Market Size of Neodymium Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 15.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Neodymium Market Analysis
The neodymium market is expected to register a CAGR of 15% during the forecast period.
The market was hampered by the COVID-19 pandemic as lockdowns, social distances, and trade sanctions triggered massive disruptions to global supply chain networks. The automotive and transportation industries witnessed a decline due to the halt in activities worldwide. However, the condition recovered in 2021, which is now expected to benefit the market during the forecast period.
- Over the short term, rising demand for neodymium magnets from the wind energy and electric vehicle industries is expected to drive the growth of the market.
- On the flip side, the availability of less expensive substitutes is a restraint on the growth of the market.
- Rising government assistance for electric vehicles across the globe acts as an opportunity for the growth of the market in the near future.
- Asia Pacific dominated the market globally, with the largest consumption from transportation industry activities in countries such as India, China, and others.
Neodymium Industry Segmentation
Neodymium is a silver-white to yellow metallic element of the rare-earth group that is used especially in magnets and lasers. Neodymium magnets are composed of neodymium, boron, iron, and a few transition metals. These magnets are referred to as NdFeB or Neo magnets. The neodymium market is segmented by application, end-user industry, and geography (Asia-Pacific, North America, Europe, South America, the Middle East, and Africa). By application, the market is segmented into magnets, catalysts, glass and ceramics, and other applications. By end-user industry, the market is segmented into automotive, electrical and electronics, wind energy, and other end-user industries. The report also covers the market size and forecasts for the neodymium market in 15 countries across major regions. For each segment, market sizing and forecasts have been done based on revenue (USD million).
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| Magnets | |
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| Glass and Ceramics | |
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| End-User Industry | |
| Automotive | |
| Electrical and Electronics | |
| Wind Energy | |
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Neodymium Market Size Summary
The neodymium market is poised for significant growth, driven by increasing demand from the wind energy and electric vehicle sectors. The market experienced disruptions due to the COVID-19 pandemic, which affected global supply chains and led to a decline in the automotive and transportation industries. However, recovery began in 2021, setting the stage for future growth. The automotive sector remains a major consumer of neodymium, particularly in the form of NdFeB magnets used in electric motors, which are gaining traction due to technological advancements. Despite the presence of cheaper substitutes, government support for electric vehicles worldwide presents a promising opportunity for market expansion. The Asia-Pacific region, led by China and Japan, dominates the market, benefiting from substantial industrial activity and production of permanent magnets.
Neodymium's unique properties make it a preferred choice for various applications, including wind turbines and tire manufacturing, where it is used in performance butadiene rubber. The demand for neodymium-iron-boron magnets is expected to rise, supported by innovations in industries such as electronics and healthcare. The market is characterized by its fragmented nature, with key players like Arafura Resources, Lynas Rare Earths Ltd, and MP Materials actively engaging in strategic partnerships and expansions to strengthen their supply chains. These developments, along with significant investments in renewable energy projects across the Asia-Pacific region, are anticipated to drive the neodymium market's growth during the forecast period.
Neodymium Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Rising Demand for Neodymium Magnets from Wind Energy and Electric Vehicle Industries
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1.1.2 Other Drivers
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1.2 Restraints
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1.2.1 Availability of Less-Expensive Substitutes
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1.2.2 Other Restraints
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market Size in Value)
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2.1 Application
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2.1.1 Magnets
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2.1.2 Catalysts
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2.1.3 Glass and Ceramics
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2.1.4 Other Applications
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2.2 End-User Industry
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2.2.1 Automotive
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2.2.2 Electrical and Electronics
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2.2.3 Wind Energy
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2.2.4 Other End-user Industries
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2.3 Geography
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2.3.1 Asia-Pacific
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2.3.1.1 China
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2.3.1.2 India
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2.3.1.3 Japan
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2.3.1.4 South Korea
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2.3.1.5 Rest of Asia-Pacific
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2.3.2 North America
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2.3.2.1 United States
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2.3.2.2 Canada
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2.3.2.3 Mexico
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2.3.3 Europe
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2.3.3.1 Germany
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2.3.3.2 United Kingdom
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2.3.3.3 Italy
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2.3.3.4 France
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2.3.3.5 Rest of Europe
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle East & Africa
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2.3.5.1 Saudi Arabia
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2.3.5.2 South Africa
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2.3.5.3 Rest of Middle East & Africa
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Neodymium Market Size FAQs
What is the current Neodymium Market size?
The Neodymium Market is projected to register a CAGR of 15% during the forecast period (2024-2029)
Who are the key players in Neodymium Market?
Arafura Resources, Lynas Rare Earths Ltd , MP MATERIALS, Peak Rare Earths and Australian Strategic Materials Ltd are the major companies operating in the Neodymium Market.
