Neodymium Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Neodymium Market
The neodymium market size was valued at USD 5.52 billion in 2023, and the market is now projected to grow from USD 5.78 billion in 2024 to USD 8.77 billion by 2032, exhibiting a CAGR of 5.3% during the forecast period of 2024-2032.
The COVID-19 pandemic significantly impacted the market, with worldwide regulations on trade, transportation, and distribution disrupting the price chain. This led to hampered mining activities and a giant drop in call for. However, as regulations eased, the deliver chain normalized, permitting companies to capitalize on new possibilities. This recovery is predicted to mitigate the pandemic's impact on annual performance.
Rising call for NdFeB magnets in industries together with automotive and electronics is driving marketplace increase. These compact, lightweight, and excessive-performing magnets are increasingly used in electric vehicles, superior audio-visual equipment, and wind generators. Their advanced magnetic subject strength in comparison to standard magnets boosts their adoption. The need for more potent, lighter magnets in addition propels NdFeB consumption, helping enterprise enlargement.
Rising environmental issues are boosting the production of electrical automobiles (EVs), growing beneficial opportunities for NdFeB magnets. Neodymium is ideal for EV vehicles, with over 90% of EVs the use of brushless DC (BLDC) vehicles crafted from NdFeB. The increasing call for DC cars drives NdFeB adoption, as those powerful magnets are crucial in diverse EV components. Consequently, the worldwide boom of electrical cars is predicted to seriously decorate the NdFeB marketplace.
Comprehensive Analysis of Neodymium Market
The neodymium market growth is rising at an exponential rate due to its market segmentation. This market growth efficiently affords a detailed nearby assessment considering the dominant supply and demand forces that effect the enterprise. This market is totally based on application analysis. By application analysis incudes magnets, catalysts, ceramics & glass, and others.
The Asia Pacific region lead the neodymium market share by benefitting a market size of USD 4.66 billion in 2023 due to increasing manufacturing of electric vehicles and electronics products, consisting of television and cellular telephones.
The pinnacle gamers inside the market play an essential function inside the enterprise assuring marketplace boom and placing market standards. These players include, Arafura Resources Limited, Lynas Rare Earths Ltd, HEFA Rare Earth Canada Co. Ltd., MP Materials Corp., Peak Rare Earths, Rainbow Rare Earths Limited, Texas Mineral Resources Corp., IREL (India) Limited, Australian Strategic Materials Ltd., Metall Rare Earth Limited these market players provide a level-playing competitive landscape.
In February 2023, MP Materials Corp. and Sumitomo Corporation have an agreement to strengthen and diversify Japan's rare earth supply, with Sumitomo acting as MP Materials' distributor.
Segmentation Table
Attribute Details
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 5.3% from 2024 to 2032
Unit Value (USD Billion); Volume (Kiloton)
Segmentation By Application
Magnets
Catalysts
Ceramics & Glass
Others
By Geography
North America (By Application, By Country)
- U.S.
- Canada
Europe (By Application, By Country)
- Germany
- France
- U.K.
- Rest of Europe
Asia Pacific (By Application, By Country)
- China
- Japan
- India
- Vietnam
- Rest of Asia Pacific
Latin America (By Application, By Country)
- Brazil
- Rest of Latin America
Middle East & Africa (By Application, By Country)
- Saudi Arabia
- Rest of the Middle East & Africa
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- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Market Trends in the Global Market
- 4.2. Key Developments: Mergers, Acquisition, Partnership, etc.
- 4.3. Latest Technological Advancement
- 4.4. Insights on Regulatory Scenario
- 4.5. Porters Five Forces Analysis
- 4.6. Impact of COVID-19 on Global Neodymium Market
- 5. Global Neodymium Market Analysis, Insights and Forecast, 2019-2032
- 5.1. Key Findings / Summary
- 5.2. By Application (Value/Volume)
- 5.2.1. Magnets
- 5.2.2. Catalysts
- 5.2.3. Ceramics & Glass
- 5.2.4. Others
- 5.3. By Region (Value/Volume)
- 5.3.1. North America
- 5.3.2. Europe
- 5.3.3. Asia Pacific
- 5.3.4. Latin America
- 5.3.5. Middle East & Africa
- 6. North America Neodymium Market Analysis, Insights and Forecast, 2019-2032
- 6.1. Key Findings / Summary
- 6.2. By Application (Value/Volume)
- 6.2.1. Magnets
- 6.2.2. Catalysts
- 6.2.3. Ceramics & Glass
- 6.2.4. Others
- 6.3. By Country
- 6.3.1. U.S.
