Global Samarium Cobalt Magnets Market Is Anticipated to Surge Approximately $19.9 Billion By 2030

09-May-2023 | Zion Market Research

The global samarium cobalt magnets market size was nearly $15.5 Billion in 2022 and is anticipated to surge to approximately $19.9 Billion by 2030 along with recording the highest growth rate of nearly 7.7% from 2023 to 2030.

Global Samarium Cobalt Magnets Market Size

Samarium cobalt magnet, which is a kind of rare earth magnet, is made up of two alloys, namely, samarium and cobalt. It is a robust permanent magnet. Reportedly, samarium cobalt magnet demonstrates anisotropy, which means that samarium cobalt can be magnetized only in the axis of its magnetic orientation. This can be made by aligning the crystal structure of samarium cobalt at the time of the production process.

Favorable features of samarium cobalt magnets such as resistance to demagnetization and corrosion will prop up the growth of the global samarium cobalt magnet market. Apart from this, these magnets are oxidative resistant and find extensive applications in high temperatures & extreme conditions. In addition to this, samarium cobalt magnets are utilized in turbomachinery, traveling wave tube field magnets, and benchtop NMR spectrometers. Apart from this, they find large-scale applications in high-end electric motors and systems which function at cryogenic temperatures or high thermal climatic conditions. All these abovementioned aspects will embellish the expansion of the samarium cobalt magnet market across the globe.

Nonetheless, samarium cobalt magnets are expensive and are prone to price fluctuations & price sensitivity. Furthermore, they are brittle and can be cracked easily. This, in turn, can decimate the growth of the global samarium cobalt magnets industry. However, the humungous penetration of samarium cobalt magnets in military activities and the medical equipment manufacturing sector will generate new growth dimensions for the samarium cobalt magnets industry across the globe.

The global samarium cobalt magnets market is sectored into product type, application, and region.   

The product type segment of the samarium cobalt magnets market is sub-segmented into cylinder, ring, and others. Furthermore, the ring segment, which accounted for over 33% of the global market revenue in 2022, is predicted to maintain its domination in the forecasting timeline. The segmental surge in the coming years can be credited to beneficial product features such as high thermal resistance and massive rust resistance.

On the basis of application, the samarium cobalt magnets industry across the globe is divided into the industrial, consumer electronics, environment & energy, medical technology, automotive, aerospace & defense, and others segments. The automotive segment, which led the application sphere in 2022, is likely to contribute a major share of the global industry in the next couple of years. The growth of the segment in the ensuing years can be due to humungous product penetration in electric as well as hybrid cars.

Global Samarium Cobalt Magnets Market

Furthermore, the Asia-Pacific, which contributed for the largest share of the global samarium cobalt magnets market in 2022, is predicted to retain its leading position in the global market over the assessment timeframe. The scaling up of the market in the Asia-Pacific zone over 2023-2030 can be subject to escalating use of the product in electric and hybrid vehicle production that include the production of electric cars and electric bikes. In addition to this, a rise in fund allocation for research and development ventures for exploring rare earth metals in the countries such as India, Japan, Singapore, Taiwan, and China in Asia will embellish the market growth trends in the Asia-Pacific region.

On the other hand, the samarium cobalt magnets industry in North America is predicted to register a compounded annual growth rate (CAGR) of nearly 8.7% in the analysis period. The regional market elevation over the forecast timeline can be owing to the massive use of samarium cobalt magnets in defense and automotive industries in Canada and the U.S.

Browse the full “Samarium Cobalt Magnets Market By Product Type (Cylinder, Ring, and Others), By Application (Industrial, Consumer Electronics, Medical Technology, Automotive, Aerospace & Defense, Environment & Energy, and Others), By End-User (Hospitals, Homecare, Specialty Clinics, and Others), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030. Report at https://www.zionmarketresearch.com/report/samarium-cobalt-magnets-market

Recent Developments:

  • In the third quarter of 2022, the U.S. government has permitted a waiver for Chinese rare metal alloys that are used in the manufacture of moat advanced jets referred to as F-35 fighter jets. Reportedly, the engines of the advanced fighter jets manufactured by Honeywell Systems make optimum utilization of samarium cobalt magnets. The move is likely to account majorly for the GDP of China with a huge sale of samarium cobalt magnets.
  • In the second half of 2021, General Motors planned of obtaining rare earth magnets for the manufacture of electric vehicles in the future at the U.S.-based manufacturing units by entering into two different partnerships agreements with MP Materials Inc., a U.S.-based rare earth material manufacturing firm, and Vaccuumschmeize. The objective of these agreements is to acquire  rare earth magnets for electric motors of the electric vehicles of the firm.

Key players in the global samarium cobalt magnets market include:

  • Hangzhou Permanent Magnet Group (HPMG)
  • Arnold Magnetic Technologies Corp.
  • Ningbo Ketian Magnet Co. Ltd.
  • Hitachi Ltd.
  • Molycorp Chemicals and Oxides
  • Ningbo NGYC (Ninggang Permanent Magnetic) Materials Co. Ltd.
  • Shin-Etsu Chemical Co. Ltd.
  • ADAMS Magnetic Products Co. Inc.
  • Eclipse Magnetics Ltd.
  • and Lynas Corporation Ltd.

The global samarium cobalt magnets market is segmented as follows:

By Product Type

  • Cylinder
  • Ring
  • Others

By Application

  • Industrial
  • Consumer Electronics
  • Medical Technology
  • Automotive
  • Aerospace & Defense
  •  Environment & Energy
  •  Others

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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