Global Samarium Cobalt Magnets Market to Reach US$ 742.8 Million by 2032, Impelled by Rising Product Utilization in Automotive Industry

September 22, 2022 | Chemical & Materials

According to the latest report by IMARC Group, titled "Samarium Cobalt Magnets Market Report by Application (Defence, Aerospace, Electronics, Medical Devices, and Others), and Region 2024-2032," the global samarium cobalt magnets market reached a value of US$ 574.8 Million in 2023. Samarium cobalt (SmCo) magnets generally belong to the rare-earth family of permanent magnets. They are manufactured from alloy metal and exhibit exceptional magnetic properties. They are widely available in numerous shapes, including discs, cylinders, blocks and bars that differ on the basis of size and grades. Due to their several advantages, such as high resistance to corrosion or demagnetization, excellent temperature stability and minimal change in magnetic output, there has been a significant increase in the adoption of SmCo magnets in the production of turbo machinery, motors and electric motors, sensors, pump couplings and traveling-wave tubes.

Global Samarium Cobalt Magnets Market Trends:

The global market is primarily driven by the rising product demand from the automotive industry. This can be attributed to the widespread adoption of samarium cobalt magnets in the manufacturing of locking systems and windshield wipers of vehicles. In line with this, the increasing demand for electric vehicles (EVs) and hybrid vehicles among the masses is another vital factor driving the market growth. Along with this, the extensive application of SmCo magnets in the production of flight navigation systems that aid in determining cardinal directions is providing a boost to the growth of the market. Moreover, the growing investments by public and private agencies in the manufacturing of advanced military weapons are also impacting the market favorably. Additionally, continual technological advancements, such as the miniaturization of equipment, and the rising integration of high magnetic strength in new and existing applications, are creating a positive market outlook. Some of the other factors driving the market include rapid industrialization, the growing adoption of consumer electronics and extensive research and development (R&D) activities conducted by key players. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 742.8 Million by 2032, exhibiting a CAGR of 2.8% during 2024-2032.

Market Summary:

Based on the application, the market has been segmented into defence, aerospace, electronics, medical devices and others. Presently, defense represents the largest application segment.
On the basis of the region, the market has been divided into China, USA, Europe and others. China currently holds the leading position in the market.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include NingBo NingGang Permanent Magnetic Materials Co., Ltd. (NGYC), Ningbo Ketian Magnet Co., Ltd., Arnold Magnetic Technologies Corporation, ADAMS Magnetic Products Co., Bunting, Eclipse Magnetics Ltd., Hangzhou Permanent Magnet Group Ltd. and Thomas & Skinner Inc.

Report Coverage:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	Tons, US$ Million
Segment Coverage	Application, Region
Region Covered	China, USA, Europe, Others
Companies Covered	NingBo NingGang Permanent Magnetic Materials Co., Ltd. (NGYC), Ningbo Ketian Magnet Co., Ltd., Arnold Magnetic Technologies Corporation, ADAMS Magnetic Products Co., Bunting, Eclipse Magnetics Ltd., Hangzhou Permanent Magnet Group Ltd. and Thomas & Skinner Inc.
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 3899 Five User License: US$ 4899 Corporate License: US$ 5899
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us:

IMARC Group
30 N Gould St, Ste R
Sheridan, WY (Wyoming) 82801 USA
Email: Sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
Americas:- +1 631 791 1145 | Africa and Europe :- +44-753-713-2163 | Asia: +91-120-433-0800

Need more help?

Speak to our experienced analysts for insights on the current market scenarios.
Include additional segments and countries to customize the report as per your requirement.
Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
For further assistance, please connect with our analysts.

Global Samarium Cobalt Magnets Market to Reach US$ 742.8 Million by 2032, Impelled by Rising Product Utilization in Automotive Industry

Purchase options

Single User License ~~$3899~~ $2999
Five User License ~~$4899~~ $3999
Corporate User License ~~$5899~~ $4999

Inquire Before Buying

Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Speak to an Analyst

Request Brochure

Get in Touch With Us

UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-713-2163

Email: sales@imarcgroup.com

Client Testimonials

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.