The global Neodymium Market size is expected to reach USD 3.39 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.3% from 2021 to 2028. The demand for electrical and electronic products is projected to assist the market growth over the long term.
Neodymium-based magnets are used in a variety of
consumer and automotive electronic products. The products such as air
conditioning inverters, washing machines and dryers, refrigerators, laptops,
computers, and various loudspeakers require permanent magnets for their
functioning. The emerging middle-class population is likely to drive the demand
for these products, thus benefiting the growth of the market.
The healthcare sector is projected to offer new sales
streams for the market vendors. MRI scanners and other medical
equipment require neodymium materials for their implementation. This demand is
likely to be led by Asia Pacific countries, such as China. Europe is projected
to witness a decline in the share for the use of neodymium in the healthcare
sector over the coming years.
The wind energy end-use segment is anticipated to
register the fastest CAGR of 5.6% in terms of revenue from 2021 to 2028.
Government and private investments to boost the renewable energy capacity
installation are likely to remain a key growth factor for the segment. For
instance, foreign direct investment for renewable energy in India has increased
from USD 1.2 billion in 2017-18 to USD 1.44 billion in 2018-19.
Numerous companies and researchers are actively
working on the development of recycling technologies for neodymium. Current
costs are high and the infrastructure for the recycling of this critical
material is under developing stages. Most of the rare earth elements including
neodymium go to waste in dust and ferrous fractions. Since rare earth elements
make up only a small percentage of the material in electronic waste,
researchers need to look for economies of scale if recycling has to be done.
Related Press Release@ Neodymium Market Report
Neodymium Market Report
Highlights
- By application, the magnets segment held the largest volume share
of over 65.0% in 2020. The demand for the segment is likely to be led by
the automotive, wind energy, and electronics end-use industries
- In terms of end use, the automotive segment dominated the market
with a revenue share of over 55.0% in 2020. The demand for permanent
magnets in conventional and electric vehicles is contributing to the
growth of the market. The increasing penetration of electric vehicles is
projected to remain a key driver for the segment
- The wind energy end-use segment is anticipated to witness the
fastest growth over the forecast period. Global focus towards renewable
energies is projected to promote the expansion of the wind energy segment
- Asia Pacific held the largest revenue share in 2020 and is expected
to witness the fastest growth over the forecast period. Increasing
production of permanent magnets, coupled with the growing end-use
industries in China, Japan, and India, is projected to assist the regional
market growth over the forecast period
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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Grand View Research, Inc
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