The latest report by IMARC Group, titled “Samarium Cobalt Magnets Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032“, offers a comprehensive analysis of the industry, which comprises insights on the global samarium cobalt magnets market share. The global market size reached US$ 574.8 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 742.8 Million by 2032, exhibiting a growth rate (CAGR) of 2.8% during 2024-2032. 

Samarium cobalt magnets, which are crafted from a blend of samarium and cobalt, are a specialized category of permanent magnets. These magnets are revered for their remarkable resistance to oxidation, excellent stability under high temperatures, and notable magnetic power. Commonly referred to as SmCo magnets, they are particularly prized in scenarios where withstanding elevated temperatures and resisting corrosion are vital. Due to their distinctive characteristics, these magnets are well-suited for enhancing motors, actuators, and sensors, as well as for being utilized in diverse sectors such as aerospace, defense, and healthcare. Their versatility also extends to industrial automation, renewable energy applications, and communication technology. Consequently, samarium cobalt magnets have emerged as indispensable components in a wide array of high-performance and critical applications owing to their durable qualities.

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Samarium Cobalt Magnets Market Trends and Drivers:

The growth of the global market for samarium cobalt magnets is mainly influenced by their increasing use in electric and hybrid vehicles due to their high temperature resistance and magnetic performance. Additionally, the market is being driven by the automation of manufacturing industries and the expansion of renewable energy projects that require efficient magnetic materials. The demand for compact and lightweight devices in aerospace and medical sectors is also contributing to the rising need for these magnets. Furthermore, ongoing advancements in material science are leading to the development of samarium cobalt magnets with improved properties, creating new opportunities for their application in various industries and driving market expansion.

Report Segmentation:

The report has segmented the market into the following categories:

Breakup by Application:

  • Defence
  • Aerospace
  • Electronics
  • Medical Devices 
  • Others

Market Breakup by Region:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa

Competitive Landscape with Key Player:

  • 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.
  • Thomas & Skinner Inc.

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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