Samarium cobalt (SmCo) magnets are a type of rare earth magnets made from an alloy of samarium, cobalt and iron. Developed in the early 1960s, these magnets are strong permanent magnets which exhibit excellent thermal stability, and have higher temperature ratings and coercivity as compared to neodymium (NdFeB) magnets. Since SmCo magnets are brittle in nature, these magnets need to be handled carefully. Moreover, owing to their high susceptibility to chilling and cracking, they should be stored under mild temperatures in less humid atmosphere. According to the latest report by IMARC Group titled, "Samarium Cobalt Magnets Market: Global Industry Trends, Share, Size, Growth, Forecast and Opportunity 2017-2022", 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.