North America Samarium Cobalt Magnets Market to Reach 525.6 Tons by 2028, Fostered by Increasing Preference for Electric Vehicles

April 14, 2023 | Chemical & Materials

According to the latest report by IMARC Group, titled "North America Samarium Cobalt Magnets Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the North America samarium cobalt magnets market size reached 454.1 Tons in 2022. Samarium cobalt (SmCo) magnets are rare earth magnets composed of samarium, cobalt, iron, copper, and zirconium. They are resistant to demagnetization, corrosion, and oxidation and have high magnetic strength and the ability to operate at high temperatures. They also offer high thermal conductivity and high coercivity without additional surface treatment. They are commonly available in numerous grades, sizes, and shapes, such as discs, cylinders, blocks, and bars. 

North America Samarium Cobalt Magnets Market Trends:

There is an increase in the use of SmCo magnets in the automotive industry to power electric motors of the vehicles and provide strong and reliable magnetic fields for efficient operation. This, coupled with the rising preference for hybrid and electric vehicles (H/EVs), represents one of the major factors spurring the market growth in the North American region. Moreover, there is a rise in the use of SmCo magnets in renewable energy sources, such as solar panels and wind turbines. This, coupled with the surging need for electricity, is influencing the market positively in the region. In addition, the increasing use of smartphones, laptops, coffee makers, grillers, toasters, microwaves, gaming consoles, computers, and smart wearables is catalyzing the demand for SmCo magnets. This, along with the emerging trend of miniaturization of electronics, is favoring the growth of the market in the North American region. Apart from this, the rising usage of SmCo magnets in the manufacturing of military weapons and several systems of aircraft to generate power is contributing to the market growth. Furthermore, the growing utilization of SmCo magnets in different medical devices and equipment, such as magnetic resonance imaging (MRI) guided and x-ray tubes to diagnose and treat severe chronic conditions, is creating a positive outlook for the market in the region. On account of the aforementioned factors, the market is anticipated to reach a value of 525.6 Tons by 2028, exhibiting a CAGR of 2.44% during 2023-2028. 

Market Summary:

  • On the basis of the application, the market has been segmented into defense, aerospace, electronics, medical devices, and others. Presently, defense holds the largest market share.
  • Country-wise, the market has been divided into the United States, Canada, and Mexico. Amongst these, the United States enjoys 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.

Report Scope:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units Tons
Segment Coverage Application, Country
Countries Covered United States, Canada, Mexico
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North America Samarium Cobalt Magnets Market to Reach 525.6 Tons by 2028, Fostered by Increasing Preference for Electric Vehicles
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