Neodymium Market to Reach USD 8.77 Billion by 2032 | Increasing Product Deployment in Magnets on Account of Growing Demand from Electronics Sector

The global neodymium market size was valued at USD 5.52 billion in 2023 and is 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. The market expansion is driven by growing technological advancements in electric motors. Additional factor favoring industry expansion is the escalating adoption of neodymium ferrous boron (NdFeB) permanent magnets from the electronics and automotive sectors. Fortune Business Insights presents this information in its report, titled “Neodymium Market Size Report, 2024-2032”.

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Neodymium Market Segmentation:

Rising Electronics Demand to Boost Magnets Segmental Share

Based on application, the market for neodymium is subdivided into catalysts, ceramics & glass, magnets, and others. The magnets segment is set to grow at a substantial rate over the forecast period. The rise is on account of the escalating electronics demand across various regions.

By geography, the market for neodymium has been studied across North America, Asia Pacific, Latin America, Europe, and the Middle East & Africa.

Competitive Landscape:

Leading Companies Formulate Strategic Deals to Expand Product Reach

Key market players are focused on implementing a range of initiatives for consolidating their industry positions. These initiatives include the formation of alliances, partnerships, and collaborations. Other steps comprise merger agreements, acquisitions, and others. Besides, many companies are engaging in earth mineral projects for strengthening their industry footholds. Major companies are also depicting a greater inclination toward mining rare earth metals.

Key Neodymium Industry Development

December 2022 – Australian Strategic Materials Ltd inked an agreement with VTRE (Vietnam Rare Earth Company) and the Chungcheongbuk Province in South Korea. The deal would help in enhancing the company’s market share across the globe.

List of Key Players Mentioned in the Neodymium 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)

Neodymium Industry Report Coverage:

The report gives an account of the major drivers propelling the global industry landscape. Some of the other components include an overview of the latest trends, restraining factors, and key companies in the market. In addition, the report provides an analysis of the key strategies adopted by major industry players for strengthening their market positions.

Drivers and Restraints:

Soaring Demand from EV Sector to Propel Market Expansion

One of the key factors propelling THE neodymium market growth is the surging demand for NdFeB in the production of electric vehicles. The product is mainly deployed in anti-lock brake system sensor, electric generator, distributor’s sensor, ignition coil, CAM sensor, alternator, pump motor, power steering motor, and starter. The industry expansion is further driven by the soaring demand for DC motors.

However, fluctuations in the prices of the product may hamper industry growth to some extent. Other factors affecting market expansion include supply chain disruptions, expensive mining activities, and stringent government regulations.

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Regional Insights

Asia Pacific to Depict Notable Upsurge Driven by Increasing Manufacturing of EVs in the Region

The rising manufacturing of electric vehicles and electronic products is touted to propel the Asia Pacific neodymium market share. The region is anticipated to exhibit notable growth throughout the projected period.

The North America market share is slated to grow at a lucrative rate over the analysis period. The rise is driven by the surging wind turbine demand in the region.

The market value in Europe is poised to depict an appreciable upsurge over the estimated period. The expansion is impelled by the growing wind turbine demand for cost reduction.

COVID-19 Impact:

Severally Impacted Mining Activities Hampered Product Adoption amid COVID-19 Pandemic

The coronavirus pandemic led to the imposition of stringent restrictions on transportation, trade activities, and the distribution of finished products and raw materials. The period also registered fluctuations in the prices of metals resulting in an upsurge in import prices. Besides, the pandemic affected mining activities across various regions, affecting industry expansion to a certain extent.

Other factors affecting the market growth included the closure of manufacturing plants and the reduction of mining activity. However, the restoration of supply chain to the normal helped in the revival of product demand. This opened various opportunities for market players, reviving industry expansion.

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