Global Neodymium Market size was valued at USD 5.5 Billion in 2024 and is expected to reach USD 9.6 Billion by 2033, at a CAGR of 15.2% during the forecast period 2024 – 2033.
Neodymium Market: Overview
The chemical element neodymium has an atomic number of 60 and the symbol Nd. It is the rare earth metal and one of the metallic lanthanides, a group of elements known for their analogous characteristics. The main application of neodymium is in the creation of strong permanent magnets, also referred to as NdFeB magnets (neodymium, iron, and boron).
The rising demand for neodymium in the worldwide market, which is being propelled by the development of clean energy technologies and electric automobiles (EVs), is one notable trend. A vital component in the creation of high-performance motors used in wind turbines and electric vehicle motors is neodymium.
The need for neodymium magnets is growing as nations work to cut their emissions of greenhouse gases and switch to more sustainable forms of energy. Further driving market expansion are technological developments that are producing neodymium-based goods that are more potent and efficient.
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To ensure the long-term viability of the neodymium market, efforts are being made to investigate substitute materials and recycling techniques due to worries about the effects of neodymium extraction and processing on the ecosystem as well as instabilities in the supply chain.
By application, the magnet segment held the highest market share in 2023 and is expected to keep its dominance during the forecast period 2024-2033. A noteworthy development in the magnet industry is the rising demand for rare earth magnets, especially neodymium magnets, which are valued for their exceptional strength and efficiency and play a vital role in electronics, electric cars, and renewable energy technologies.
By end user, the automotive segment held the highest market share in 2023 and is expected to keep its dominance during the forecast period 2024-2033. Due to shifting customer tastes, pollution concerns, and technical improvements, the automobile industry is seeing a move towards electric and autonomous cars. Traditional manufacturing is changing as a result of this shift, which is also spurring innovation in connection, electric drivetrains, and mobility services.
A prominent development in the neodymium market in the Asia-Pacific area is the rising need for rare earth magnets brought on by the growing renewable energy and electric vehicle industries, which are bolstered by government programmes encouraging the use of clean energy.
CMI has comprehensively analyzed the Global Neodymium market. The driving forces, restraints, challenges, opportunities, and key trends have been explained in depth to depict depth scenario of the market. Segment wise market size and market share during the forecast period are duly addressed to portray the probable picture of this Global Neodymium industry.
The competitive landscape includes key innovators, after market service providers, market giants as well as niche players are studied and analyzed extensively concerning their strengths, weaknesses as well as value addition prospects. In addition, this report covers key players profiling, market shares, mergers and acquisitions, consequent market fragmentation, new trends and dynamics in partnerships.
List of the prominent players in the Neodymium Market:
- China Northern Rare Earth Group High-Tech Co. Ltd.
- China Minmetals Rare Earth Co. Ltd.
- Lynas Corporation Ltd.
- Inner Mongolia Baotou Steel Rare-Earth (Group) Hi-Tech Co. Ltd.
- Japan Metals & Chemicals Co. Ltd.
- Arafura Resources Limited
- Alkane Resources Ltd.
- Indian Rare Earths Limited
- Neo Performance Materials Inc.
- MP Materials Corp.
- Shenghe Resources Holding Co. Ltd.
- Chinalco Guangxi Nonferrous Metals Co. Ltd.
- Jiangxi Copper Corporation
- Iluka Resources Limited
- Avalon Advanced Materials Inc.
- Peak Resources Limited
- Arafura Resources Limited
- Ucore Rare Metals Inc.
- Greenland Minerals Ltd.
- Iluka Resources Limited
- Others
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