The latest research study “Samarium Cobalt Magnets Market: Global Industry Trends, Share, Size, 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.
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.
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Competitive Landscape:
The market is fragmented with the presence of numerous small and large manufacturers who compete in terms of prices and quality. Some of the leading players operating in the market 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.
Breakup by Application:
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- Defence
- Aerospace
- Electronics
- Medical Devices
- Others
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.
Breakup by Region:
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- China
- USA
- Europe
- Others
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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