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.
Market Size in 2023
Market Forecast in 2032
Market Growth Rate 2024-2032
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
Analysis for Each Country
Market by Application
Value Chain Analysis
Key Drivers and Challenges
Porters Five Forces Analysis
Key Player Profiles
Base Year of the Analysis
United States, Canada, Mexico
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
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.
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.
Gain a deeper dive into a specific application, geography, customer, or competitor
Any level of personalization
Get in Touch With Us
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
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.
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.