·Manufacturers in the neodymium market are increasingly adopting digital technologies for remodeling business models in order to focus on key revenue generating areas to alleviate the impact of the COVID-19 pandemic
·Companies strive to be in line with sustainability and circular economy objectives, engage in partnerships within chemical value chains, and adopt alternative material processes due to bottom line hit during the pandemic
ALBANY, N.Y., Nov. 2, 2021 /PRNewswire/ -- The extensive range of applications of neodymium magnets, from electrical motors to medical science and renewable energy to satellite communication stirs the growth of the neodymium market. The evaluation of the demand for neodymium across a large application range estimates the neodymium market to expand at a CAGR of 7.9% during the forecast period from 2021 - 2031.
Neodymium is a permanent magnet of an alloy of iron, boron, and neodymium that imparts it first-class strength. For such reasons, more than one-third of neodymium magnets that are developed are used to manufacture various permanent magnet motors. Permanent magnet motors are lightweight and compact, and save power for applications where they are used.
Asia Pacific accounts for a significant share of the neodymium market. The strong demand for neodymium in China and Japan from the flourishing industrial sector is stimulating the neodymium market in the region.
However, Europe held the leading share of the neodymium market in the recent past.
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North America will continue to remain key consumer of neodymium due to rise in demand for various applications such as laser crystals, permanent magnets, catalysts, and neodymium glasses.
Neodymium Market - Key Findings of Report
Use of Coated Resistant Materials Resolves Susceptibility to Corrosion, Design of Rod Magnets Expands Applications in Fine Jewelry
Neodymium is widely accepted as a rare earth magnet leading to its extensive use in industrial products. For instance, jet engines, magnetic bearings, and automatic door locks are some industrial and commercial uses of neodymium. However, the extreme susceptibility of neodymium to corrosion that causes physical disadvantages needs to be addressed. Coating neodymium with resistant materials to prevent degradation is one way to address the physical damage of neodymium.
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This promotes the use of rare earth metals such as neodymium in the intermediate components of audio speakers, smart bombs, and headphones. Manufacturers of neodymium are establishing reliable revenue streams via DC motors and liner actuators for particle accelerators and automobiles.
Besides this, initiatives undertaken by product manufacturers to expand the output capacity of rod magnets will further expand the applications of neodymium. Rod magnets are used to design the clasp of fine jewelry that extends convenience and elegance to the piece. On the other hand, complicated closures of fine jewelry pieces can reduce the consumer experience. Moreover, manufacturers in the neodymium market are applying nickel coating on small magnetic rods for an elegant look for jewelry pieces.
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Rising Demand for Green Energy Technologies to Create Revenue Streams
The emphasis on the use of green sources of energy for concerns of global warming is taking a front seat in energy circles the world over. Dedicated programs to harness solar energy and wind energy are gaining momentum. These require infrastructural and operational equipment. The development of large-scale wind farms requires efficient windmills wherein their motors have in-built motors made of special rare-earth magnet called neodymium.
Neodymium is also used in windmills to develop magnetic mounting systems that securely attaches ladders and other equipment to steel tower walls securely. This progressive mounting solution has multiple benefits, including reduced construction time and cost, increased worker safety, and eliminates the need to weld brackets or drill holes in the tower wall.
Neodymium Market - Growth Drivers
- Wide spectrum of applications of neodymium magnet in industrial, commercial, technical, and consumer use segments drive neodymium magnet
- Undertakings from manufacturers to address physical disadvantages of neodymium strengthen demand
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Neodymium Market - Key Players
Some of the key players operating in the neodymium market are Lynas Rare Earth Ltd., Metall Rare Earth Limited, Alkane Resources Ltd, China Minmetals Rare Earth Co. Ltd., Australian Strategic Materials Ltd., Noah Technologies Corporation, Arafura Resources, HEFA Rare Earth Canada Co. Ltd., Neo Performance Materials Inc., Lenntech Water Treatment Solutions, and American Elements.
The neodymium market is segmented as follows;
Neodymium Market, by Application
- Permanent Magnets
- Catalysts
- Laser Crystals
- Neodymium Glasses
- Electric Capacitors
- Metallurgy
- Phosphors & Luminescence
- Others (including Polishing Powders and Ceramics)
Neodymium Market, by Region
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Russia & CIS
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- ASEAN
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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