxide and barium/strontium carbonate. These materials are readily available and at a lower cost than other types of materials used in permanent magnets making it desiable due to the lower cost. It is widely used for motors, louderspeakers, toys and handicrafts.Ferrite magnets are sintered permanent magnets composed of Barium or Strontium Ferrite. This class of magnets, aside from good resistance to demagnetization, has the popular advantage of low cost.