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Global demand for electric vehicles is likely to stimulate innovation in neodymium manufacturing, propelling the market during the forecast period.

The global neodymium market is expected to grow from $3.10 billion in 2022 to $3.33 billion in 2023 at a compound annual growth rate (CAGR) of 7.5%. he global neodymium market size is expected to reach $4.25 billion in 2027 at a CAGR of 6.3%.

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Global Neodymium Market Segments Include:

• By Products: Neodymium Metal, Neodymium Nitrate, Neodymium Oxide
• By Application: Permanent Magnets, Catalysts, Laser Crystals, Neodymium Glasses, Electric Capacitors, Metallurgy
• By End User: Automotive, Electrical and Electronics, Wind Energy, Other Users
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global neodymium market in 2021.

Major Market Players in the neodymium market include Arafura Rare Earths Limited, China Rare Earth Holdings Limited, Lynas Rare Earths Ltd., Metall Rare Earth Limited, HEFA Rare Earth Canada Co. Ltd., Alkane Resources Ltd., Neo Performance Materials Inc.

Technological developments are a major trend that is gaining traction in the neodymium market. To strengthen their position in the neodymium market, major players are focusing on developing innovative technical solutions. Ucore Rare Metals Inc., a Canadian developer of extraction and separation technologies for rare and critical metal deposits, for example, launched ‘RapidSX’ rare earth elements separation technology in April 2022. It is specially developed to separate both light and heavy REEs (rare earth elements) for the production of high-quality REOs (rare earth oxides), and it can process 1,000 to 10,000 tonnes of REEs per year. For the synthesis of commercial-grade rare earth oxides, it employs standard solvent extraction techniques with quicker kinetics.

The Neodymium Global Market Report 2023  provides a neodymium market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The neodymium market forecast analyzes neodymium market size, neodymium market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Neodymium is a rare-earth metallic element that ranges in colour from silver-white to yellow. It may be formed into sheets and carries heat or electricity. They are used to make strong permanent magnets.

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