Used in high-performance permanent magnets due to its strong magnetic properties and thermal stability. Commonly applied in small electric motors, sensors, and magnetic recording media. Nanopowder form enhances sinterability and allows for precise shaping in advanced ceramic manufacturing. Also utilized in electromagnetic interference (EMI) shielding and microwave devices owing to its dielectric and magnetic behavior at high frequencies. Investigated for biomedical applications such as targeted drug delivery and hyperthermia treatment in cancer therapy due to its biocompatibility and response to external magnetic fields.