Neodymium Global Market Report 2024

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 expansion observed during the historical period can be credited to various factors, including the boom in electronics, initiatives promoting green energy, industrialization in emerging markets, consumer preferences, and adherence to environmental regulations.

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%. The anticipated growth in the forecast period can be linked to several factors, including the electric vehicle (EV) revolution, the expansion of renewable energy, the implementation of 5G technology, a focus on strategic resource security, initiatives promoting a circular economy, and increased emphasis on research and development (R&D) and innovation. Key trends expected in the forecast period encompass heightened demand for electric vehicles (EVs), wider applications of renewable energy, concerns and volatility in the supply chain and prices, technological advancements, initiatives in recycling, the formation of strategic alliances, market consolidation, and changes in regulatory frameworks.

The anticipated surge in global electric vehicle demand is expected to be a driving force behind the growth of the neodymium market. Electric vehicles, whether fully electric or partially powered by electricity, operate on electric engines rather than traditional combustion engines. Neodymium plays a crucial role as the optimal magnet in electric vehicle motors, facilitating the conversion of electricity into motion. The International Energy Agency reported a significant 9% increase in electric car sales from 6.6 million to 16.5 million in 2021, with electric cars constituting 60% of new car sales. Consequently, the escalating demand for electric vehicles is a key factor propelling the growth of the neodymium market.

The increasing demand for electronic devices, including smartphones, laptops, and tablets, is poised to drive the growth of the neodymium market. Electronic devices encompass gadgets that enable the use or access of remote computing, electronic communication, or location information services. Neodymium magnets find widespread application in the speakers of electronic devices, particularly smartphones, laptops, and tablets. Engineered to be compact and lightweight while delivering high performance, these magnets contribute to generating high-fidelity sound within small enclosures. With the global smartphone user base estimated to reach 6.6 billion in 2022, experiencing a 4.9% annual increase from 2021, and the projection of 294.15 million smartphone users in the United States in January 2022, representing nearly 85% of American adults, the growing demand for electronic devices is a significant driver of neodymium market growth.

Technological advancements emerge as a prominent trend gaining momentum in the neodymium market. Major companies in the industry are actively engaged in developing innovative technological solutions to enhance their market positions. Ucore Rare Metals Inc., a Canada-based provider of extraction and separation technologies for rare and critical metal resources, introduced the 'RapidSX' rare earth elements separation technology in April 2022. This technology, designed for the separation of both light and heavy rare earth elements (REEs), boasts faster kinetics in conventional solvent extraction processes, enabling the production of high-quality rare earth oxides at processing capacities ranging from 1,000 to 10,000+ tonnes per annum.

Strategic collaborations with major manufacturing companies represent a key focus for major players in the neodymium market to strengthen their positions. These collaborations empower companies to form alliances with firms possessing the requisite expertise to translate conceptual ideas into tangible realities. In July 2022, General Electric (GE) Renewable Energy, a US-based renewable energy manufacturing and services company, entered into a non-binding memorandum of understanding (MoU) with Arafura Resources Limited, an Australia-based mineral exploration company specializing in rare earth elements. The collaboration aims to establish a sustainable supply chain for neodymium and praseodymium (NdPr), crucial components for the energy transition.

In April 2023, Neo Performance Materials Inc., a Canada-based chemical industry company, acquired a majority stake in SG Technologies Group Limited, a UK-based manufacturer of rare-earth-based high-performance magnetic components and assemblies. This acquisition positions Neo to commence sintered rare earth magnet production in Estonia by 2025, catering to markets such as electric vehicles, electronics, energy-saving specialized motor applications, and other emerging technology applications, thereby expanding its rare earth processing and magnet manufacturing footprint in Europe.

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, Molycorp Inc., 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.

Asia-Pacific was the largest region in the neodymium market in 2023. The regions covered in the neodymium market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the neodymium market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Neodymium manifests in various forms, with neodymium metal, neodymium nitrate, and neodymium oxide being the primary types. These products find applications in diverse fields, including the manufacturing of permanent magnets, catalysts, laser crystals, neodymium glasses, electric capacitors, and metallurgy. Neodymium, a trivalent rare-earth metal, coexists with cerium and other rare-earth metals. Its applications span across industries such as automotive, electrical and electronics, wind energy, and others.

The neodymium market research report is one of a series of new reports that provides neodymium market statistics, including neodymium industry global market size, regional shares, competitors with a neodymium market share, detailed neodymium market segments, market trends and opportunities, and any further data you may need to thrive in the neodymium industry. This neodymium market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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