According to the latest report by IMARC Group, titled "Samarium Cobalt Magnets Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global samarium cobalt magnets market reached a value of US$ 534 Million in 2021. 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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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$ 641.3 Million by 2027, exhibiting a CAGR of 3% during 2022-2027.
- 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.
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