Neodymium Market
Overview and Scope
Neodymium refers to a metallic element of the rare-earth family that ranges in color from silver-white to yellow. It conducts heat or electricity, and can be shaped into sheets. They are used to create powerful permanent magnets.
Sizing and Forecast
The neodymium market size has grown strongly in recent years. It will grow from $3.34 billion in 2023 to $3.58 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to electronics boom, green energy initiatives, industrialization in emerging markets, consumer preferences, environmental regulations.
The neodymium market size is expected to see strong growth in the next few years. It will grow to $4.7 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to electric vehicle (ev) revolution, renewable energy expansion, 5g technology implementation, strategic resource security, circular economy initiatives, r&d and innovation. Major trends in the forecast period include increased demand in electric vehicles (evs), renewable energy applications, supply chain concerns and price volatility, technological advancements, recycling initiatives, strategic alliances and market consolidation, regulatory changes.
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Segmentation & Regional Insights
The neodymium market covered in this report is segmented –
1) By Products: Neodymium Metal, Neodymium Nitrate, Neodymium Oxide
2) By Application: Permanent Magnets, Catalysts, Laser Crystals, Neodymium Glasses, Electric Capacitors, Metallurgy
3) By End User: Automotive, Electrical and Electronics, Wind Energy, Other Users
Asia-Pacific was the largest region in the neodymium market in 2023. The regions covered in the neodymium market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Demand for electric vehicles across the world is expected to propel the neodymium market’s growth going forward. Electric vehicles are vehicles that are powered fully on electric power or partially powered and operate on an electric engine instead of a conventional combustion engine. Neodymium is used as the optimum magnet in motors for electric vehicles because it helps transform electricity into motion, so demand for electric vehicles will propel market growth. For instance, in May 2022, according to the International Energy Agency, a Paris-based autonomous intergovernmental organization, sales of electric cars increased by 9%, from 6.6 million to 16.5 million in 2021, with electric cars accounting for 60% of new car sales. Therefore, the demand for electric vehicles is driving the growth of the neodymium market.
Key Industry Players
Major companies in the neodymium market are focused on strategic collaboration with major manufacturing companies to strengthen their position in the market. Strategic collaborations empower companies to forge alliances with other firms possessing the necessary expertise to transform their envisioned concepts into tangible realities. For instance, in July 2022, General Electric (GE) Renewable Energy, a US-based renewable energy manufacturing and services company, signed a non-binding memorandum of understanding (MoU) with Arafura Resources Limited, an Australia-based mineral exploration company focusing on rare earth elements, to collaborate together to create a sustainable supply chain for neodymium and praseodymium (NdPr), which is essential to the energy transition. The parties will work out a long-term sales contract so that GE can buy NdPr from the central Australian Nolans Project of Arafura.
The neodymium market report table of contents includes:
1. Executive Summary
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