- 6.3.2. Canada
- 7. Europe Neodymium Market Analysis, Insights and Forecast, 2019-2032
- 7.1. Key Findings / Summary
- 7.2. By Application (Value/Volume)
- 7.2.1. Magnets
- 7.2.2. Catalysts
- 7.2.3. Ceramics & Glass
- 7.2.4. Others
- 7.3. By Country (Value/Volume)
- 7.3.1. Germany
- 7.3.2. France
- 7.3.3. U.K.
- 7.3.4. Rest of Europe
- 8. Asia-Pacific Neodymium Market Analysis, Insights and Forecast, 2019-2032
- 8.1. Key Findings / Summary
- 8.2. By Application (Value/Volume)
- 8.2.1. Magnets
- 8.2.2. Catalysts
- 8.2.3. Ceramics & Glass
- 8.2.4. Others
- 8.3. By Country (Value/Volume)
- 8.3.1. China
- 8.3.2. Japan
- 8.3.3. India
- 8.3.4. Vietnam
- 8.3.5. Rest of Asia-Pacific
- 9. Latin America Neodymium Market Analysis, Insights and Forecast, 2019-2032
- 9.1. Key Findings / Summary
- 9.2. By Application (Value/Volume)
- 9.2.1. Magnets
- 9.2.2. Catalysts
- 9.2.3. Ceramics & Glass
- 9.2.4. Others
- 9.3. By Country (Value/Volume)
- 9.3.1. Brazil
- 9.3.2. Rest of Latin America
- 10. Middle East & Africa Neodymium Market Analysis, Insights and Forecast, 2019-2032
- 10.1. Key Findings / Summary
- 10.2. By Application (Value/Volume)
- 10.2.1. Magnets
- 10.2.2. Catalysts
- 10.2.3. Ceramics & Glass
- 10.2.4. Others
- 10.3. By Country (Value/Volume)
- 10.3.1. Saudi Arabia
- 10.3.2. Rest of the Middle East & Africa
- 11. Company Profiles
- 11.1. Arafura Resources Limited
- 11.1.1. Overview
- 11.1.2. Description
- 11.1.3. Product Portfolio
- 11.1.4. Financials (Data as available in public domain and/or on paid databases)
- 11.1.5. Recent Developments
- 11.2. Lynas Rare Earths Ltd
- 11.2.1. Overview
- 11.2.2. Description
- 11.2.3. Product Portfolio
- 11.2.4. Financials (Data as available in public domain and/or on paid databases)
- 11.2.5. Recent Developments
- 11.3. HEFA Rare Earth Canada Co. Ltd.
- 11.3.1. Overview
- 11.3.2. Description
- 11.3.3. Product Portfolio
- 11.3.4. Financials (Data as available in public domain and/or on paid databases)
- 11.3.5. Recent Developments
- 11.4. MP MATERIALS CORP.
- 11.4.1. Overview
- 11.4.2. Description
- 11.4.3. Product Portfolio
- 11.4.4. Financials (Data as available in public domain and/or on paid databases)
- 11.4.5. Recent Developments
- 11.5. Peak Rare Earths
- 11.5.1. Overview
- 11.5.2. Description
- 11.5.3. Product Portfolio
- 11.5.4. Financials (Data as available in public domain and/or on paid databases)
- 11.5.5. Recent Developments
- 11.6. Rainbow Rare Earths Limited
- 11.6.1. Overview
- 11.6.2. Description
- 11.6.3. Product Portfolio
- 11.6.4. Financials (Data as available in public domain and/or on paid databases)
- 11.6.5. Recent Developments
- 11.7. Texas Mineral Resources Corp.
- 11.7.1. Overview
- 11.7.2. Description
- 11.7.3. Product Portfolio
- 11.7.4. Financials (Data as available in public domain and/or on paid databases)
- 11.7.5. Recent Developments
- 11.8. IREL (India) Limited
- 11.8.1. Overview
- 11.8.2. Description
- 11.8.3. Product Portfolio
- 11.8.4. Financials (Data as available in public domain and/or on paid databases)
- 11.8.5. Recent Developments
- 11.9. Australian Strategic Materials Ltd.
- 11.9.1. Overview
- 11.9.2. Description
- 11.9.3. Product Portfolio
- 11.9.4. Financials (Data as available in public domain and/or on paid databases)
- 11.9.5. Recent Developments
- 11.10. METALL RARE EARTH LIMITED
- 11.10.1. Overview
- 11.10.2. Description
- 11.10.3. Product Portfolio
- 11.10.4. Financials (Data as available in public domain and/or on paid databases)
- 11.10.5. Recent Developments
- 12. Strategic Recommendations
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