A form of rare earth magnets, samarium cobalt (SmCo) magnets are made of an alloy of cobalt and samarium. These magnets exhibit optimal thermal stability, high corrosion resistance and high magnetic strength as compared to neodymium (NdFeB) magnets. In addition to this, samarium cobalt magnets require proper handling owing to their brittle nature and need to be stored in atmosphere with mild temperatures as they are highly susceptible to cracking. A new research report by IMARC Group, titled “Samarium Cobalt Magnets Market: Global Industry Trends, Share, Size, Growth, Forecast and Opportunity 2018-2023”, estimates that the market reached a value of US$ 462 Million in 2017.
Global Samarium Cobalt Magnets Market Drivers/Constraints:
- These magnets are essentially used in various military weapon along with electrical systems in aircrafts for generating power. This is one of the major factors which is driving the growth of the market.
- Owing to their high working temperature, samarium cobalt magnets are being increasingly utilised for the applications of aerospace and military. This is another factor which is positively influencing the market growth.
- There has been a rise in the demand for miniaturisation of equipment and high magnetic strength in emerging and existing applications. This has highly contributed towards an augmented demand for samarium cobalt magnets across the globe.
- However, these magnets are costlier than ferrite magnets and have to be handled with care owing to their brittle nature. This, in turn, has hindered the growth of the market.
Samarium cobalt magnets are currently being used across various sectors. Defence sector represents the largest application segment, holding the majority of the market share. This can be attributed to the higher curie temperature of samarium cobalt magnet, which is considered ideal for high-field strength. Defence sector is followed by aerospace, motors and actuators, electronics and medical devices.
On a geographical front, China enjoys a leading position in the global samarium cobalt magnets market owing to the easily available raw materials which are required to produce samarium cobalt magnets. Other major markets include the United States and Europe.
The market is fragmented with the presence of numerous small and large manufacturers who compete in terms of prices and quality. Some of the leading players operating in the market are:
- Ningbo NGYC (Ninggang Permanent Magnetic) Materials Co. Ltd.
- Ningbo Ketian
- Arnold Magnetic Technologies
- ADAMS Magnetic Products
- Eclipse Magnetics
- Hangzhou Permanent Magnet Group (HPMG)
- Thomas & Skinner Inc.
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