
Samarium Cobalt (SmCo) Magnet Market Report and Forecast 2025-2034
Description
The global samarium cobalt (SmCo) magnet market attained a value of about USD 518.88 Million in 2024. The market is further expected to grow in the forecast period of 2025-2034 at a CAGR of 3.80% to reach nearly USD 753.43 Million by 2034.
Extensive Use of Samarium Cobalt (SmCo) in Medical Devices Boosting the Market Growth
The extensive use of samarium cobalt (SmCo) in the medical industry is propelling the market growth. The high-temperature resistive properties of samarium cobalt (SmCo) are increasing the deployment of samarium cobalt (SmCo) in various medical devices, which is augmenting the industry growth. Moreover, the increasing use of samarium cobalt (SmCo) magnets in prostheses, medical implants, and medical sensors owing to their corrosion resistive properties is further bolstering the market growth. As the healthcare sector in developing countries are developing rapidly owing to the introduction of various favourable government initiatives, the demand for devices for advanced imaging is surging. This, in turn, is also increasing the demand for samarium cobalt (SmCo) to enhance the functionality of devices, which is augmenting the market growth. In addition, the high mechanical strength and coercivity of samarium cobalt (SmCo) are increasing its use in various applications, which is providing further impetus to the market growth.
Samarium Cobalt (SmCo): Market Segmentation
Samarium Cobalt (SmCo) refers to a permanent and strong magnet that is made up of the combination of samarium and cobalt. It is a rare-earth magnet and is corrosion-resistant, brittle, and extreme temperature resistant. The excellent properties posited by samarium cobalt makes it ideal for use in extreme conditions in defence and medical devices.
Market Breakup by Application
The rising use of samarium cobalt in the defence sector is propelling the market growth. The high corrosion-resistance and coercivity of samarium cobalt (SmCo) make it ideal for various military applications, such as aircraft and missiles, which is invigorating the industry growth. As samarium cobalt (SmCo) can function in any temperature and pressure, it is extensively used in the electronic components of defence equipment, which is positively impacting the market growth. In addition, the surging use of the product in radar and ground control technology in devices, such as radar magnetron tubes, to aid in focusing the electron beam, is also bolstering the industry growth. Moreover, the growing deployment of samarium cobalt (SmCo) magnets in various cutting-edge defence applications is significantly contributing to the industry growth. Innovations in defence technology and the rising demand for miniature devices are further expected to drive the use of samarium cobalt in the defence industry, which is anticipated to bolster the market growth over the forecast period.
Key Industry Players in the Global Samarium Cobalt (SmCo) magnet Market
The report presents a detailed analysis of the following key players in the global samarium cobalt (SmCo) magnet market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
Extensive Use of Samarium Cobalt (SmCo) in Medical Devices Boosting the Market Growth
The extensive use of samarium cobalt (SmCo) in the medical industry is propelling the market growth. The high-temperature resistive properties of samarium cobalt (SmCo) are increasing the deployment of samarium cobalt (SmCo) in various medical devices, which is augmenting the industry growth. Moreover, the increasing use of samarium cobalt (SmCo) magnets in prostheses, medical implants, and medical sensors owing to their corrosion resistive properties is further bolstering the market growth. As the healthcare sector in developing countries are developing rapidly owing to the introduction of various favourable government initiatives, the demand for devices for advanced imaging is surging. This, in turn, is also increasing the demand for samarium cobalt (SmCo) to enhance the functionality of devices, which is augmenting the market growth. In addition, the high mechanical strength and coercivity of samarium cobalt (SmCo) are increasing its use in various applications, which is providing further impetus to the market growth.
Samarium Cobalt (SmCo): Market Segmentation
Samarium Cobalt (SmCo) refers to a permanent and strong magnet that is made up of the combination of samarium and cobalt. It is a rare-earth magnet and is corrosion-resistant, brittle, and extreme temperature resistant. The excellent properties posited by samarium cobalt makes it ideal for use in extreme conditions in defence and medical devices.
Market Breakup by Application
- Defence
- Aerospace
- Motors, Actuators, and Industrial
- Electronics
- Medical Devices
- Others
- China
- United States
- Europe
- Others
The rising use of samarium cobalt in the defence sector is propelling the market growth. The high corrosion-resistance and coercivity of samarium cobalt (SmCo) make it ideal for various military applications, such as aircraft and missiles, which is invigorating the industry growth. As samarium cobalt (SmCo) can function in any temperature and pressure, it is extensively used in the electronic components of defence equipment, which is positively impacting the market growth. In addition, the surging use of the product in radar and ground control technology in devices, such as radar magnetron tubes, to aid in focusing the electron beam, is also bolstering the industry growth. Moreover, the growing deployment of samarium cobalt (SmCo) magnets in various cutting-edge defence applications is significantly contributing to the industry growth. Innovations in defence technology and the rising demand for miniature devices are further expected to drive the use of samarium cobalt in the defence industry, which is anticipated to bolster the market growth over the forecast period.
Key Industry Players in the Global Samarium Cobalt (SmCo) magnet Market
The report presents a detailed analysis of the following key players in the global samarium cobalt (SmCo) magnet market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
- Arnold Magnetic Technologies
- Adams Magnetic Products Co.
