The latest research study “Samarium Cobalt Magnets Market Research Report: Global Industry Trends, Share, Size, Price, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global samarium cobalt magnets market size reached US$ 534 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 641.3 Million by 2027, exhibiting a growth rate (CAGR) of 3% during 2022-2027.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Industry Definition and Application:
A form of rare earth magnets, samarium cobalt (SmCo) magnets are made of an alloy of cobalt and samarium. These magnets exhibit optimal thermal stability, high corrosion resistance and high magnetic strength as compared to neodymium (NdFeB) magnets. In addition to this, samarium cobalt magnets require proper handling owing to their brittle nature and need to be stored in atmosphere with mild temperatures as they are highly susceptible to cracking.
Samarium cobalt magnets are currently being used across various sectors. Defence sector represents the largest application segment, holding the majority of the market share. This can be attributed to the higher curie temperature of samarium cobalt magnet, which is considered ideal for high-field strength. Defence sector is followed by aerospace, motors and actuators, electronics and medical devices.
On a geographical front, China enjoys a leading position in the global samarium cobalt magnets market owing to the easily available raw materials which are required to produce samarium cobalt magnets. Other major markets include the United States and Europe.
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Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global samarium cobalt magnets market report, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based on application.
Breakup by Application:
- Medical Devices
The defence sector accounts for the majority of the total market share on account of the higher curie temperature of SmCo magnets, which is considered ideal for high-temperature applications.
Breakup by Region:
China currently enjoys the leading position in the market due to the easy availability of raw materials used for manufacturing SmCo magnets.
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are NingBo NingGang Permanent Magnetic Materials Co., Ltd. (NGYC), Ningbo Ketian Magnet Co., Ltd., Arnold Magnetic Technologies Corporation, ADAMS Magnetic Products Co., Bunting, Eclipse Magnetics Ltd., Hangzhou Permanent Magnet Group Ltd. and Thomas & Skinner Inc.
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