The new report by Expert Market Research titled, ‘Global Samarium Cobalt (SmCo) Magnet Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global samarium cobalt (SmCo) magnet market price, assessing the market based on its segments like application and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 3.5%
The medical industry’s extensive use of samarium cobalt (SmCo) is fueling market expansion. The use of samarium cobalt (SmCo) in various medical devices is expanding due to its high-temperature resistive qualities, which is boosting the industry’s growth. Furthermore, due to their corrosion-resistant qualities, samarium cobalt (SmCo) magnets are increasingly being used in prostheses, medical implants, and medical sensors, boosting the market growth.
The need for advanced imaging devices is increasing as the healthcare industry in emerging countries develops fast as a result of many favourable government initiatives. This, in turn, is driving up demand for samarium cobalt (SmCo) to improve gadget functionality, which is driving up market growth. Furthermore, samarium cobalt (SmCostrong )’s mechanical strength and coercivity are increasing its use in a variety of applications, boosting the market’s growth.
Industry Definition and Major Segments
Samarium Cobalt (SmCo) is a permanent and powerful magnet composed of the elements samarium and cobalt. It’s a rare-earth magnet that’s corrosion-resistant, brittle, and able to withstand severe temperatures. Samarium cobalt’s exceptional characteristics make it suited for usage in harsh environments in defence and medical applications.
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The major application segments of samarium cobalt (SmCo) are:
• Motors, Actuators, and Industrial
• Medical Devices
The EMR report looks into the regional markets of samarium cobalt (SmCo) like:
• the United States
Samarium Cobalt (SmCo) Magnet Market Trends
The market is growing due to the increasing use of samarium cobalt in the defence sector. Samarium cobalt’s corrosion resistance and coercivity make it perfect for a variety of military applications, including aeroplanes and missiles, which is boosting the industry’s growth. Due to its ability to perform at any temperature and pressure, samarium cobalt (SmCo) is widely employed in electronic components of defence equipment, boosting market growth. Furthermore, the growing use of the product in radar and ground control technologies, such as radar magnetron tubes, to assist focus the electron beam, is helping the industry’s growth. Moreover, the increasing use of samarium cobalt (SmCo) magnets in a variety of cutting-edge defence applications is propelling the sector forward. As a result of developments in defence technology and the growing demand for compact gadgets, the use of samarium cobalt in the defence industry is likely to increase, boosting market growth throughout the forecast period.
Key Market Players
The major players in the market are Arnold Magnetic Technologies, Adams Magnetic Products Co., Eclipse Magnetics Ltd, Hangzhou Permanent Magnet Group., Ltd, and Ningbo Ninggang Permanent Magnetic Materials Co. Ltd. (NGYC). The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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