Neodymium Market Size Worth USD 9.24 Billion by 2032 | Emergen Research

Neodymium is a versatile rare earth element with powerful magnetic properties, crucial for various high-tech applications

Vancouver, Nov. 13, 2023 (GLOBE NEWSWIRE) — The global neodymium market size was USD 2.83 Billion in 2022 and is expected to register a rapid revenue CAGR of 12.3% during the forecast period. In 2022, the market was valued at USD 2.83 billion, and it’s set to experience significant expansion.

Key Drivers of Growth:

Electric Vehicles (EVs): The increasing popularity of EVs is a major driver for the neodymium market. Neodymium is crucial in producing high-strength permanent magnets used in EV components, contributing to their efficiency and performance.

Renewable Energy: The expansion of the renewable energy sector, particularly in wind power, relies on neodymium magnets in the production of wind turbines, further propelling market growth.

Technology and Innovation: Neodymium magnets are essential in a wide range of applications, from consumer electronics to healthcare devices, robotics, and aerospace projects, driving up demand.

Market Challenges:

Price Fluctuations: Price instability due to factors like expensive mining activities, supply chain disruptions, and government regulations can hinder market growth.

Chinese Dominance: China’s monopoly on neodymium production has led to export price increases and product availability limitations, potentially causing price volatility.

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Market Segmentation:

Types: The market is divided into “metal” and “compound” segments, with the metal segment holding the largest revenue share in 2022. Neodymium metal is crucial for high-quality magnets used in various industries.

Applications: The “magnet” segment is expected to lead in revenue share, as neodymium magnets are integral in wind turbines, electric motors, consumer electronics, and healthcare devices. The “catalyst” segment is also growing due to neodymium-based catalysts in elastomer production.

End Uses: The “automotive” segment is set to experience the fastest revenue growth rate, driven by EV demand, while “electrical and electronics” will account for the largest revenue share. Neodymium magnets are essential components in various electronic devices.

Regional Insights:

Asia Pacific: This region held the largest revenue share in 2022, attributed to growing production of vehicles, electronics, and wind power generators, particularly in China, India, and Japan.

North America: The North American market is expected to register the fastest revenue growth rate, primarily due to the rising adoption of electric cars.

Europe: Europe, with a strong industrial base, is expected to account for a considerable revenue share, driven by the automotive industry and the adoption of renewable energy technology.

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Scope of Research

Major Companies and Competitive Landscape

The global neodymium market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective neodymium. Some of the major companies included in the global neodymium market report are:

• Arafura Resources
•  China Rare Earth Holdings Limited
•  Lynas Rare Earth Ltd.
•  Metall Rare Earth Ltd.
• MP Materials
• Peak Rare Earth
• Rainbow Rare Earth Ltd.
•  Texas Mineral Resources Corporation
•  HEFA Rare Earth
• Greenland Mineral Ltd.
• IREL (India) Limited
• Australian Strategic Materials Ltd.

Strategic Development

• On 22 February 2023, MP Materials Corp. and Sumitomo Corporation entered into a partnership with the goal of enhancing and broadening Japan’s rare earth element supply. According to the terms of the agreement, Sumitomo Corporation will act as the distributor for MP Materials.
• On 3 January 2023: Australian Strategic Materials Ltd. finalized an agreement with Vietnam Rare Earth Company (VTRE) and Chungcheong Buk Province in Korea.
• On 0 February 2022, IREL (India) Limited extended its contract with Toyota Tsusho Corporation, Japan, and Toyotsu Rare Earths (India) Pvt. Ltd. The company’s development plan is geared toward advancing rare earth refining and downstream activities within the country.

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For the purpose of this report, Emergen Research has segmented the global neodymium market on the basis of type, application, end-use, and region:

• Type Outlook (Revenue, USD Billion; 2019-2032)

• • Metal
  • Compound

• Application Outlook (Revenue, USD Billion; 2019-2032)

• • Magnet
  • Catalyst
  • Glass and Ceramics
  • Others

• End-Use Outlook (Revenue, USD Billion; 2019-2032)

• • Automotive
  • Electrical and Electronics
  • Wind Energy
  • Others

• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of Middle East & Africa

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