The North America samarium cobalt magnets market size reached 454.1 Tons in 2022. Looking forward, IMARC Group expects the market to reach 525.6 Tons by 2028, exhibiting a growth rate (CAGR) of 2.44% during 2023-2028.
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 2023-2028. Our report has categorized the market based on application.
- Key Regions Analysed
- United States
- Analysis for Each Country
- Market by Application
- Medical Devices
- Value Chain Analysis
- Key Drivers and Challenges
- Porters Five Forces Analysis
- PESTEL Analysis
- Government Regulations
- Competitive Landscape
- Competitive Structure
- Key Player Profiles
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Key Questions Answered in This Report:
- How has the North America samarium cobalt magnets market performed so far and how will it perform in the coming years?
- What are the key regions in the North America samarium cobalt magnets market?
- What has been the impact of COVID-19 on the North America samarium cobalt magnets market?
- What is the breakup of the North America samarium cobalt magnets market on the basis of application?
- What are the various stages in the value chain of the North America samarium cobalt magnets industry?
- What are the key driving factors and challenges in the North America samarium cobalt magnets industry?
- What is the structure of the North America samarium cobalt magnets industry and who are the key players?
- What is the degree of competition in the North America samarium cobalt magnets industry?
- What are the profit margins in the North America samarium cobalt magnets industry?