What is Global Samarium-Cobalt Magnet Market?
The Global Samarium-Cobalt Magnet Market is a vast and dynamic sector that deals with the production, distribution, and application of Samarium-Cobalt Magnets. These magnets are a type of rare earth magnet that are made from an alloy of samarium and cobalt. They are known for their high magnetic performance, excellent thermal stability, and resistance to corrosion. The market for these magnets is global, meaning they are produced and used all over the world. The market is influenced by various factors such as technological advancements, demand and supply dynamics, and the economic environment of different regions.
SmCo5, Sm2Co17 in the Global Samarium-Cobalt Magnet Market:
Samarium-Cobalt Magnets come in two main types: SmCo5 and Sm2Co17. SmCo5 magnets are made from an alloy of samarium and cobalt in a 1:5 ratio. They are known for their high coercivity and magnetic energy product. On the other hand, Sm2Co17 magnets are made from an alloy of samarium and cobalt in a 2:17 ratio. They have a higher magnetic energy product and better temperature stability than SmCo5 magnets. Both types of magnets have their own unique properties and applications, and their production and use are determined by the needs and requirements of the market.
Aerospace & Defense, Automotive, Industrial Machinery, Others in the Global Samarium-Cobalt Magnet Market:
The Global Samarium-Cobalt Magnet Market finds its application in various sectors such as Aerospace & Defense, Automotive, Industrial Machinery, and others. In the Aerospace & Defense sector, these magnets are used in various components and systems due to their high magnetic performance and resistance to demagnetization. In the Automotive sector, they are used in electric motors, sensors, and other components. In the Industrial Machinery sector, these magnets are used in various machines and equipment for their high magnetic energy product and thermal stability. Other applications of these magnets include medical devices, consumer electronics, and renewable energy systems.
Global Samarium-Cobalt Magnet Market Outlook:
The Global Samarium-Cobalt Magnet Market was valued at US$ 424 million in 2022. It is expected to reach a value of US$ 567.4 million by 2029, growing at a Compound Annual Growth Rate (CAGR) of 4.2% during the forecast period of 2023-2029. The largest application of Samarium-Cobalt Magnet is in the field of industrial machinery, which accounts for over 40% of the market share. The Asia-Pacific region has the highest sales volume of these magnets, with a market share close to 85%. This shows the significant role of the Asia-Pacific region in the global market for Samarium-Cobalt Magnets.
| Report Metric | Details |
| Report Name | Samarium-Cobalt Magnet Market |
| Accounted market size in 2022 | US$ 424 million |
| Forecasted market size in 2029 | US$ 567.4 million |
| CAGR | 4.2% |
| Base Year | 2022 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | Shin-Etsu, VAC, Galaxy Magnetic, HPMG, NGYC, CO-STAR, Tianhe Magnetics, Electron Energy Corp, Arnold Magnetic |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
