According to the global samarium cobalt magnets market report by IMARC Group, the market size reached US$ 534 Million in 2021. Looking forward, the market expected 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.
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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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.
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 NGYC (Ninggang Permanent Magnetic) Materials Co. Ltd.
- Ningbo Ketian
- Arnold Magnetic Technologies
- ADAMS Magnetic Products
- Eclipse Magnetics
- Hangzhou Permanent Magnet Group (HPMG)
- Thomas & Skinner Inc.
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