North America Samarium Cobalt Magnets Market 2023 | Worth 525.6 Tons By 2028

IMARC Group's latest report, titled "North America Samarium Cobalt Magnets Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", the North America samarium cobalt magnets market size reached 454.1 Tons in 2022. Looking forward, IMARC Group expects the market to reach 525.6 Tons by 2028, exhibiting a growth rate (CAGR) of 2.44% during 2023-2028.

Samarium cobalt (SmCo) magnets are made using cobalt, samarium, and iron. They are permanent solid pulls that are widely known for their exceptional magnetic force and high resistance to demagnetization or corrosion. In addition, SmCo magnets can withstand very high operating temperatures and offer excellent thermal stability. As they are very strong and frangible yet susceptible to chipping and cracking, these pulls require storage in low humidity and favorable temperature and appropriate handling and packing. SmCo magnets find widespread applications across various sectors, such as defense, aerospace, electronics, medical, etc.

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North America Samarium Cobalt Magnets Market Growth and Manufacturing:

The escalating product demand in the manufacturing of consumer electronics and medical tools across the region and in military weapons and several systems of aircraft to generate power is among the primary factors driving the North America samarium cobalt magnets market. Besides this, the elevating requirement for the miniaturization of equipment and high magnetic strength in new and existing applications is further augmenting the market growth. Moreover, the inflating need for samarium cobalt magnets in the automotive industry for manufacturing electric and hybrid vehicles, owing to the rising environmental concerns among individuals, is also catalyzing the market across North America. Apart from this, the extensive product utilization in sensors, computer hard drives, AC servomotors, actuators, bias magnets, ultrasonic transducers, traveling wave tubes, and high-performance motors is acting as another significant growth-inducing factor. Furthermore, the increasing technological advancements in the automation sector and the various merger and acquisition (M&A) activities by the leading players are anticipated to propel the North America samarium cobalt magnets market over the forecasted period.

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Key Market Segmentation:

Breakup by Application:

• Defense
• Aerospace
• Electronics
• Medical Devices
• Others

Breakup by Regions:

• United States
• Canada
• Mexico

Key Highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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