Neodymium Market Is Expected To Expand At A CAGR Of 5.3% By 2028

Neodymium Industry Overview

The global neodymium market size was valued at USD 2.25 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.3% from 2021 to 2028.

The demand for magnets in various end-use industries such as green energy and automotive is projected to boost the market growth over the forecast period. Neodymium and its compounds are used in a variety of applications, among which neodymium-iron-boron (NdFeB) is the key product with the highest demand across several applications. NdFeB magnets have a high strength-to-weight ratio, which has reduced the sizes of electric motor systems for communication, computation, and small consumer products.

Gather more insights about the market drivers, restrains and growth of the Global Neodymium Market

Increasing installation capacity of wind energy in the U.S. and the growing demand for wind turbines are projected to assist in the expansion of the U.S. market for neodymium. As per the recent data provided by the Energy Information Administration (EIA), wind energy installation was higher compared to any other energy technology in 2019 and 2020. Annual wind turbine capacity in the country was recorded at 14.2 gigawatts in 2020, surpassing the previous record of 13.2 gigawatts in 2012.

Various states in the country have announced significant investments in wind energy technology in order to reduce the dependence on non-renewable energy sources. For instance, Texas is likely to invest over USD 16 billion in 26 projects over the coming 10 years. In addition, upcoming projects such as Traverse Wind Energy Center, Aviator Wind Project, and Goodnight Wind Energy Project are projected to boost the demand for neodymium products over the short term.

Fused salt electrolysis using fluorides is a key process to obtain metallic neodymium. The separation of neodymium from other rare earth elements is an energy-intensive process. As feed material used in the process is thermodynamically very stable, a large amount of energy is necessary to obtain alloy or metal. Thus, higher energy costs are likely to create a critical impact on the growth of the market.

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Neodymium Market Segmentation

Grand View Research has segmented the global neodymium market on the basis of application, end use, and region:

Neodymium Application Outlook (Volume, Tons; Revenue, USD Million, 2017 - 2028)

Magnets
Catalysts
Ceramics Glass
Others

Neodymium End-use Outlook (Volume, Tons; Revenue, USD Million, 2017 - 2028)

Automotive
Electrical Electronics
Wind Energy
Others

Neodymium Regional Outlook (Volume, Tons; Revenue, USD Million, 2017 - 2028)

North America
Europe
Asia Pacific
Central South America
Middle East Africa (MEA)

Market Share Insights

March 2021: The University of Birmingham developed a project, which separates magnets from waste into alloy powder. This powder can be reused to manufacture sintered rare earth magnets.
March 2021: Chinese rare earth manufacturer, Guangsheng has planned to build a manufacturing plant for NdFeB permanent magnetic material. This project is worth USD 206 million and is likely to produce 8,000 tons per year.

Key Companies profiled:

Some prominent players in the global neodymium market include:

Arafura Resources Ltd.
Lynas Rare Earths Ltd.
Avalon
Rainbow Rare Earths Limited
METALL RARE EARTH LIMITED
Hefa Rare Earth
Greenland Minerals

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