Global Samarium Market: Introduction
Samarium is a chemical element with symbol Sm and atomic number 62. It is a hard and silvery metal that slowly oxidizes in the air. Samarium is a member of the lanthanide series and it shows oxidation state as +3. Samarium compounds can withstand significantly high temperatures that range above 700°C, without losing their magnetic properties, due to the alloy's higher Curie point. Compounds of samarium are monoxide of samarium, mono-chalcogenides, and samarium(II) iodide. Samarium is common used as a reducing agent in chemical synthesis. The samarium-153 is a radioactive isotope and an active component of the drug samarium (153Sm) lexidronam. Samarium-153 destroys cancer cells when used in the treatment of prostate cancer, breast cancer, osteosarcoma, and lung cancer. Anaother, samarium-149 is a strong neutron absorber and is used to control reactions from nuclear reactors. It is formed as a decay product during the reactor operation and is one of the important factors considered in the reactor design and operation. Samarium cobalt magnet is made of an alloy of samarium and cobalt. It is a strong permanent magnet and a rare earth magnet. Samarium cobalt magnet has a property called anisotropy. Other applications of samarium include catalysis of chemical reactions, radioactive dating, and X-ray lasers. Implementation of strict government regulations on mining of samarium cobalt magnet restrain the global samarium market.
Global Samarium Market: Segmentation
The global samarium market can be segmented based on type, application, and region. In terms of type, the samarium market can be classified into rings, cylinders, and others. The rings segment is projected to expand at a rapid pace during the forecast period. Samarium rings are used in automobile, electronics, and aerospace applications. This key factor is projected to drive the demand for samarium rings during the forecast period. This, in turn, is estimated to drive the samarium market during the forecast period.
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Based on application, the samarium market can be categorized into electronics, automotive, medical, environment & energy, and aerospace & defense. Automotive segment is projected to expand at considerable pace during the forecast period. samarium is used to make four wheeler and aircraft parts samarium during the forecast period.
Samarium is used as an absorber in nuclear reactors. It is used to make samarium-cobalt permanent magnets and samarium employed to make X-ray lasers. Samarium is employed in ethanol production as a catalyst and in the manufacture of carbon lights. These are major factors that are anticipated to drive the samarium market during the forecast period.
Global Samarium Market: Regional Outlook
In terms of region, the global samarium market can be segmented into Asia Pacific, Europe, Latin America, North America, and Middle East & Africa. Asia Pacific is expected to be remain a leading region for the samarium market during the forecast period. The region is a major consumer and producer of automotive and automotive products. Growth in the automotive industry is expected to propel the demand for samarium, especially in prominent countries such as India and China. This is factor is projected to drive the demand for samarium during the forecast period. The samarium market in South Africa is likely to expand at as sluggish pace due to the lack of technological advancements. This, in turn, is estimated to hamper the samarium market in the country during the forecast period.
Global Samarium Market: Key Players
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The global samarium market is fragmented. Large numbers of companies operate at a global and regional level. Major companies include Ningbo Ketian Magnet Co., Ltd., Ninggang Permanent Magnetic Materials Co. Ltd., ADAMS Magnetic Products Co., Inc., Arnold Magnetic Technologies Corp., Eclipse Magnetics Ltd., Molycorp Chemicals and Oxides, Hangzhou Permanent Magnet Group (HPMG), Shin-Etsu Chemical Co., Ltd., Hitachi, Ltd., and Lynas Corporation, Ltd. Most of these companies are invest in R&D activities to develop innovative products to gain larger share of the samarium market.
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