The global samarium cobalt magnets market size was valued at USD 590.9 Million in 2024 and is expected to reach USD 757.6 Million by 2033. It is projected to grow at a CAGR of 2.66% during the forecast period 2025-2033. The market growth is driven by increasing demand for high-temperature applications, renewable energy, and advanced electronics. Innovations in manufacturing and recycling technologies, as well as geopolitical efforts to secure rare earth supplies, are further stabilizing and expanding the market.
Study Assumption Years
- Base Year: 2024
- Historical Year/Period: 2019-2024
- Forecast Year/Period: 2025-2033
Samarium Cobalt Magnets Market Key Takeaways
- Current Market Size: USD 590.9 Million in 2024
- CAGR: 2.66%
- Forecast Period: 2025-2033
- Key drivers include applications in the aerospace and defense sectors due to high thermal stability and resistance to demagnetization.
- Growing demand from electric vehicles and wind turbines boosts market expansion.
- Advancements in electronics and medical devices needing precise components further drive growth.
- Rising adoption in renewable energy sectors, specifically wind turbines, due to magnet strength and temperature stability.
- Increasing R&D investments to enhance magnetic properties and reduce production costs.
- Geopolitical efforts to diversify rare earth supply and recycling initiatives support market sustainability.
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Market Growth Factors
The samarium cobalt magnets market growth is largely propelled by its application in high-temperature and high-performance sectors such as aerospace and defense. These magnets are preferred for their exceptional thermal stability and resistance to demagnetization, making them critical components in missile guidance, radar, and communication technologies. Additionally, the defense sector's modernization and the acquisition of advanced weaponry and electronic systems stimulate continuous demand. For instance, projects approved by the Defense Acquisition Council in 2024, worth Rs 84,560 crore, include air defense radars and maritime reconnaissance aircraft, underscoring the strategic importance of these magnets.
Another growth factor is the intensifying demand from the renewable energy and electric vehicle sectors. The renewable energy segment, especially wind turbines, benefits from the magnets’ high strength and thermal stability which are essential for efficient performance under harsh conditions. Electric vehicle sales reached over 10 million units in 2022, with expectations to rise to 14 million in 2023—a 35% increase. The magnets’ high energy density supports the demanding efficiency needs in EV motors and other sustainable technologies, enabling overall advancements in clean energy adoption globally.
Technological advancements also significantly boost market growth. Collaborations like that between Ames Laboratory and Electron Energy Corporation aim to improve the brittleness of SmCo magnets while optimizing production. Innovations such as additive manufacturing and enhanced sintering processes are reducing costs and improving manufacturing efficiency. These advances allow for complex magnet shapes, better yield, and consistent performance, catering to high-tech industry demands. Moreover, geopolitical initiatives to secure rare earth supplies—including funding for projects to extract rare earths from coal byproducts—and investments in recycling efforts reduce supply chain risks and promote sustainable growth.
Market Segmentation
Breakup by Application:
- Defence: The segment holds the largest market share, driven by critical use in military applications requiring thermal stability and resistance to demagnetization.
- Aerospace: Utilizes SmCo magnets for high-performance electrical systems under extreme environmental conditions.
- Electronics: Growing use in precision components for various electronic devices.
- Medical Devices: Increasing application due to need for compact, reliable magnets in medical instrumentation.
- Others: Covers additional sectors adopting SmCo magnets for their specialized needs.
Regional Insights
China dominates the samarium cobalt magnets market with the largest market share, benefiting from 85% processing capacity and 70% global mine production of rare earth elements in 2022. China also increased its 2023 mining quota to 240,000 tonnes, up 14% from the previous year. The U.S. sources 74% of its rare earth imports from China, down from 80%. Strong manufacturing capabilities and extensive applications in electronics, automotive, and renewable energy sectors sustain China’s leadership. North America and Europe show significant growth owing to demand from aerospace, defense, and renewable energy sectors.
Recent Developments & News
In November 2023, Adams Magnetic Products was acquired by High Street Capital, a private equity firm, providing expansion and innovation resources while retaining current ownership stakes. In April 2023, Arnold Magnetic Technologies partnered with Cyclic Materials to develop a sustainable circular supply chain for rare earth materials by boosting recycling efficiency, aiming to reduce reliance on foreign sources, especially China. These developments highlight strategic moves toward supply chain sustainability and growth.
Key Players
- 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.
- Thomas & Skinner Inc.
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