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.
Browse through Grand View Research's Advanced Interior Materials Industry Research Reports
- High Temperature Insulation Market: The global high temperature insulation market size was valued at USD 6.34 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.8% from 2022 to 2030.
- U.S. Toilet Partition Market: The U.S. toilet partition market size was estimated at USD 644.2 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.8% from 2022 to 2030.
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
Order a free sample PDF of the Neodymium Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com
