Samarium cobalt magnets market will grow at a rate of 3.95% for the forecast period of 2021 to 2028. Rise in demand from end-use industries such as consumer electronics and medical technology acts as a vital factor driving the growth of samarium cobalt magnets market.
Samarium cobalt magnet is made of an alloy of samarium and cobalt and is a strong permanent magnet and one of the rare earth magnets. Samarium cobalt magnet has a property called anisotropy, which is, samarium cobalt and can be magnetized only in the axis of their magnetic orientation.
Increase in the demand for permanent magnet in the automotive applications is the vital factor escalating the market growth, also rise in the demand for electric and hybrid vehicles from end-use consumers and rise in the research and development activities in the market are the major factors among others driving the samarium cobalt magnets market. Moreover, rise in the technological advancements and modernization in the production techniques and rise in the demand from emerging economies will further create new opportunities for the samarium cobalt magnets market in the forecast period of 2021- 2028.
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The major players covered in the samarium cobalt magnets market report are Ningbo ketian Magnet Co., Ltd, adamsmagnetic, Arnold Magnetic Technologies, Eclipse Magnetics, Hangzhou Permanent Magnet Group, MOLYCORP CHEMICALS OXIDES (EUROPE) LTD, Shin-Etsu Chemical Co., Ltd, Hitachi, Ltd and Lynas Rare Earths Ltd among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Scope of the Samarium Cobalt Magnets Market Report:
amarium cobalt magnets market is segmented on the basis of product type and application. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target markets.
- Based on product type, the samarium cobalt magnets market is segmented into cylinder, ring and others.
The samarium cobalt magnets market is also segmented on the basis of application into general industrial, consumer electronics, medical technology, automotive, aerospace defense, environment energy and others.
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Samarium Cobalt Magnets Market Regional Analysis/Insights
The Samarium Cobalt Magnets market is analyzed and market size insights and trends are provided by country, material type, end user and application as referenced above.
The countries covered in the Samarium Cobalt Magnets market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the high demand for fiber cement Samarium Cobalt Magnets within the region. Asia-Pacific on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029, due to the prominent presence of fiber cement Samarium Cobalt Magnets market players within the region. Moreover, the high requirement for the residential and commercial building construction also boosts the regional demand.
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