Global Samarium Cobalt (SmCo) Magnet Market Report and Forecast 2024-2032

Global Samarium Cobalt (SmCo) Magnet Market Outlook

The global samarium cobalt (SmCo) magnet market attained a value of about USD 518.88 million in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 3.8% to reach nearly USD 724.03 million by 2032.

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Extensive Use of Samarium Cobalt (SmCo) in Medical Devices Boosting the Market Growth

The extensive use of samarium cobalt (SmCo) in the medical industry is propelling the market growth. The high-temperature resistive properties of samarium cobalt (SmCo) are increasing the deployment of samarium cobalt (SmCo) in various medical devices, which is augmenting the industry growth. Moreover, the increasing use of samarium cobalt (SmCo) magnets in prostheses, medical implants, and medical sensors owing to their corrosion resistive properties is further bolstering the market growth. As the healthcare sector in developing countries are developing rapidly owing to the introduction of various favourable government initiatives, the demand for devices for advanced imaging is surging. This, in turn, is also increasing the demand for samarium cobalt (SmCo) to enhance the functionality of devices, which is augmenting the market growth. In addition, the high mechanical strength and coercivity of samarium cobalt (SmCo) are increasing its use in various applications, which is providing further impetus to the market growth.

Samarium Cobalt (SmCo): Market Segmentation

Samarium Cobalt (SmCo) refers to a permanent and strong magnet that is made up of the combination of samarium and cobalt. It is a rare-earth magnet and is corrosion-resistant, brittle, and extreme temperature resistant. The excellent properties posited by samarium cobalt makes it ideal for use in extreme conditions in defence and medical devices.

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The major application segments of samarium cobalt (SmCo) are:

• Defence
• Aerospace
• Motors, Actuators, and Industrial
• Electronics
• Medical Devices
• Others

The EMR report looks into the regional markets of samarium cobalt (SmCo) like China, the United States, and Europe, among others.

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Rising Use of Samarium Cobalt (SmCo) in the Defence Industry to Bolster the Market Growth

The rising use of samarium cobalt in the defence sector is propelling the market growth. The high corrosion-resistance and coercivity of samarium cobalt (SmCo) make it ideal for various military applications, such as aircraft and missiles, which is invigorating the industry growth. As samarium cobalt (SmCo) can function in any temperature and pressure, it is extensively used in the electronic components of defence equipment, which is positively impacting the market growth. In addition, the surging use of the product in radar and ground control technology in devices, such as radar magnetron tubes, to aid in focusing the electron beam, is also bolstering the industry growth. Moreover, the growing deployment of samarium cobalt (SmCo) magnets in various cutting-edge defence applications is significantly contributing to the industry growth. Innovations in defence technology and the rising demand for miniature devices are further expected to drive the use of samarium cobalt in the defence industry, which is anticipated to bolster the market growth over the forecast period.

Key Industry Players in the Global Samarium Cobalt (SmCo) magnet Market

The report presents a detailed analysis of the following key players in the global samarium cobalt (SmCo) magnet market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Arnold Magnetic Technologies
• Adams Magnetic Products Co.
• Eclipse Magnetics Ltd 
• Hangzhou Permanent Magnet Group., Ltd
• Ningbo Ninggang Permanent Magnetic Materials Co. Ltd. (NGYC)
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report