Samarium Cobalt Magnets Market Size, Share, Growth Report 2032

Industry Perspective:

The global samarium cobalt magnets market size was evaluated at $15.5 Billion in 2022 and is slated to hit $19.9 Billion by the end of 2030 with a CAGR of nearly 7.7% between 2023 and 2030.

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The market report is an indispensable guide on growth factors, challenges, restraints, and opportunities in the global marketspace. The samarium cobalt magnets industry report covers the geographical market along with a comprehensive competitive landscape analysis. It also includes cash flow analysis, profit ratio analysis, market basket analysis, market attractiveness analysis, PESTEL analysis, SWOT analysis, Porter’s five force analysis, and value chain analysis. Additionally, the samarium cobalt magnets market report explores the investor and stakeholder space to help companies make data-driven decisions.

Samarium Cobalt Magnets Market: Overview

Samarium cobalt magnet, which is a kind of rare earth magnet, is made of two elements, namely, samarium & cobalt and is a robust permanent magnet. Samarium cobalt magnet exhibit anisotropy, which means that samarium cobalt can be magnetized only in the axis of their magnetic orientation. This can be made by aligning the crystal structure of samarium cobalt at the time of the production process. Reportedly, samarium–cobalt magnets are ranked in the same way as neodymium magnets. However, they have higher temperature ratings as well as higher coercivity in comparison to neodymium magnets.

Key Insights

• As per the analysis shared by our research analyst, the global Samarium Cobalt Magnets market is projected to expand annually at the annual growth rate of around 8.8% over the forecast timespan (2023-2030)
• In terms of revenue, the global samarium cobalt magnets market size was evaluated at nearly $12.8 billion in 2022 and is expected to reach $15.8 billion by 2030.
• The global market is anticipated to record massive growth over the forecast period owing to favorable government policies and the allocation of funds for research projects for improving medical treatments.
• Based on product, the low growth of the gross & fine motor skills segment is predicted to contribute majorly towards the market growth over the forecast timeline.
• In terms of treatment, the antibiotics segment is projected to account for a major share of the global market in 2023-2030.
• Region-wise, the Asia-Pacific samarium cobalt magnets market is projected to register the highest CAGR during the assessment period.

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Samarium Cobalt Magnets Market: Growth Factors

Beneficial features of the product to boost the global market trends

With samarium cobalt magnets resistant to demagnetization, the market for samarium cobalt magnets is predicted to expand by leaps and bounds. Apart from this, these magnets are resistant to corrosion & oxidative resistance and find extensive applications in high temperatures as well as extreme conditions. Furthermore, samarium cobalt magnets are used in turbomachinery, traveling wave tube field magnets, and benchtop NMR spectrometers. Apart from this, they are utilized in high-end electric motors and systems that operate at cryogenic temperatures or high thermal temperatures. All these aforementioned factors will steer the growth of the global samarium cobalt magnet market across the globe.

Furthermore, a rise in product demand across the end-use sectors including consumer electronics and medical technology will proliferate the expansion of the samarium cobalt magnets market across the globe. A prominent penetration of products in the automotive sector due to the rise in the demand for hybrid and electric vehicles from various end-use sectors will prompt the growth of the global market.

Samarium Cobalt Magnets Market: Hindrances

Price oscillations and brittleness to impede the global industry growth

Samarium cobalt magnets are costly and subject to price fluctuations & price sensitivity. Apart from this, they are brittle and can be cracked and chipped. All these aforementioned factors will impede the expansion of the global samarium cobalt magnets industry.

Samarium Cobalt Magnets Market: Opportunities

Huge product demand across various end-use sectors to open new vistas of growth for the global market

Large-scale use of samarium cobalt magnets in the defense and medical device sectors will open new growth avenues for the samarium cobalt magnets market across the globe. Massive demand for products in various end-use sectors in emerging economies will enlarge the scope of the growth of the global industry.

Samarium Cobalt Magnets Market: Challenges

Surge in research & development costs related to exploring rare earth metals can pose a big challenge to the growth of the global industry

Strict government laws pertaining to the mining of samarium cobalt magnets can put a huge challenge to the growth of the global samarium cobalt magnets industry. Increase in the cost of research & development activities will further pose a big challenge for the global samarium cobalt magnets industry expansion.

Samarium Cobalt Magnets Market: Segmentation

The global samarium cobalt magnets market is sectored into product type, application, and region.   

In terms of product type, the global samarium cobalt magnets market is sectored into cylinder, ring, and others segments. Furthermore, the ring segment, which accounted for more than one-third of the global market share in 2022, is predicted to retain its domination status even during 2023-2030. The segmental surge in the next eight years can be attributed to beneficial product features such as high heat resistance and massive corrosion resistance.

Based on the application, the global samarium cobalt magnets industry is divided into industrial, consumer electronics, environment & energy, medical technology, automotive, aerospace & defense, and others segments. The automotive segment, which dominated the application space in 2022, is set to account for a major market share over the forecast timeline. The growth of the segment in the coming years can be due to the large-scale use of the product in electric as well as hybrid vehicles in the form of electric car motors.

Recent Breakthroughs

• In the second half of 2022, the U.S. government has allowed a waiver for Chinese alloy that is to be used in F-35 fighter jets. Reportedly, the engines of the fighter jets manufactured by Honeywell Systems make use of samarium cobalt magnet. The move is likely to contribute majorly towards the samarium cobalt market earnings in China and add to the increase in its GDP.
• In the last quarter of 2021, General Motors planned for sourcing rare earth magnets for developing electric vehicles in the future at the U.S.-based manufacturing units as per two different deals with MP Materials Inc., a U.S.-based rare earth material manufacturing firm, and Vaccuumschmeize. The move is aimed at sourcing materials for electric vehicles for its Ultium tool. Moreover, it has predicted to manufacture electric vehicles by 2025.

Samarium Cobalt Magnets Market: Report Scope

Samarium Cobalt Magnets Market: Regional Insights 

Asia-Pacific Samarium Cobalt Magnets market to record noteworthy growth over 2023-2030

The Asia-Pacific, which accounted for a major revenue share of the global samarium cobalt magnets market in 2022, is anticipated to dominate the regional market growth over the forecast timeline. The regional market surge over 2023-2030 can be due to surging demand for electric and hybrid vehicles including cars and bikes from end-users. Apart from this, an increase in investments in research and development projects related to discovering rare earth metals in the countries such as India, Japan, Singapore, Taiwan, and China in Asia will boost the market demand in the Asia-Pacific zone.

On the other hand, the samarium cobalt magnets industry in North America is predicted to record the highest gains of 8.7% in the forthcoming years. The regional market expansion over the forecast timespan can be due to the huge penetration of products in defense and automotive sectors in the countries such as Canada and the U.S.

Samarium Cobalt Magnets Market: Competitive Space

The global samarium cobalt magnets market profiles key players such as:

• Hangzhou Permanent Magnet Group (HPMG)
• Arnold Magnetic Technologies Corp.
• Ningbo Ketian Magnet Co. Ltd.
• Hitachi Ltd.
• Molycorp Chemicals and Oxides
• Ningbo NGYC (Ninggang Permanent Magnetic) Materials Co. Ltd.
• Shin-Etsu Chemical Co. Ltd.
• ADAMS Magnetic Products Co. Inc.
• Eclipse Magnetics Ltd.
• and Lynas Corporation Ltd.

The global samarium cobalt magnets market is segmented as follows:

By Product Type

• Cylinder
• Ring
• Others

By Application

• Industrial
• Consumer Electronics
• Medical Technology
• Automotive
• Aerospace & Defense
•  Environment & Energy
•  Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa