Authored By: Sarah
11 Jul 2024

 Neodymium Market to grow by USD 1506 million between 2024-2028

According to a research report “ Neodymium Market” by Type (Metal, Compound) Application (Automotive, Electrical and electronics, Wind energy, Others) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 1506 million at a CAGR of  8.09% during the forecast period. In the business realm, the neodymium market is witnessing a transformative trend towards renewable energy, fueled by the imperative to decrease greenhouse gas emissions and mitigate climate change. As corporations and governments prioritize the environmental impact of conventional energy sources like solar, bioenergy, tidal energy, and wind energy, there is a heightened emphasis on renewable energy solutions capable of meeting the escalating energy requirements of the global populace. For instance, Germany's recent commitment involves an approximately USD216 billion investment over four years, focusing on electric vehicle charging infrastructure, hydrogen fuel promotion, and industrial modernization to lessen dependence on Russian gas..

Browse market data tables, figures, and in-depth TOC on “Neodymium Market” by Type (Metal, Compound) Application (Automotive, Electrical and electronics, Wind energy, Others) Geography (APAC, North America, Europe, South America, Middle East and Africa) Global Forecast to 2028.

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By Type, the Metal segment is projected to dominate the market size in 2024.

Neodymium, a crucial element in high-performance permanent magnets, significantly contributes to the automotive industry. Its application in automotive components, particularly electric motors for hybrid vehicles and EVs, enhances motor efficiency by supplying increased torque and minimizing energy dissipation. Neodymium magnets are indispensable in the production of efficient electric motors, making them a vital component in the growing electric vehicle market.

By Application, Automotive  segment is expected to hold the largest market size for the year 2024.

In the business realm, the neodymium market's metal segment signifies the application of neodymium in its metallic form. Neodymium is predominantly utilized for manufacturing robust permanent magnets, specifically neodymium magnets. These magnets are renowned for their strong magnetic fields and are indispensable in various industries and applications. Notably, neodymium magnets are extensively employed in electric and hybrid vehicles. With the escalating demand for electric vehicles, particularly in emerging economies like China, the IEA projects a 35% increase in new electric car registrations in 2023, reaching 8.1 million units. This burgeoning emphasis on sustainable transportation and the transition to electric vehicles is poised to significantly boost the demand for neodymium magnets throughout the forecast period.

APAC is forecasted to hold the largest market size by region in 2024.

Neodymium, a critical component in the production of powerful magnets, experiences robust demand due to its extensive applications in various industries. The global Neodymium market is thriving, driven by the surging growth in sectors such as automotive, wind energy, and electronics. Businesses are capitalizing on this trend by increasing their Neodymium investments and expanding production capacities to meet the insatiable market demand.

The Neodymium Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Alkane Resources Ltd
  • American Elements
  • Arafura Rare Earths Ltd.
  • Australian Strategic Materials Ltd.
  • Avalon Advanced Materials Inc.
  • Canada Rare Earth Corp
  • Dura Magnets Pvt. Ltd.
  • Energy Transition Minerals Ltd.
  • HEFA Rare Earth Canada Co. Ltd.
  • IREL India Ltd.
  • Lenntech BV
  • Lynas Rare Earths Ltd.
  • Merck and Co. Inc.
  • MP MATERIALS CORP.
  • Neo Performance Materials Inc.
  • Ningdo Newland Magnet Industry Co. Ltd.
  • Noah Chemicals
  • Sagami Chemical Metal Co. Ltd.
  • The Metall Rare Earth Ltd.
  • Vietnam Rare Earth Joint Stock Co.
.

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Research Analysis Overview

The Neodymium market encompasses various industries, including Hard Disk Drives, EV traction motors, Wind power, Wearable devices, and Robotics. Neodymium is a Rare Earth Element, specifically Neodymium Ferrous Boron or Neodymium-Iron-Boron, which is essential in the production of Permanent Magnets, such as NdFeB magnets. These magnets are widely used in Brushless DC motors, which power Electric Vehicles (EVs) and contribute to the Wind energy sector through applications in Wind Turbines. Neodymium oxide is another form of Neodymium used in the manufacturing of Tire materials. The demand for Neodymium is significant in Alternative energy sectors, particularly in Carbon-neutral technologies like Offshore wind farms in Queensland, such as the MacIntyre Wind Farm. The Electric vehicle industries and Wind energy are major consumers of Neodymium, making it a critical component in the global energy transition.

Market Research Overview

The Neodymium market encompasses a wide range of applications, including wind energy-related applications, electric motors, magnets for computer hard disks, loudspeakers, in-ear headphones, microphones, and more. Neodymium is a rare earth element, primarily used in the form of Neodymium-iron-boron (NdFeB) or Neodymium rod magnets. These magnets are essential components in various industries, such as the automotive segment, where they are used in DC motors, automatic door locks, and spindle motors for Hard Disk Drives and EV traction motors. In the energy sector, Neodymium is used in wind power generators, particularly in permanent magnets for wind turbines and offshore wind farms. The chemicals sector also utilizes Neodymium in phosphors and luminescence, solvent extraction, ion-exchange, and polymerization reactions for producing butadiene elastomers. The changing consumer demands and the shift towards alternative energy sources, such as solar energy and wind power, are driving the growth of the Neodymium market. Economic protectionism, mining restrictions, and regulations like Brexit may impact the market's supply and demand dynamics.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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