The global Neodymium market size is expected to be worth around US$ 6.40 billion by 2030, according to a new report by Vision Research Reports.
The global Neodymium market size was valued at US$ 3.25 billion in 2020 and is anticipated to grow at a CAGR of 5.8% during forecast period 2021 to 2030.
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Neodymium Market (By Application: Magnets, Catalysts, Ceramics &Glass; By End-use: Automotive, Electrical & Electronics, Wind Energy) – Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030
|Market Size||US$ 6.40 Billion by 2030|
|Growth Rate||CAGR of 5.8% From 2021 to 2030|
|Forecast Period||2021 to 2030|
|Segments Covered||Application, End use|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Mentioned||Arafura Resources Ltd.;Lynas Rare Earths Ltd.;Avalon;Rainbow Rare Earths Limited;METALL RARE EARTH LIMITED;Hefa Rare Earth; Greenland Minerals|
Neodymium-based magnets are used in a variety of consumer and automotive electronic products. The products such as air conditioning inverters, washing machines and dryers, refrigerators, laptops, computers, and various loudspeakers require permanent magnets for their functioning. The emerging middle-class population is likely to drive the demand for these products, thus benefiting the growth of the market.
The demand for magnets in various end-use industries such as green energy and automotive is projected to boost the market growth over the forecast period. Neodymium and its compounds are used in a variety of applications, among which neodymium-iron-boron (NdFeB) is the key product with the highest demand across several applications. NdFeB magnets have a high strength-to-weight ratio, which has reduced the sizes of electric motor systems for communication, computation, and small consumer products.
By Application Analysis
Magnets held the largest volume share of over 65.0% in 2020. Neodymium along with iron and boron makes a very strong permanent magnet. This has led to the development of small-size electronics such as smartphones, computer hard drives, loudspeakers, and various consumer and automotive electronic products.
NdFeB magnets also find applications in electric and hybrid vehicles. Global focus on electric vehicles owing to a rise in vehicle emissions is projected to benefit the market growth.
The glass and ceramics application segment is projected to grow at a moderate pace over the forecast period. It acts as coloring and decoloring agents in glasses and with glass, it can produce colors such as warm grey, wine red, and violet.
By End-use Analysis
The automotive segment dominated the market with a revenue share of over 56.0% in 2020 and is likely to maintain its position during the forecast period. Neodymium (Nd) magnets are widely used in automotive applications, such as energy transmission systems, vehicle multimedia systems, electronic control units, and automotive safety and information system.
The rapid expansion of the electric vehicles market is anticipated to drive the neodymiumindustry on account ofthe rising demand for electric motors and automotive electronics.
The wind energy segment is projected to expand at the fastest revenue-based CAGR of 6.6% from 2021 to 2030. The increasing shift towards non-renewable energy and sustainable energy practices is anticipated to attract wind turbine demand, thus positively affecting the market growth
By Regional Analysis
Asia Pacific dominated the market with a revenue share of over 85.0% in 2020. The sheer volume and growth of Asia Pacific are mainly led by China. regions such as North America and Europe have started expanding their regional markets through government funding and programs. The European Commission has graded rare earth elements (REE) as the highest critical raw materials.
- Arafura Resources Ltd.
- Lynas Rare Earths Ltd.
- Rainbow Rare Earths Limited
- METALL RARE EARTH LIMITED
- Hefa Rare Earth
- Greenland Minerals
- By Application
- Ceramics &Glass
- By End-use
- Electrical & Electronics
- Wind Energy
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)
- South Africa
- North America
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
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