Neodymium Market: Introduction
Transparency Market Research delivers key insights on the global neodymium market. In terms of revenue, the global neodymium market is estimated to expand at a CAGR of 8% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecast in its report on the global neodymium market.
The global neodymium market is adversely affected by factors, including volatility of prices and availability of substitutes.
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Neodymium Market: Dynamics
The increase in the demand for neodymium in various applications such as permanent magnets, catalysts, laser crystals, neodymium glasses, and electric capacitors is expected to drive the neodymium market during the forecast period.
Neodymium magnet, which is also known as NdFeB, Neo magnet, or NIB, is the common type of rare-earth magnet. It is a permanent magnet made from an alloy of neodymium, iron, and boron. Neodymium magnets are the strongest magnets in the world. Therefore, even a tiny magnet piece can be very effective. Neodymium magnets are used in various applications. Industries such as electrical motors, medical science, and renewable energy primarily use super strength neodymium magnets.
Neodymium magnets are widely used in satellite communications, radar technology, remote control telemetry, electronic countermeasures, and electronic tracking. Additionally, these magnets are used in cathode ray tubes, magnetron traveling wave tubes, magnetron tubes, and circulators. More than one-third of the output of the neodymium magnets is used to manufacture various permanent magnet motors. Permanent magnet motors save power; and are lightweight and compact. They also possess high specific power. Neodymium magnets are extensively used in electric bicycle motors, elevator traction machine motors, refrigerator air conditioner motors, wind-driven motors, etc.
Neodymium magnets are used in various consumer, commercial, industrial, and technical applications where strong permanent magnets are required. Neodymium magnets possess high magnetic strength. Common applications of neodymium magnets include holding systems requiring very high forces, sensors, reed switches, hard disk drives, audio equipment, acoustic pick-ups, headphones & loudspeakers, MRI scanners, magnetically coupled pumps, motors & generators, magnetic tool holders, magnetic bearings, dental instruments, door catches, medical devices, magnetic separators, lifting machinery, crafts & model making, hanging artwork, levitation device, pop displays, commercial signage, packaging closures, and jewelry clasps.
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Neodymium-based Ziegler catalyst system is known to produce polydienes with high cis-1,4 content. It is generally believed that in Ziegler catalytic systems, a halide or pseudohalide, whether in the catalyst itself or a separate source, is required for the success of the polymerization.
Neodymium catalyst is used for the polymerization of dienes and polar vinyl monomers. Polymethacrylates, polyacrylates, and poly(vinyl acetate) are some commonly used classes of polymers that are synthesized industrially through radical and anionic polymerization techniques. Large amounts of neodymium are also used as a catalyst for petroleum refinery in the oil industry, as neodymium improves catalytic processes.
Neodymium is used largely in laser technology. It is widely used in the form of the trivalent ion Nd3+ as the laser active dopant of gain media based on various host materials, including crystals and glasses. Nd-based Yttrium Aluminum Garnet (YAG) lasers are used in various medical applications such as drilling, welding, and material processing.
Neodymium Market: Prominent Regions
Asia Pacific is a highly lucrative region of the global neodymium market. China accounted for a substantial share of the neodymium market in Asia Pacific in 2020. The market in the country is likely to expand at a rapid pace during the forecast period. The market in Japan is also estimated to expand at a rapid pace during the forecast period. The permanent magnet segment in Asia Pacific is the largest in the world.
North America is another major consumer of neodymium, due to the rise in the demand for neodymium in various applications such as permanent magnets, catalysts, laser crystals, and neodymium glasses. Furthermore, the availability of raw materials such as monazite and bastnäsite helps meet the rising demand for neodymium in the region. This is an important factor fueling the demand for neodymium in North America.
Europe held key share of the global neodymium market in 2020. Italy dominated the market in 2020. It is estimated to contribute the maximum share of the market in Europe during the forecast period. Russia & CIS and Germany are some other countries in Europe that are expected to further drive the neodymium market during the forecast period.
The neodymium market in Middle East & Africa is likely to expand at significant pace in the near future, owing to the presence of large numbers of permanent magnets, catalysts, and laser crystal manufacturers in the region.
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Neodymium Market: Key Players
The global neodymium market was moderately consolidated in 2020. A small number of players dominated the market. Key players operating in the global neodymium market are Lynas Rare Earth Ltd., Arafura Resources, Metall Rare Earth Limited, HEFA Rare Earth Canada Co. Ltd., Alkane Resources Ltd, Neo Performance Materials Inc., China Minmetals Rare Earth Co. Ltd., Lenntech Water Treatment Solutions, Australian Strategic Materials Ltd., American Elements, and Noah Technologies Corporation.
Global Neodymium Market: Segmentation
Neodymium Market, by Application
- Permanent Magnets
- Laser Crystals
- Neodymium Glasses
- Electric Capacitors
- Phosphors & Luminescence
- Others (including Polishing Powders and Ceramics)
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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