CLEVELAND, Sept. 27, 2019 /PRNewswire/ -- Global demand for samarium cobalt magnets is projected to expand at a 6.3% annual pace to $419 million in 2023 due to:
- increasing production of electronic devices such as cell phones, tablets, and laptops
- rising need for magnets with resistance to high temperatures and corrosive environments in industrial applications
However, supply constraints for raw cobalt and anticipated robust demand growth for electric vehicles, which utilize cobalt in lithium-ion batteries, could dampen the outlook for SmCo magnets if significant price hikes result for the materials needed to manufacture them. Efforts to recycle SmCo magnets in order to minimize the supply risk of samarium and cobalt and reduce the environmental problems connected with primary mining and ore processing could offset some potential price increases.
These and other trends are presented in the study Global Magnets from The Freedonia Group.
See the study page here: https://www.freedoniagroup.com/industry-study/global-magnets-W1001.htm
According to project director Kyle Peters, "Despite its advanced economy, Western Europe is likely to witness promising growth in demand for cobalt magnets due to a ramp-up in EV production."
Many automobile manufacturers are investing in the production of EVs, including Volkswagen, which in 2018 invested $50 billion for mass production of EVs in Europe and reconfigured three plants in Germany for production of these vehicles.
Samarium cobalt magnets – which are also called rare earth cobalt, RECo magnets – are composed of the rare earth element samarium and cobalt, and typically also contain iron, copper, and zirconium. Along with neodymium magnets, samarium cobalt magnets are often referred to as rare earth magnets. Both bonded and sintered products are available.
About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, and market share information. Studies can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
SOURCE The Freedonia Group