A recently released report by IMARC Group titled “Samarium Cobalt Magnets Market – Industry Trends, Manufacturing Process, Plant Setup, Machinery, Raw Materials, Cost and Revenue” extensively discusses the global samarium cobalt magnets market. Developed in the early 1970’s and 80’s, Samarium Cobalt (SmCo) magnets are a kind of rare earth magnets which are made up of samarium, cobalt and iron. They are quite strong and brittle in nature and are well-known for a number of properties. They have high magnetic strength and strong resistance to corrosion. They also have excellent thermal stability and can withstand high operating temperatures. Samarium Cobalt magnets can, however, be more susceptible to chipping and cracking, so they need to be stored in low humidity, mild temperatures and also require proper handling and packing. Owing to all these properties, samarium cobalt magnets are used for certain niche applications, particularly in the defence and aerospace sectors. Other uses are in sensors, computer hard drives, AC servo-motors, actuators, bias magnets, watches, printers, aerospace, defence, automobiles, ultrasonic transducers, traveling wave tubes, high performance motors, etc. IMARC estimates suggest that the global samarium cobalt magnets market is expected to grow at a CAGR of 2.4% during 2016-2021 reaching a volume of 4,273 Tons by 2021. The report finds that increasing defence spending will prove to be the biggest factor driving the demand for these magnets in the coming years.
The report has segmented the market on the basis of major regions. At present, China represents both the largest producer as well as the largest consumer of SmCo magnets accounting for the majority of the total global consumption. One of the key factors making China the biggest producer of these magnets is the fact that it has a monopoly over the raw materials that are used to produce them. As a result, many dependent industries have set up their plants in China so as to have a cost advantage. Other major producers include the United States and Europe.
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