Global Samarium Cobalt Magnets Market to Reach USD 757.6 Million by 2033, Impelled by Rising Product Utilization in Automotive Industry

January 22, 2025 | Chemical & Materials

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According to the latest report by IMARC Group, titled "Samarium Cobalt Magnets Market Report by Application (Defence, Aerospace, Electronics, Medical Devices, and Others), and Region 2025-2033," the global samarium cobalt magnets market reached a value of USD 590.9 Million in 2024. Samarium cobalt (SmCo) magnets generally belong to the rare-earth family of permanent magnets. They are manufactured from alloy metal and exhibit exceptional magnetic properties. They are widely available in numerous shapes, including discs, cylinders, blocks and bars that differ on the basis of size and grades. Due to their several advantages, such as high resistance to corrosion or demagnetization, excellent temperature stability and minimal change in magnetic output, there has been a significant increase in the adoption of SmCo magnets in the production of turbo machinery, motors and electric motors, sensors, pump couplings and traveling-wave tubes.

Global Samarium Cobalt Magnets Market Trends:

The global market is primarily driven by the rising product demand from the automotive industry. This can be attributed to the widespread adoption of samarium cobalt magnets in the manufacturing of locking systems and windshield wipers of vehicles. In line with this, the increasing demand for electric vehicles (EVs) and hybrid vehicles among the masses is another vital factor driving the market growth. Along with this, the extensive application of SmCo magnets in the production of flight navigation systems that aid in determining cardinal directions is providing a boost to the growth of the market. Moreover, the growing investments by public and private agencies in the manufacturing of advanced military weapons are also impacting the market favorably. Additionally, continual technological advancements, such as the miniaturization of equipment, and the rising integration of high magnetic strength in new and existing applications, are creating a positive market outlook. Some of the other factors driving the market include rapid industrialization, the growing adoption of consumer electronics and extensive research and development (R&D) activities conducted by key players. On account of the aforementioned factors, the market is anticipated to reach a value of USD 757.6 Million by 2033, exhibiting a CAGR of 2.66% during 2025-2033.

Market Summary:

Based on the application, the market has been segmented into defence, aerospace, electronics, medical devices and others. Presently, defense represents the largest application segment.
On the basis of the region, the market has been divided into China, USA, Europe and others. China currently holds 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. Some of these players include 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. and Thomas & Skinner Inc.

Report Coverage:

Report Features	Details
Base Year of the Analysis	2024
Historical Period	2019-2024
Forecast Period	2025-2033
Units	Tons, Million USD
Segment Coverage	Application, Region
Region Covered	China, USA, Europe, Others
Companies Covered	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. and Thomas & Skinner Inc.
Customization Scope	10% Free Customization
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Samarium Cobalt Magnets Market to Reach USD 757.6 Million by 2033, Impelled by Rising Product Utilization in Automotive Industry

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