LONDON, May 15, 2017 /PRNewswire/ -- Samarium Cobalt (SmCo) magnets are made of samarium, cobalt and iron, a type of rare earth magnet.
Developed in the early 1970's and 80's, they are known for their high magnetic strength and high resistance to corrosion. These magnets have excellent thermal stability and can withstand very high operating temperatures. Being very strong and brittle, they require proper handling and packing. Samarium Cobalt magnets can, however, be more susceptible to chipping and cracking, as a result, they need to be stored in a low humidity and mild temperature. These magnets are currently used for certain niche applications, particularly in the defense and aerospace sectors.
Here are some Key findings of the Study:
· The global samarium cobalt magnets market has grown at a CAGR of around 2.8% during 2009-2016, reaching a volume of around 3,762 Metric Tons in 2016.
The report has segmented of the study on the basis of major regions:
· China represents both the largest producer as well as the largest consumer of SmCo magnets accounting for more than 71% of the total global consumption.
· One of the key factors making China the biggest producer of these magnets is the fact that it has a monopoly over the raw materials that are used to produce them.
· Many dependent industries have set up their plants in China so as to have a cost advantage. China is followed by the United States and Europe.
This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who are planning to foray into the samarium cobalt magnets market in any manner.
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