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Neodymium Market Trends, Growth, Size, Analysis, Forecast To 2033
Neodymium Market Trends
As per the report, the neodymium market size has grown strongly in recent years. It will grow from $3.34 billion in 2023 to $3.58 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The neodymium market size is expected to see strong growth in the next few years. It will grow to $4.7 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.
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Neodymium Market Surges On Soaring Global Demand For Electric Vehicles
Demand for electric vehicles across the world is expected to propel the neodymium market's growth going forward. Electric vehicles are vehicles that are powered fully on electric power or partially powered and operate on an electric engine instead of a conventional combustion engine. Neodymium is used as the optimum magnet in motors for electric vehicles because it helps transform electricity into motion, so demand for electric vehicles will propel market growth. For instance, in May 2022, according to the International Energy Agency, a Paris-based autonomous intergovernmental organization, sales of electric cars increased by 9%, from 6.6 million to 16.5 million in 2021, with electric cars accounting for 60% of new car sales. Therefore, the demand for electric vehicles is driving the growth of the neodymium market.
Innovative Technology Reshapes Industry Dynamics
Technological advancements are a key trend gaining popularity in the neodymium market. Major companies operating in the neodymium market are focused on developing new technological solutions to strengthen their position. For instance, in April 2022, Ucore Rare Metals Inc., a Canada-based provider of extraction and separation technologies for rare and critical metal resources, launched 'RapidSX' rare earth elements separation technology. It is uniquely designed to separate both light and heavy REEs (rare earth elements) for producing high-quality REOs (rare earth oxides) and it can process REEs in the range of 1,000 to 10,000+ tonnes per annum. It uses conventional solvent extraction processes but with faster kinetics for the production of commercial-grade rare earth oxides.
The neodymium market covered in this report is segmented -
1) By Products: Neodymium Metal, Neodymium Nitrate, Neodymium Oxide
2) By Application: Permanent Magnets, Catalysts, Laser Crystals, Neodymium Glasses, Electric Capacitors, Metallurgy
3) By End User: Automotive, Electrical and Electronics, Wind Energy, Other Users
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Major companies operating in the neodymium market report are Arafura Rare Earths Limited, China Rare Earth Holdings Limited, Lynas Rare Earths Ltd., Metall Rare Earth Limited, HEFA Rare Earth Canada Co. Ltd., Alkane Resources Ltd., Neo Performance Materials Inc., Lenntech Water Treatment Solutions, Australian Strategic Material Ltd., MP Materials Corp., Peak Rare Earths, Rainbow Rare Earths Limited, Texas Mineral Resources Corp., Greenland Minerals Ltd., GanZhouQianDong Rare Earths Group Co. Ltd., Infinium Metals, Avalon Advanced Materials Inc., Rare Element Resources Ltd., Northern Minerals Limited, Medallion Resources Ltd., Ucore Rare Metals Inc., Rare Earth Salts Separations & Refining LLC, Neo Material Technologies, Shenghe Resources Holding Co. Ltd., China Northern Rare Earth Group High-Tech Co. Ltd., JXTC Rare Earth Co. Ltd., Baotou Steel Rare-Earth Co. Ltd., Chinalco Rare Earth Co. Ltd., Tongling Nonferrous Metals Group Co. Ltd. .
Contents of the report:
1. Executive Summary
2. Neodymium Market Report Structure
3. Neodymium Market Trends And Strategies
4. Neodymium Market - Macro Economic Scenario
5. Neodymium Market Size And Growth
…..
27. Neodymium Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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