The global neodymium market size was valued at USD 6.76 billion in 2022. The market is poised to expand from USD 5.52 billion in 2023 to USD 7.91 billion by 2030, exhibiting a CAGR of 5.3% over the study period. The expansion is being propelled by the increasing demand for neodymium ferrous boron (NdFe magnets from the electronics and automotive industries.
Information Source - https://www.fortunebusinessins....ights.com/neodymium-
Segmentation:
Magnets Segment to Lead Driven by Soaring Demand from Electronics Sector
By application, the market is fragmented into ceramics & glass, catalysts, magnets, and others. The magnets segment is slated to depict a considerable surge over the forecast period. The expansion is driven by the increasing demand for electronics such as computers, television, motors, mobile phones, and generators.
Based on geography, the market for neodymium has been analyzed across North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
Report Coverage:
The report gives comprehensive coverage of the vital trends boosting the global business scenario over the forthcoming years. It further provides an analysis of the major factors impelling industry expansion over the estimated period. The report also includes an account of the key initiatives undertaken by leading market participants for strengthening their industry positions.
Drivers and Restraints:
Soaring NdFeB Demand across Electronics, Automotive, and Other Sectors to Propel Industry Expansion
The neodymium market growth is being propelled by the rising demand for NdFeB magnets from end-use industries such as electronics and automotive. These magnets are further preferred in a range of applications such as wind turbines, advanced audio-visual equipment, and electric vehicles.
However, the market expansion may be affected by fluctuations in product prices along with a range of factors such as expensive mining activities, supply chain disruptions, and government regulations.
Regional Insights:
Asia Pacific to Emerge as a Leading Region Owing to Growing EV Manufacturing
The Asia Pacific neodymium market share is touted to expand at a lucrative rate over the projected period. The rise is on account of the surging manufacturing of electronic products and electric vehicles.
The North American market is poised to register appreciable expansion over the forecast period. The surge is due to the escalating demand for wind turbines in the region.
The Europe market is slated to record considerable growth throughout the study period. The expansion is driven by the rising wind turbine demand for reduction of costs, improvement of reliability, and decreasing the need for expensive maintenance.
Competitive Landscape:
Key Companies Enter into Partnership Deals to Strengthen Industry Foothold
Major market participants are formulating and forging a range of strategic steps for strengthening the positions of their businesses. These comprise merger agreements, collaborations, partnership agreements, and the formation of alliances. Other initiatives include an increase in R&D activities and the rollout of new solutions.
Key Industry Development:
July 2022 – GE Renewable Energy inked a non-binding MoU with Arafura Resources Limited. The deal was focused on joint cooperation in establishing a sustainable supply chain for NdPr central to the energy transition.
List of Key Players Mentioned in the Report:
Arafura Resources Limited (Australia)
Lynas Rare Earths Ltd (Australia)
HEFA Rare Earth Canada Co. Ltd. (Canada)
MP MATERIALS CORP. (U.S.)
Peak Rare Earths (Australia)
Rainbow Rare Earths Limited (U.K.)
Texas Mineral Resources Corp. (U.S.)
IREL (India) Limited (India)
Australian Strategic Materials Ltd. (Australia)
METALL RARE EARTH LIMITED (China)
