The neodymium market is expected to witness market growth rate of 4.40 % in the forecast period of 2022 to 2029 and is further estimated to reachUSD 783.00 million by 2029,, Size, Share, Trends, Key Drivers, Demand

Data Bridge Market Research analyses that the neodymium market was valued at USD 554.83 million in 2021 and is expected to reach USD 783.00 million by 2029, registering a CAGR of 4.40% during the forecast period of 2022 to 2029.

Market Overview

Neodymium is an element which has 60 atomic number and the symbol is Nd. It is considered to be one of the rare-earth metals. Neodymium is malleable and ductile silvery white metal. Which is quickly tarnishes in moisture and air. It oxidizes willingly in air and form an oxide, Nd2O3 which is easily spalls, exposing the metal to further oxidation. This metal must be stored in sealed plastic or placed in vacuum or in an unreactive atmosphere.

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Opportunities

Magnets held the major volume share of during the forecast period. Neodymium along with boron and iron makes a very strong permanent magnet. This has led to the growth of small-size electronics like loudspeakers, smartphones, computer hard drives, and several automotive electronic products and consumers. With the rising population needs and the growing middle-class population, the demand for electronics is expected to grow in the long run, driving the market for neodymium and further boosting beneficial opportunities for the market's growth rate.

Restraints/ Challenges

As fluctuation in the price of raw materials which depends on the manufacturers to either absorb extra costs or rise the prices of the products. The demand for neodymium metals is dependent on the demand for its uses. Moreover, the demand for the applications is maximum dependent on the end-user industries. Hence, the neodymium metal has a double supply chain, which upsurges the final price demanded by manufacturers. So these are the major market that restrains the market and obstructs the market's growth rate.
This neodymium market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the neodymium market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

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