North America Samarium Cobalt Magnets Market Report by Application (Defense, Aerospace, Electronics, Medical Devices, and Others), and Country 2024-2032

North America Samarium Cobalt Magnets Market Report by Application (Defense, Aerospace, Electronics, Medical Devices, and Others), and Country 2024-2032

Report Format: PDF+Excel | Report ID: SR112024A1708
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Market Overview:

The North America samarium cobalt magnets market size reached 465.4 Tons in 2023. Looking forward, IMARC Group expects the market to reach 565.8 Tons by 2032, exhibiting a growth rate (CAGR) of 2.1% during 2024-2032.

Report Attribute 
Key Statistics
Base Year
Forecast Years
Historical Years
Market Size in 2023
465.4 Tons
Market Forecast in 2032
565.8 Tons
Market Growth Rate 2024-2032 2.1%

Samarium-Cobalt (SmCo) magnets are known as “the first generation of the rare-earth magnets”. These magnets are composed of samarium, cobalt and iron. After Neodymium-iron-boron magnets (NdFeB), they are one of the strongest magnets and possess several distinct characteristics. Some of these properties include high thermal conductivity, high coercivity and easy operability at higher temperatures. Moreover, with limited size and weight, SmCo magnets exhibit good corrosion resistance without additional surface treatment. On account of these properties, they are often used in high temperature applications and where strong magnetic fields are required.

The North America samarium cobalt magnets market is currently being driven by several factors. Samarium cobalt magnets are widely utilized in sensors, computer hard drives, AC servomotors, actuators, bias magnets, ultrasonic transducers, traveling wave tubes and high performance motors. Owing to this, they find distinctive applications in defense and aerospace sectors in the region. Moreover, there is an escalated demand for these magnets in the electronics, medical devices, motors and actuators manufacturing industries, which further drives the market. In addition to this, rapid technological advancements across the automobile and automation sectors have also catalyzed the SmCo magnets market growth in the region.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the North America samarium cobalt magnets market report, along with forecasts at the regional and country level from 2024-2032. Our report has categorized the market based on application.

  • Key Regions Analysed
    • United States
    • Canada
    • Mexico
  • Analysis for Each Country
  • Market by Application
    • Defense
    • Aerospace
    • Electronics
    • Medical Devices
    • Others
  • Value Chain Analysis
  • Key Drivers and Challenges
  • Porters Five Forces Analysis
  • PESTEL Analysis
  • Government Regulations
  • Competitive Landscape
    • Competitive Structure
    • Key Player Profiles

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units Tons
Segment Coverage Application, Country
Countries Covered United States, Canada, Mexico
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3699 
Five User License: US$ 4699
Corporate License: US$ 5699 
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)

Key Questions Answered in This Report

The North America samarium cobalt magnets market reached a volume of 465.4 Tons in 2023.

We expect the North America samarium cobalt magnets market to exhibit a CAGR of 2.1% during 2024-2032.

The rising demand for samarium cobalt magnets across various industries, such as defense, aerospace, consumer electronics, etc., as they provide optimal thermal conductivity, high coercivity, easy operability at higher temperatures, etc., is primarily driving the North America samarium cobalt magnets market.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several North American nations, resulting in the temporary halt in numerous production activities for samarium cobalt magnets.

Based on the application, the North America samarium cobalt magnets market can be bifurcated into defense, aerospace, electronics, medical devices, and others. Currently, the defense sector holds the largest market share.

On a regional level, the market has been classified into United States, Canada, and Mexico, where United States currently dominates the North America samarium cobalt magnets market.

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North America Samarium Cobalt Magnets Market Report by Application (Defense, Aerospace, Electronics, Medical Devices, and Others), and Country 2024-2032
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