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 was valued at US$16.777 million in 2022, which is estimated to grow at a CAGR of 7.97% and reach US$28.702 million in 2029.

Samarium is a rare earth metal, also known as silver luster, that belongs to the lanthanide series. The metal is naturally found in bastnasite and 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 other things. 

The samarium market is largely fuelled by rising demand for high-performance magnets, notably samarium-cobalt magnets. Their superior magnetic qualities are essential in electric cars, renewable energy systems, aerospace and defense, electronics, and industrial machinery. The ongoing growth of these industries is projected to drive the samarium market forward.

GLOBAL SAMARIUM MARKET DRIVERS:

• Growing demand for nuclear electricity and bolstering growth in the automotive and aerospace sectors is driving 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% compared to 2,553 billion kWh produced in 2020. According to the International Organization of Motor Vehicle Manufacturers, in 2021, global automotive production stood at 80.1 million units, which showed an increase of 3% compared 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, including military aircraft sales, saw an increase of 1.2% compared to 2020’s sales. Samarium cobalt magnets are used in military aircraft to avoid enemy surveillance, infrared absorbing glass 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 its global market growth during the forecast period.

• The bolstering growth in smartphone consumption has boosted the demand for mobile accessories, simultaneously accelerating samarium usage. In comparison to other magnets, Samarium cobalt 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 significantly increased 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% compared 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% compared to 2020’s sales revenue. Owing to such a rapid increase in smartphone consumption, the demand for headphone accessories is also expected to increase, simultaneously increasing the demand and usage of samarium cobalt magnets in headphones. This will augment the global samarium market growth during the forecast period.

GLOBAL SAMARIUM MARKET SEGMENT ANALYSIS:

• By end-user industry, the consumer electronics industry is anticipated to be one of the fastest-growing segments in the market.

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. Due to their higher resistance to demagnetization, the samarium magnets are highly applicable to mobile accessories such as headphones and other consumer electronics items such as microwaves.

With the rapid population growth and increased disposable income, the demand for such consumer electronics and accessories items is expected to show significant growth in the future. Owing to this, the usage of samarium magnets is also expected to increase, thereby boosting its market demand in the consumer electronics sector during the forecast period. The Indian appliance and consumer electronics market was valued at $9.09 billion in 2022 and is predicted to more than double to Rs. 1.48 lakh crore (US$ 21.18 billion) by 2025.

• Asia Pacific’s samarium market is anticipated to grow significantly.

The Asia Pacific region is developing as a major player in the global samarium industry. Several factors drive this increase. For instance, the region's growing industrialization, notably in China, India, and South Korea, is increasing samarium demand across various industries. Asia Pacific is a manufacturing powerhouse that serves the electronics, automotive, and renewable energy industries, all of which employ samarium-based goods extensively.

In line with this, domestic electronics production was valued at $101 billion in FY23 and is divided into the following categories (based on FY22 data): mobile phones (43%), IT hardware (5%), consumer electronics (12%), strategic electronics (5%), industrial electronics (12%), wearables and hearables (0.3%), PCBA (0.7%), auto electronics (8%), LED lighting (3%), and electronic components.

Furthermore, the growing emphasis on renewable energy sources, such as wind and solar power, drives demand for samarium-based magnets, which are crucial in these technologies. The electric car revolution, spearheaded by China, is boosting the need for high-performance magnets, with samarium playing an important role.

While the Asia Pacific samarium industry has growth potential, issues such as supply chain interruptions, price volatility, and environmental concerns are being addressed. These problems further create opportunities for innovation and sustainable practices.

Global Samarium Market Key Developments:

• In February 2024, Telix Pharmaceuticals Limited agreed to buy QSAM Biosciences, Inc. and its key experimental medicine, Samarium-153-DOTMP. QSAM is a U.S.-based firm that creates therapeutic radiopharmaceuticals for primary and metastatic bone cancer.

The global samarium market is segmented and analyzed as follows:

• 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
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Rest of the Middle East and Africa
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Rest of Asia-Pacific

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1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base and Forecast Years Timeline

1.8. Key benefits for the stakeholders

2. RESEARCH METHODOLOGY  

2.1. Research Design

2.2. Research Process

3. EXECUTIVE SUMMARY

3.1. Key Findings

3.2. Analyst View

4. MARKET DYNAMICS

4.1. Market Drivers

4.1.1. Increasing Demand in Various End-User Industries

4.1.2. Advancements in Technology

4.2. Market Restraints

4.2.1. Supply Chain Constraints

4.2.2. Environmental Concerns

4.3. Porter’s Five Forces Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. The Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

5. GLOBAL SAMARIUM MARKET BY TYPE

5.1. Introduction

5.2. Rings

5.3. Cylinders

5.4. Rod

5.5. Wire

5.6. Other

6. GLOBAL SAMARIUM MARKET BY APPLICATION

6.1. Introduction

6.2. Nuclear Reactors

6.3. Infrared Absorbing Glass

6.4. Optical Laser

6.5. Ceramics

6.6. Magnets

6.7. Medicine

6.8. Others

7. GLOBAL SAMARIUM MARKET BY INDUSTRY VERTICAL

7.1. Introduction

7.2. Medical & Healthcare

7.3. Automotive

7.4. Aerospace

7.5. Energy & Power

7.6. Consumer Electronics

7.7. Communication & Technology

7.8. Others

8. GLOBAL SAMARIUM MARKET BY GEOGRAPHY

8.1. Global Overview

8.2. North America

8.2.1. United States

8.2.2. Canada

8.2.3. Mexico

8.3. South America

8.3.1. Brazil

8.3.2. Argentina

8.3.3. Rest of South America

8.4. Europe

8.4.1. United Kingdom

8.4.2. Germany

8.4.3. France

8.4.4. Italy

8.4.5. Spain

8.4.6. Rest of Europe

8.5. Middle East and Africa

8.5.1. Saudi Arabia

8.5.2. United Arab Emirates

8.5.3. Rest of the Middle East and Africa

8.6. Asia-Pacific

8.6.1. China

8.6.2. India

8.6.3. Japan

8.6.4. South Korea

8.6.5. Taiwan

8.6.6. Thailand

8.6.7. Indonesia

8.6.8. Rest of Asia-Pacific

9. COMPETITIVE ENVIRONMENT AND ANALYSIS

9.1. Major Players and Strategy Analysis

9.2. Market Share Analysis

9.3. Mergers, Acquisitions, Agreements, and Collaborations

9.4. Competitive Dashboard

10. COMPANY PROFILES

10.1. Rainbow Rare Earth Limited

10.2. HEFA Rare Earth Canda Co. Ltd

10.3. Avalon Advanced Material Inc

10.4. Electron Energy Corporation

10.5. Arnold Magnetic Technologies

10.6. Ottokemi

10.7. Shin-Etsu Chemical Co., Ltd.

10.8. Standford Advanced Materials

10.9. Sandoo Pharmaceuticals and Chemicals Co., Ltd.

10.10. ATT Advanced Elemental Materials Co., Ltd. 

Rainbow Rare Earth Limited

HEFA Rare Earth Canda Co. Ltd

Avalon Advanced Material Inc

Electron Energy Corporation

Arnold Magnetic Technologies

Ottokemi

Shin-Etsu Chemical Co., Ltd.

Standford Advanced Materials

Sandoo Pharmaceuticals and Chemicals Co., Ltd.

ATT Advanced Elemental Materials Co., Ltd.