The Global Samarium Cobalt Rare Earth Magnets Market size is projected to grow at a CAGR of around 4.2% from 2021 to 2028. The growth of the market can be attributed to increasing demand for high-performance magnets from various applications such as aerospace & defense, automotive, medical, industrial machinery among others.
Samarium Cobalt Rare Earth Magnets (SmCo) are ferromagnetic materials that have strong magnetic properties. They are made from a mixture of samarium, cobalt, and iron to produce Samarium-Cobalt Magnet which is also known as SmCo magnets or Smco magnet. These can be manufactured into various shapes such as discs, rods, etc., depending on their application needs.
On the basis of Types, the market is segmented into SmCo5 and Sm2Co17.
The Samarium Cobalt magnet is a type of rare-earth magnet that has been around for about 50 years. The material can be identified by its black color and hexagonal shape, with dimensions in the range 0.25-0.75 mm x 20-40 mm long x 15-30 mm thick. It consists mainly of samarium cobalt or SmCo (with other metal oxides such as NiO) mixed into an amorphous iron magnetic alloy like ferrite. These materials have a high coercivity and are resistant to demagnetization from external fields up to 100 T because they retain their stable orientation even when exposed to strong alternating currents; this makes them particularly useful in motors, generators, transformers, speakers.
SmCo17, also called samarium-cobalt magnets (SCMs), are used in the following applications like Magnetic resonance imaging (MRI) machines for medical professionals and research scientists. Equipment that controls high-speed trains or rapid transit systems such as subways.
SmCo17 is used in various applications such as high-performance motors for aircraft like military helicopters or scramjet engines that are being developed to power long-range hypersonic vehicles such as airliners with speeds of up to Mach 12 (12 times the speed of sound).
On the basis of Application, the market is segmented into Aerospace & Defense, Automotive, Medical, and Industrial Machinery.
Aircraft Electronics & Components - Samarium Cobalt magnetic alloys provide protection against electromagnetic interference (EMI) for electronic devices on board aircraft, components such as radios, navigation systems, and lighting.
Vehicle Engines - SmCo magnet is often found in the form of a coil around the rotor that helps to create electrical current and power for an automobile's engine. The magnets allow coils to be arranged on two different orientations, which can increase torque output by up to 30%. This also means fewer moving parts inside an engine compartment, which reduces maintenance costs over time. Vehicles using this technology include Audi, BMW, and Ford Motor Company cars or SUVs like the Lincoln Navigator;
Medical Devices - Samarium Cobalt magnetic alloys also offer an alternative to more expensive rare earth elements for the production of medical devices such as MRI scanners or neurological implants that require strong magnets with good resistance to heat.
Industrial Machinery - SmCo permanent magnet technology is a critical component in many industrial applications such as motors used on oil drilling platforms or wind turbines that are exposed to extreme environmental conditions. They can be used either singly or grouped together depending on strength requirements. In addition, they have better temperature stability than Alnico magnets (a type of ferrous alloy) making them suitable for harsher environments where constant heating/cooling cycles occur.
On the basis of Region, the market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America dominates global production but it is expected to witness slow growth during the forecast period due to saturation in some end-use segments such as medical devices and industrial machinery. Further, U.S., Canada, and Mexico are anticipated to be key players accounting for more than 55% geographic share by 2028 owing to high demand from the automotive industry in both countries.
Heavy spending on infrastructure projects across Brazil will also drive demand for samarium cobalt rare earth magnets resulting in a steady increase throughout the forecast period.
The key driving factors for the growth of this market are the extensive applications of rare earth magnets in various industries. For instance, the use of Samarium Cobalt Rare Earth Magnets has been observed to be increasing exponentially for its uses in the medical and industrial machinery industry owing to better performance. The growing demand from the automotive sector is also expected to provide a significant opportunity over the forecast period.
The key factors that are restraining this market growth include high costs associated with production coupled with stringent environmental norms set by governments across different parts of the world which may increase operational costs significantly as manufacturers look for new ways to process these materials.
Up Market Research published a new report titled “Samarium Cobalt Rare Earth Magnets Market research report which is segmented by Types (SmCo5, Sm2Co17), By Applications (Aerospace & Defense, Automotive, Medical, Industrial Machinery, Other), By Players/Companies VAC, Shin-Etsu, Eclipse Magnetics (Spear & Jackson), JL MAG, Toshiba Materials, Arnold Magnetic Technologies, Dura Magnetics, Seiko Instruments, Electron Energy Corporation (EEC), Bunting Magnetics, Galaxy Magnets, Adams Magnetic Products, MPI Magnets, BLS Magnet, Hangzhou Permanent Magnet, Jiangmen Magsource New Material, TH Magnetics, SDM Magnetics, Everbeen Magnet, Newland Magnetics”.
Report Attributes | Report Details |
Report Title | Samarium Cobalt Rare Earth Magnets Market Research Report |
By Type | SmCo5, Sm2Co17 |
By Application | Aerospace & Defense, Automotive, Medical, Industrial Machinery, Other |
By Companies | VAC, Shin-Etsu, Eclipse Magnetics (Spear & Jackson), JL MAG, Toshiba Materials, Arnold Magnetic Technologies, Dura Magnetics, Seiko Instruments, Electron Energy Corporation (EEC), Bunting Magnetics, Galaxy Magnets, Adams Magnetic Products, MPI Magnets, BLS Magnet, Hangzhou Permanent Magnet, Jiangmen Magsource New Material, TH Magnetics, SDM Magnetics, Everbeen Magnet, Newland Magnetics |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 221 |
Number of Tables & Figures | 155 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Type SmCo5, Sm2Co17 and By Application Aerospace & Defense, Automotive, Medical, Industrial Machinery, Other.
Some of the companies that are profiled in this report are:
Samarium Cobalt Rare Earth Magnets Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Samarium Cobalt Rare Earth Magnets Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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