Global Samarium Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Rings, Cylinders, Rod, Wire, Other), By Application (Nuclear Reactors, Infrared Absorbing Glass, Optical Laser, Ceramics, Magnets, Medicine, Others), By Industry Vertical (Medical & Healthcare, Automotive, Aerospace, Energy & Power, Consumer Electronics, Communication & Technology, Others), And By Geography - Forecasts From 2022 To 2027

The global samarium market is estimated to be valued at US$14.382 million in 2020. Samarium is a rare earth metal having pronounced silver luster and belongs to the lanthanide series. The metal is naturally found in bastnasite & monazite minerals and can be commercially produced through the electrolysis of molten chloride with sodium chloride. It is rich in hardness and temperature management owing to which it finds major applicability in nuclear reactors, infrared-absorbing glass, and magnets among others. Growing demand for nuclear electricity and bolstering growth in the automotive and aerospace sector is creating a drive in the global samarium market. For instance, according to the World Nuclear Association, in 2021, nuclear electricity production stood at 2,653 billion kWh which showed an increase of 4% in comparison to 2,553 billion kWh produced in 2020. Also, according to the International Organization of Motor Vehicles Manufacturers, in 2021, global automotive production stood at 80.1 million units which showed an increase of 3% in comparison to 2020’s global production scale. Furthermore, according to its annual report of Boeing, in 2021, the company’s revenue from the defense, space & security segment which includes sales of military aircraft, saw an increase of 1.2% in comparison to 2020’s sales. Samarium cobalt magnets are used in military aircraft for avoiding enemy surveillance, as infrared absorbing glass it is used in automotive windshields, and in nuclear reactors it is used in control rods. Such rapid development in these major end-users of samarium will propel the global samarium market growth during the forecast period.

Based on industry vertical, the global samarium market is segmented into medical & healthcare, automotive, aerospace, energy & power, consumer electronics, communication & technology, and others. The consumer electronics sector is expected to grow at a highly significant rate during the forecast period of the global samarium market. The samarium magnets due to their higher resistance to demagnetization find high applicability in mobile accessories such as headphones and other consumer electronics items such as microwaves. With the rapid population growth coupled with an increase in disposable income, the demand for such consumer electronics and accessories items is expected to show significant growth in the future owing to which, the usage of samarium magnets in them is also expected to increase, thereby boosting its market demand under the consumer electronics sector during the forecast period.

The bolstering growth in smartphone consumption has boosted the demand for mobile accessories which has simultaneously accelerated samarium usage. Samarium cobalt magnets in comparison to other magnets have higher temperature resistance permanent magnetization owing to which they find high applicability in electronic accessories such as headphones. With the rapid increase in urban population and improvement in living standards, the demand and consumption of smartphones have shown a significant increase over the years. For instance, according to the business report Samsung, in 2021, the company’s sales revenue of mobile devices saw an increase of 9% in comparison to 2020’s sales revenue. Furthermore, according to the annual report of Apple Inc, in 2021, the company’s iPhone sales revenue stood at US$191,973 million which showed an increase of 39.3% in comparison to 2020’s sales revenue. Owing to such a rapid increase in smartphone consumption, the demand for headphone accessories is also expected to increase in the future, thereby simultaneously increasing the demand and usage of samarium cobalt magnets in the headphone, which will augment the global samarium market growth during the forecast period.

Recent development and expansion

• In December 2020, Ames Laboratory partnered with the European Economic Committee (EEC) for work related to the improvement of samarium cobalt magnets and to promote its cost-effective industrial-scale production.
• In August 2019, the Critical Material Institute of the US Department of Energy collaborated with the Department of Physics and Astronomy and the Nebraska Center for Materials and Nanoscience for enhancing the magnetic anisotropy and magnetization of samarium cobalt magnet through the usage of orbital-moment quenching that would improve the performance of the magnet.

Covid-19 Impact on the Samarium Market

Samarium cobalt magnets have high applicability in headphones and also, and they find great usage in automotive motors and other accessories. The restrictions implemented by the governing authorities to prevent the widespread of COVID-19 disrupted the activities of such major end users of the samarium. For instance, according to the International Organization of Motor Vehicle Manufacturers, in 2020, global automotive production stood at 77.7 million units which represented a decrease of 15.7% in comparison to 2019’s global production scale. Furthermore, according to Samsung’s 2020 Business report, the company’s sales revenue of mobile devices saw a decrease of 6.2% in comparison to 2019. With the decrease in automotive production and smartphone sales, the usage of samarium in automotive motors and smartphone accessories such as headphones also decreased. However, in the coming years, the global samarium market is expected to show steady growth owing to the easing of the COVID regulations by the governing authorities of the countries which are expected to boost the consumption of consumer durable goods such as automotive and smartphones thereby, simultaneously increasing the market demand for samarium.

Global Samarium Market Scope:

Segmentation

• By Type
  • Rings
  • Cylinders
  • Rod
  • Wire
  • Other
• By Application
  • Nuclear Reactors
  • Infrared Absorbing Glass
  • Optical Laser
  • Ceramics
  • Magnets
  • Medicine
  • Others
• By Industry Vertical
  • Medical & Healthcare
  • Automotive
  • Aerospace
  • Energy & Power
  • Consumer Electronics
  • Communication & Technology
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • Israel
    • United Arab Emirates
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • Indonesia
    • Thailand
    • Taiwan
    • Others