Neodymium Market: Introduction
Neodymium (atomic symbol: Nd) is a rare earth element; however, contrary to the group’s name, neodymium is the third most abundant metal in the Earth’s crust, having an abundance of about 28–38 parts per million. Neodymium is found in ore minerals such as monazite and bastnasie and is commercially extracted by solvent extraction and ion exchange processes. Neodymium is soft and silver in nature but changes its color based on the surrounding light due to the fluorescent effects.
Neodymium Market: Dynamics
The increased awareness regarding electric vehicles and the subsequent surge in the demand for these vehicles from consumers is pegged to be the key drivers for the neodymium market. Attributing to its magnetic strength, neodymium has been garnering attention from electronic automotive manufacturers for application in magnetic motors. As it is more efficient, strong, and lightweight as compared to copper coils, the demand for neodymium will witness an upward trajectory throughout the forecast period. Further, government support towards electric vehicles is also expected to create opportunities for the neodymium market during the forecast period.
Neodymium Market: Market Participants
Some of the market participants identified across the value chain of the global neodymium market include
- Neo Performance Materials Inc.
- Lynas Corporation Ltd
- GanZhou QianDong Rare Earths Group Co.,Ltd.
- China Minmetals Rare Earth Co. Ltd.
- Arafura Resources Ltd.
- Alkane Resources Ltd.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data.
Neodymium Market: Regional Outlook
Majority of rare earth metals, including neodymium, are produced in China. According to the U.S. Geological Survey, China accounts for over 75–80% of the global supply. The wide dependence on China for neodymium will create a state of unrest if the country restricts its international trade. However, being a WTO member, the China Ministry of Commerce announced that the country would not put any limitations on neodymium’s export. On the other hand, China did put an internal limit on the mining of neodymium. Outside China, Australia is the second largest producer of neodymium, followed by the African nation, Burundi. North America, followed by Europe, is expected to be a big market for neodymium, due to the rising demand for electric vehicles in the region.
Neodymium Market: Segmentation
The neodymium market can be segmented on the basis of application and end use industry.
On the basis of application, the neodymium market has been segmented into,
- Sintered magnets
- Bonded magnets
On the basis of end use industry, the neodymium market has been segmented into,
- Consumer electrical and electronics
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