- Eclipse Magnetics Ltd
- Hangzhou Permanent Magnet Group., Ltd
- Ningbo Ninggang Permanent Magnetic Materials Co. Ltd. (NGYC)
- Others
Table of Contents
173 Pages
- 1 Executive Summary
- 1.1 Market Size 2024-2025
- 1.2 Market Growth 2025(F)-2034(F)
- 1.3 Key Demand Drivers
- 1.4 Key Players and Competitive Structure
- 1.5 Industry Best Practices
- 1.6 Recent Trends and Developments
- 1.7 Industry Outlook
- 2 Market Overview and Stakeholder Insights
- 2.1 Market Trends
- 2.2 Key Verticals
- 2.3 Key Regions
- 2.4 Supplier Power
- 2.5 Buyer Power
- 2.6 Key Market Opportunities and Risks
- 2.7 Key Initiatives by Stakeholders
- 3 Economic Summary
- 3.1 GDP Outlook
- 3.2 GDP Per Capita Growth
- 3.3 Inflation Trends
- 3.4 Democracy Index
- 3.5 Gross Public Debt Ratios
- 3.6 Balance of Payment (BoP) Position
- 3.7 Population Outlook
- 3.8 Urbanisation Trends
- 4 Country Risk Profiles
- 4.1 Country Risk
- 4.2 Business Climate
- 5 Global Samarium Cobalt (SmCo) Magnet Market Analysis
- 5.1 Global Samarium Cobalt (SmCo) Magnet Historical Market (2018-2024)
- 5.2 Global Samarium Cobalt (SmCo) Magnet Market Forecast (2025-2034)
- 5.3 Global Samarium Cobalt (SmCo) Magnet Market by Application
- 5.3.1 Defence
- 5.3.1.1 Historical Trend (2018-2024)
- 5.3.1.2 Forecast Trend (2025-2034)
- 5.3.2 Aerospace
- 5.3.2.1 Historical Trend (2018-2024)
- 5.3.2.2 Forecast Trend (2025-2034)
- 5.3.3 Motors, Actuators, and Industrial
- 5.3.3.1 Historical Trend (2018-2024)
- 5.3.3.2 Forecast Trend (2025-2034)
- 5.3.4 Electronics
- 5.3.4.1 Historical Trend (2018-2024)
- 5.3.4.2 Forecast Trend (2025-2034)
- 5.3.5 Medical Devices
- 5.3.5.1 Historical Trend (2018-2024)
- 5.3.5.2 Forecast Trend (2025-2034)
- 5.3.6 Others
- 5.4 Global Samarium Cobalt (SmCo) Magnet Market by Region
- 5.4.1 China
- 5.4.2 United States
- 5.4.3 Europe
- 5.4.4 Others
- 6 Regional Analysis
- 6.1 China
- 6.1.1 Historical Trend (2018-2024)
- 6.1.2 Forecast Trend (2025-2034)
- 6.2 United States
- 6.2.1 Historical Trend (2018-2024)
- 6.2.2 Forecast Trend (2025-2034)
- 6.3 Europe
- 6.3.1 Historical Trend (2018-2024)
- 6.3.2 Forecast Trend (2025-2034)
- 7 Market Dynamics
- 7.1 SWOT Analysis
- 7.1.1 Strengths
- 7.1.2 Weaknesses
- 7.1.3 Opportunities
- 7.1.4 Threats
- 7.2 Porter’s Five Forces Analysis
- 7.2.1 Supplier’s Power
- 7.2.2 Buyer’s Power
- 7.2.3 Threat of New Entrants
- 7.2.4 Degree of Rivalry
- 7.2.5 Threat of Substitutes
- 7.3 Key Indicators for Demand
- 7.4 Key Indicators for Price
- 8 Value Chain Analysis
- 9 Manufacturing Process
- 9.1 Overview
- 9.2 Detailed Process Flow
- 9.3 Operations Involved
- 10 Project Details and Cost Analysis
- 10.1 Land, Location, and Site Development
- 10.2 Construction
- 10.3 Plant Layout
- 10.4 Plant Machinery
- 10.5 Raw Materials Requirement
- 10.6 Packaging
- 10.7 Transportation
- 10.8 Utilities
- 10.9 Manpower
- 10.10 Other Capital Investments
- 11 Competitive Landscape
- 11.1 Supplier Selection
- 11.2 Key Global Players
- 11.3 Key Regional Players
- 11.4 Key Player Strategies
- 11.5 Company Profiles
- 11.5.1 Arnold Magnetic Technologies
- 11.5.1.1 Company Overview
- 11.5.1.2 Product Portfolio
- 11.5.1.3 Demographic Reach and Achievements
- 11.5.1.4 Certifications
- 11.5.2 Adams Magnetic Products Co.
- 11.5.2.1 Company Overview
- 11.5.2.2 Product Portfolio
- 11.5.2.3 Demographic Reach and Achievements
- 11.5.2.4 Certifications
- 11.5.3 Eclipse Magnetics Ltd
- 11.5.3.1 Company Overview
- 11.5.3.2 Product Portfolio
- 11.5.3.3 Demographic Reach and Achievements
- 11.5.3.4 Certifications
- 11.5.4 Hangzhou Permanent Magnet Group., Ltd
- 11.5.4.1 Company Overview
- 11.5.4.2 Product Portfolio
- 11.5.4.3 Demographic Reach and Achievements
- 11.5.4.4 Certifications
- 11.5.5 Ningbo Ninggang Permanent Magnetic Materials Co. Ltd. (NGYC)
- 11.5.5.1 Company Overview
- 11.5.5.2 Product Portfolio
- 11.5.5.3 Demographic Reach and Achievements
- 11.5.5.4 Certifications
- 11.5.6 Others
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